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Statement in Ad Trigger Additional APY Disclosure

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Question: 
Would the statement "1/4% bonus on CD," listed in a new account advertisement trigger additional APY disclosures?
Answer: 

No, this would not trigger additional disclosures. Section 230.8 of Reg. DD contains the advertising rules. Look to the OSC for clarifications and specifically at (c)(1)iii which uses an example of what is not a triggering term, "1% over our current rates." It does add that this applies so long as the rate is not determinable from the ad, so watch your other content.

First published on BankersOnline.com 4/18/05

First published on 04/18/2005

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