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Statements and FDIC Logos

Question: 
Do our bank statements need to show the FDIC insurance logo?
Answer: 

Answer by Andy Zavoina:No, there are exceptions under Section 328.3(d). The idea here is that the customer already has this account and you have already expressed that it is insured, but if you cross sell another type of insured account that would be an advertisement, and would not fall under the exception. A statement message such as "invest in one of our IRAs" or "open a new savings account" on a checking statement would be an example of this.

Answer: 

Answer by John Burnett:The exception that Andy raised is one reason I always suggest that a bank include "Member FDIC" on their statement forms, and urge them to avoid advertising non-deposit products in statement messages.

First published on BankersOnline.com 1/04/10

First published on 01/04/2010

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