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Rate Sheet Required for Interest Bearing Accounts?

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On interest bearing accounts, must a bank whether in person or via online e-disclosures provide a rate sheet to their clients or is this discretionary?

Regulation DD makes no reference to a "rate sheet;" i.e. it is not a regulatory concept. So, the regulation certainly does not require you to give a copy to the customer.

However, the regulation requires you to provide information regarding the interest rate, APY, frequency of compounding, etc. Some banks fulfill that requirement by handing the consumer a rate sheet.

First published on 01/14/2018

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