Answer:
Answer by John Burnett:
Statements that are prepared less frequently than quarterly don't have to comply with Truth in Savings disclosure rules.
See the definition of statement in Section 230.2 of Regulation DD.
If you really want to calculate the APYE anyhow, try using the formula in Reg. DD. What you are trying to determine by loading daily balances into the OCC program is the average balance during the interest period, which is one of the variables in the formula. You can do that with any spreadsheet program, such as Excel. Just be certain to include balances for non business days and days on which no balance change occurs.
Answer:
Answer by Andy Zavoina:
Richard Insley's APR Systems does TISA calculations and has some capability built into his APR Examiner handheld calculator.
You can also look at promsoft.com which has a PC and a handheld calculator.
First published on BankersOnline.com 9/2/02
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