I received an ad to review for a billboard that says "You still have time to get this rate! 4.50% APY*" It also has the bank name, logo and Member FDIC.

I also received a mailer that says earn up to 4.50% APY. There are tiered rates applicable and the mailer also has the tiered APY's along with the minimum balance for each tier.

Am I correct that since this has tiered rates, that info has to be on the billboard advertisement also?

Thanks.

(b) Permissible rates.

1. Tiered-rate accounts. An advertisement for a tiered-rate account that states an annual percentage yield must also state the annual percentage yield for each tier, along with corresponding minimum balance requirements. Any interest rates stated must appear in conjunction with the applicable annual percentage yields for each tier.

Billboards are not exempt from the disclosures required under paragraph (b):

(e) Exemption for certain advertisements. (1) Certain media. If an advertisement is made through one of the following media, it need not contain the information in paragraphs (c)(1), (c)(2), (c)(4), (c)(5), (c)(6)(ii),(d)(4), and (d)(5) of this section:

(i) Broadcast or electronic media, such as television or radio;

(ii) Outdoor media, such as billboards; or

(iii) Telephone response machines.

rlcarey,

Your answer above says "Billboards are not exempt...", but in the cited exemption listing, the second one lists billboards.

I'm stupid. Can you help me understand?

Thanks.

"it need not contain the information in paragraphs (c)(1), (c)(2), (c)(4), (c)(5), (c)(6)(ii),(d)(4), and (d)(5) of this section:"

But it needs to include everything under 1030.8(b), which is the rate disclosures.

Thanks rlcaery. Good stuff. Watch for a similarly dumb question from me on HELOC ads!