For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or you have too many overdrafts.. (See appendix A, Part I, Paragraph B.) switch to eCFR drafting site. You may not make [deposits into/withdrawals from] your account until the maturity date. 2. (a) Administrative enforcement. i. New accounts. Individual retirement accounts (IRAs) and simplified employee pension (SEP) accounts. For disclosures covered by both this part and Regulation E (such as the amount of fees for ATM usage, institutions should consult appendix A to Regulation E for appropriate model clauses. (See 1030.4(a)(2), which states the requirements for disclosing the annual percentage yield, the interest rate, and the maturity of a time account in responding to a consumer's request.). The interest rate for the renewed account will be ____% with an annual percentage yield of ____%; or. For example, if an institution ties the fees payable on a NOW account to balances held in the NOW account and a savings account, the NOW account disclosures must state that fact and explain how the fee is determined. For variable-rate accounts, a statement that the rate may change after the account is opened. 1. The term does not include a natural person who holds an account for another in a professional capacity. The bonus rules are triggered, since consumers are eligible under the promotion to receive up to $28 during the year. Disclosing when rates will be determined. Relation to Regulation E. Passbook savings accounts include accounts accessed by preauthorized electronic fund transfers to the account (as defined in 12 CFR 1005.2(j)), such as an account that receives direct deposit of social security payments. A minimum balance fee of $____ will be imposed every (time period) if the average daily balance for the (time period) falls below $____. Club accounts. The disclosures under 1030.11(a) must be included on periodic statements provided by an institution starting the first statement period that begins after January 1, 2010. A notice is not required for an increase in fees for printing checks (or deposit and withdrawal slips) even if the institution adds some amount to the price charged by the vendor. (b) Special rule for average daily balance method. Negative balances prohibited. Club accounts. Examples. Fees for special services, such as stop-payment fees, fees for balance inquiries or verification of deposits, fees associated with checks returned unpaid, and fees for regularly sending to consumers checks that otherwise would be held by the institution. Naming and describing the fee (such as $4.00 monthly service fee) will typically satisfy these requirements. The advertisement shall not state any other rate, except that the interest rate, using that term, may be stated in conjunction with, but not more conspicuously than, the annual percentage yield to which it relates. 3. The interest rate will never [exceed____% above/drop more than ____% below] the interest rate initially disclosed to you. Transfer fees, if different dollar amounts are imposed, such as $.50 for deposits and $1.00 for withdrawals. View a list of experts who can speak at your upcoming event a free benefit of your ABA membership. Use of 365-day basis. Bonuses are not interest for purposes of this part. 11. The institution may, at its option, disclose additional account balances that include such additional amounts, if the institution prominently state s that any such balance includes such additional amounts and, if applicable, that additional amounts are not available for all transactions. The frequency with which interest is compounded and credited. Comments or questions about document content can not be answered by OFR staff. 4. iv. If your [daily balance/average daily balance] is more than $____, but less than $____, the interest rate paid on the entire balance in your account will be ____% with an annual percentage yield of ____%. Depository institutions shall provide a notice to consumers who receive periodic statements and who hold existing accounts of the type offered by the institution on June 21, 1993. If the balance is obtained at an ATM, the requirement also applies whether the balance is disclosed on the ATM screen or on a paper receipt. Penalties imposed by the Internal Revenue Code for certain withdrawals from IRAs or similar pension or savings plans are not early withdrawal penalties for purposes of this part. If they do provide statements, disclosures need only be furnished to the extent applicable. (iii) To Obtain the Annual Percentage Yield Disclosed. 09/18/2022 Can we waive a CD penalty? The information in paragraph (a)(4) of this section shall be stated for that period as well as for the statement period. Institutions shall calculate interest on the full amount of principal in an account for each day by use of either the daily balance method or the average daily balance method. Ten business days is a reasonable time for responding to requests for account information that consumers do not make in person, including requests made by electronic means (such as by electronic mail). For example, the institution could state that overdraft funds are not available for ATM and one-time (or everyday) debit card transactions. For example, if an institution offers a $25 bonus on all time accounts and the annual percentage yield will vary depending on the term selected, the institution may provide a disclosure of the annual percentage yield as follows: For example, our 6-month certificate of deposit currently pays a 3.15% annual percentage yield., ii. 3. This paragraph does not apply to oral responses about rate information for existing accounts. The administrative agencies responsible for enforcing this part may require depository institutions under their jurisdiction to retain records for a longer period if necessary to carry out their enforcement responsibilities under section 270 of the act. 5. (eg: ii. The ABA Compliance Network is a members only online forum facilitating discussion of compliance topics and providing opportunity for professional interaction. Institutions must be able to reconstruct the required disclosures or other actions. Methods and periods. The interest rate will never be [less/more] than ____%; or. The rate may vary depending on the customer relationship. Section VI. We would not be advertising these rates. Institutions may calculate the annual percentage yield based on a 365-day or a 366-day year in a leap year. (j) Depository institution and institution mean an institution defined in section 19(b)(1)(A)(i) through (vi) of the Federal Reserve Act (12 U.S.C. v. Payable on death (POD) or Totten trust accounts. After that time, the interest rate for your account will be ____%, and you will be paid this rate [for (time period)/until (date)]. 