05/12/2019
I have been trying to find what the requirements are for giving bonuses to open a new account. There are advertisements everywhere of cash offerings, freebies, or giveaways. We’re still stuck on the value of offer cannot exceed $10, however we see TV ads offering $300 to open an account.
What compliance issues do we need to address if our offerings go beyond $10? As an example, April is Teach your Children to save month. Marketing has come up with a campaign that if you come by and get a piggy bank and bring it back full of coin with your child and use it to open an account, the bank will also deposit $10 into that new account, or it could be an existing account.
05/05/2019
Our attorney posed a question to me that he received from a customer. He wants to know under what circumstance do we change our deposit disclosures? I told him when we have a regulatory change or a policy/product/service charge or other change. Also, I said if the change is adverse to the deposit customer we have to notify them in a certain number of days according the change requirement or regulatory requirement. If the change is to the customer's benefit, we may or may not do a mailing and just post it on the website, social media or on the their statement. Our attorney wants to know the general rules for account agreement changes, when to change them and where it appears regarding the adverse change or customer benefit change. Any thoughts?
02/17/2019
Our company is wanting to offer Time Deposit accounts. I have read Reg. DD and I see that Time Deposits have certain restrictions on withdrawal periods and penalties but I don't think they are much different than Certificate of Deposits and Auto Save IRA CD's. Basically if we adhere to TISA requirements are we okay to offer these or should I be looking into any other regs or requirements?
01/20/2019
Does the bank have to include dates in a deposit account periodic statement?
09/02/2018
In accordance with Reg DD the subsequent disclosures are to be sent in advance of 20 days. How is this "in advance" counted. If sent before 20 days (18 days before mature date) it is noncompliant but if sent 23 days before maturity it is compliant?
08/05/2018
I am trying to find more information regarding the rate information on savings disclosures. The rates are listed as tiered rates, but if a customer receives a special rate other than what is listed, does the disclosure need changed every time to list the special rate? Or when the rates do change, does the disclosure need changed every time, even if the rates will change soon after again? Right now, the disclosure states, "The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account daily."
05/27/2018
I was wanting to know if it is required to mail a monthly bank statement if there is no activity on the account? We have several customers who basically just use their account to cash checks and generally don't have any activity. Currently we mail the statement with no activity but I wasn't sure if it is required.
05/20/2018
Are Reg DD disclosures, especially the APY required when, for example, a customer negotiates a bumped up rate for 3 months?
03/25/2018
We are a core processor for several banks. One of our banks has a rate on a time deposit that goes out to three decimal points 2.345. We show that rate in our online system the bank sees, but when we do the calculation and render the statement it shows as 2.35 on the statement to the customer.
The customer wants to see the full rate on the statement. Is there any requirement addressing the number of decimal places for a rate on a statement?
03/11/2018
If we discontinue a debit cash back rewards program are we required to provide notice to the customer within a specified time frame, and are we required to notify them at all?