Question & Answer

Question: We are planning to change several terms on our statement savings accounts. Can we include a statement that the terms are changing and a number for customers to call or must we redisclose all of the terms?

Answer: Do you really want all those people calling your office? We think the smart thing to do would be to include all of the details on the term changes. After all, if you are going to tell the customer about it, you might as well tell them all about it. Besides, it's the right thing to do - according to Regulation DD.

Copyright © 1998 Compliance Action. Originally appeared in Compliance Action, Vol. 3, No. 16, 12/98