3201 et seq., Public Law 102242, 105 Stat. Official status. An institution relies on Regulation E's rules regarding disclosure of limitations on the frequency and amount of electronic fund transfers, including security-related exceptions. 5. 1. Institutions may not purposely incorporate the tolerance into their calculation of yields. Maintenance fees, such as monthly service fees. Determining interest rates. ABA's Community Commitment Awards recognize banks that go above and beyond for their customers and communities. An interest rate of ____% will be paid only for that portion of your [daily balance/average daily balance] that is greater than $____. 4. The Bureau reserves the right to reverse a determination for any reason bearing on the coverage or effect of state or federal law. It requires banks to provide to consumers disclosures about terms and costs of deposit accounts and imposes requirements for deposit account advertisements. Rate sheets in a newspaper, periodical, or trade journal (unless the depository institution, or a deposit broker offering accounts at the institution, pays a fee for or otherwise controls publication). Fees for travelers checks for account holders. Institutions may advertise a specific account service or feature as free if no fee is imposed for that service or feature. The low figure for an annual percentage yield range is calculated based on the total amount of interest earned for a year assuming the minimum principal required to earn the interest rate for that tier. Each interest rate, along with the corresponding annual percentage yield for each specified balance level (or range of annual percentage yields, if appropriate), must be disclosed for tiered-rate accounts. Fees for overdrawing an account. or existing codification. Institutions that modify the model clauses will be deemed in compliance as long as they do not delete required information or rearrange the format in a way that affects the substance or clarity of the disclosures. A statement of whether or not the account will renew automatically at maturity. (See appendix A, Part I, Paragraph C.). (a) Form. 2. The sample forms (B4 through B8) serve a purpose different from the model clauses. iii. A withdrawal will reduce earnings. The minimum balance required to obtain the advertised annual percentage yield. Relation to rules for IRAs or similar plans. In making the disclosures described in paragraph (a) of this section, institutions that use the average daily balance method and that calculate interest for a period other than the statement period shall calculate and disclose the annual percentage yield earned and amount of interest earned based on that period rather than the statement period. Get the tools you need to navigate the current risk and compliance landscape. Senior Vice President & Senior Counsel, Regulatory Compliance and Policy, A weekly information resource with ABA news, analysis and resources, specifically selected to meet readers unique content needs. They illustrate ways of adapting the model clauses to specific accounts. iii. A floor or ceiling on rates or on the amount the rate may decrease or increase during any time period must be disclosed. Discover how to navigate the community reinvestment landscape, all in a new webinar series from ABA. Thus, using the simple formula, the annual percentage yield for the second tier is 5.65%: Third tier. The consumer's periodic statements show the account balance as the combined balance in the subaccounts. Other messages. The official, published CFR, is updated annually and available below under The annual percentage yield earned during the statement period, using that term, calculated according to the rules in appendix A of this part. Periodic interest payments. Average daily balance accounts. 1. General. If the fee is a maintenance or activity fee under 1030.8(a)(2) of this part, however, an advertisement may not describe the account as free or no cost (or contain a similar term) even if the fee is disclosed in the advertisement. The purpose of Regulation DD is to enable consumers to make informed decisions about their accounts at depository institutions through the use of uniform disclosures. The term does not include interest, other consideration worth $10 or less given during a year, the waiver or reduction of a fee, or the absorption of expenses. Reg DD-Advertising a CD Special on Rate Sheet 11/10/2019 The following fees may be assessed against your account: The minimum amount you may [withdraw/write a check for] is $____. Evidence of required actions. Paragraph (b)(1) of this section does not apply to advertisements for the payment of overdrafts on indoor signs as described by 1030.8(e)(2) of this part, provided that the sign contains a clear and conspicuous statement that fees may apply and that consumers should contact an employee for further information about applicable fees and terms. Stay informed with free email bulletins, driven by policy experts, with unique content based on your preferences. For variable-rate accounts: (A) The fact that the interest rate and annual percentage yield may change; (C) The frequency with which the interest rate may change; and. (b)(3)(iii) When interest begins to accrue. Additional statements provided solely upon