Checklist A:Account Disclosures: Content

Inclusion and accuracy of APY and interest rate

For stepped and tiered rate accounts, all applicable APYs and interest rates

For fixed rates, the applicable period of time the interest rate is in effect

Variable rate disclosures:
The fact that the rate and APY may change
How the interest rate is determined
The frequency of rate changes
Any limitations on rate change amounts
Frequency of compounding and crediting
The effect of closing the account

Any minimum balance requirements needed to:
Open the account
Avoid additional fees
Obtain the stated APY(The latter two must also state how the balance is determined.)
A description of the method used to determine the balance on which interest is calculated
A description of when interest begins to accrue on non-cash deposits
Any fees that may apply (imposed in connection with the account), along with the conditions under which they are imposed
Any transactions limitations (number or dollar)
If applicable, the amount or type of any bonus, when it will be provided, and any minimum balance or time requirements

Prescribed time account disclosures:
The maturity date or time requirements
Early withdrawal penalty provisions:
Whether a penalty will or may be imposed
How it is calculated
The conditions for its assessment
If interest may be withdrawn before maturity on a compounded interest time deposit, a statement that the APY assumes that interest stays until maturity and that a withdrawal will reduce earnings
A statement of any automatic renewal policy, along with the applicability of any grace period and its length
If not automatically renewable, a statement of whether interest will be paid after maturity if not manually renewed

Checklist B: Time Deposit Pre-maturity Notice Content Length of Maturity Automatic Renewals Non-Automatic Renewals 1 Month (31 days) No advance notice; If adverse changes (other than rate or APY), notice is required within a "reasonable time" (e.g., 30 days) after renewal No notice required Less than 1 Month (31 days) but? 1 Year (365 days) Timing:
30 calendar days before maturity, or
20 calendar days before the end of any grace period (if grace of at least 5 calendar days is provided)
Content:?
Interest rate and APY for the new time deposit; alternatively, a statement that rates are not yet determined, when they will be, and a phone number to call for rates?
and either ?
Maturity dates of both the existing and new accounts and any change in terms;
or ?
Full new account disclosure and maturity date for the existing account No notice needed 1 Year (365 days) Timing:?
Same as above accounts greater than 1 month but less than or equal to 1 year
Content:?
Full disclosure for new accounts?
Date of maturity for existing accounts Timing:?
10 calendar days before maturity
Content:?
Date of maturity for existing accounts?
Maturity date, and a statement on whether interest is paid after maturity Copyright © 1993 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 4, No. 4, 9/93