11/22/2015
We will be sending letters to our customers with grandfathered NOW accounts informing them that accounts will be switched to Super NOW accounts,
regular checking accounts, etc. What information is required in the letter we provide to the customer, and is there a timing issue?
11/01/2015
Can you please tell me where I will find guidance on how to handle emails that bounce back that are the notification that the customer’s statement is available. It used to be in 230.10 but I can’t find anything similar in Reg DD now.
09/13/2015
Are electronic notices permitted for NSF and overdraft protection communication as well as CD maturity and renewals? Customers signing up for e-statements would automatically get these via e-notice, with an e-mail being issued to advise the customer of the e-notice. The customer would then log on to view it.
08/16/2015
If you have a Certificate of Deposit (CD) with a term of 365 days and the customer wants the interest to be deposited into their checking account, will the CD still compound monthly?
05/25/2015
With interest rates paying below 1% on deposit accounts, interest rate and APY is the same for most of our deposit accounts opened. Is it required to test APY for new deposit accounts or can we just test deposit statements? I work in compliance monitoring and I do not see the point of testing new account disclosures where the interest rate is the same as the APY paid. I'll appreciate you guidance.
05/18/2015
We currently offer two overdraft protection options - one is a transfer from a line of credit and the other is an auto transfer from a deposit account. In either case, we have a disclosed transfer fee of $5.00 per transfer which is charged to the checking account regardless of whether the funding account is the LOC or the deposit account. We would like to increase the fee on existing accounts. Because we charge the same fee (whether it is a LOC transfer or a deposit account transfer) to the checking account is it possible to increase the fee with a 30 day notice to customers like any other fee adjustment? We are also considering an annual fee for this service for both new and existing customers. The annual fee would be charged to the checking account and not to the LOC/funding account.
03/30/2015
We are looking to combine 3 of our current checking accounts into a new type of excellent checking account that offers the customer lots of perks. What kind of disclosures and notices are we required to present to our current account holders of these 3 accounts before, during and/or after this process?
03/02/2015
We are looking to change (strengthen) the penalties on CD maturities - what type or time frame of notice do we have to provide for those changes going forward?
06/16/2014
Regulation DD (12 CFR 1030.8)
Institutions who advertise "free" checking accounts only for a limited period of time may be advertised as free if the time period is also stated.
My institution is currently advertising a checking account as "free" for ages 16 to 23, specifying those under 18 years of age require joint ownership with parent or guardian. Offer valid through 12/31/14.
Does the fact that a time period is not stated constitute a Regulation DD violation?
02/25/2005