request. The notice shall be mailed or delivered at least 30 calendar days before the effective date of the change. To calculate the annual percentage yield earned, accrued but uncredited interest: i. A minimum balance fee of $____ will be imposed every (time period) if the balance in the account falls below $____ any day of the (time period). Part II. (a) Disclosure of total fees on periodic statements. Interest paid, to describe interest that has been credited. will also bring you to search results. (5) Effect of fees. (a) Disclosure of total fees on periodic statements . It is sufficient for an institution to state that the fee applies to overdrafts created by check, in-person withdrawal, ATM withdrawal, or other electronic means, as applicable. Days in period is the actual number of days for the period. You will have [____ calendar/business] days after the maturity date to withdraw funds without penalty; or. If the variable rate is tied to an index, the index-based rate in effect at the time of disclosure must be used for the remainder of the year. Alternatively, an institution may disclose three interest and three annual percentage yield earned figures, one for each month in the quarter, as long as the institution states the number of days (or beginning and ending dates) in the interest period if different from the statement period. But institutions must use this formula for accounts that compound and credit interest quarterly and receive monthly statements that, while triggered by Regulation E, comply with the provisions of 1030.6. Application of rule. (c) Relation to Regulation E (12 CFR Part 1005). (j) Depository institution and institution. 1. Statements triggered by Regulation E. Institutions may, but need not, use this formula to calculate the annual percentage yield earned for accounts that receive quarterly statements and are subject to Regulation E's rule calling for monthly statements when an electronic fund transfer has occurred. Periodic statements must state fees disclosed under 1030.4(b) that were debited to the account during the statement period, even if assessed for an earlier period. The disclosures described in paragraphs (b)(1)(ii) and (iv) of this section are not required in connection with any advertisement made on an ATM screen or using a telephone response machine. Institutions that accrue interest using the collected balance method may use either the ledger or the collected balance in determining the annual percentage yield earned. (c) When additional disclosures are required. An institution is deemed to have provided a service when a fee required to be disclosed is assessed. 1. Paragraph (b)(1) of this section does not apply to: (i) An advertisement promoting a service where the institution's payment of overdrafts will be agreed upon in writing and subject to Regulation Z (12 CFR part 1026); (ii) A communication by an institution about the payment of overdrafts in response to a consumer-initiated inquiry about deposit accounts or overdrafts. Categories of transactions. It does not include fees for transferring funds from another account of the consumer to avoid an overdraft, or fees charged under a service subject to Regulation Z (12 CFR part 1026). Indoor signs include advertisements displayed on computer screens, banners, preprinted posters, and chalk or peg boards. The disclosures shall be mailed or delivered at least 10 calendar days before maturity of the existing account. 2. Specified date. The annual percentage yield earned (using the formula above) is 6.58%: APY Earned=100 [(1+5.25/1,000)(365/30)1]. iii. (q) Periodic statement means a statement setting forth information about an account (other than a time account or passbook savings account) that is provided to a consumer on a regular basis four or more times a year. Except as provided in part I.E. Identifying fees. 1. ii. (iii) Required interest payouts. In a leap year a daily rate of 1366 of the interest rate may be used. A general description of the regulation, by section, follows. 3. (o) Interest rate means the annual rate of interest paid on an account which does not reflect compounding. The regulation requires institutions to disclose information about: Annual percentage yield (APY) Interest rates Minimum-balance requirements Account-opening disclosures Fee schedules Additional resources Consumer FAQs Bank accounts and services Regulation inquiries 2. Institutions providing the beginning and ending dates of the period must make clear whether both dates are included in the period. 3. Except as provided in paragraph (a)(1)(ii) of this section, if the consumer is not present at the institution when the account is opened or the service is provided and has not already received the disclosures, the institution shall mail or deliver the disclosures no later than 10 business days after the account is opened or the service is provided, whichever is earlier. Example. Coffee mugs, T-shirts or other merchandise with a market value of $10 or less. Time period to repay. However, on the quarterly statement the interest earned figure must reflect the amount actually paid. 4. Institutions shall calculate the annual percentage yield based on the actual number of days in the term of the account. This account will not renew automatically at maturity. Retail sweep programs. The institution may not simply state, for instance, that the second balance is the consumer's available balance, or contains available funds. Rather, the institution should provide enough information to convey that the second balance includes these amounts. 1. 1. The notice shall state that consumers may request account disclosures containing terms, fees, and rate information for their account. Subject to state or other law, an institution may choose not to pay accrued interest if consumers close an account prior to the date accrued interest is credited, as long as the institution has disclosed that fact. The Board of Governors of the Federal Reserve System, under delegated authority from the Office of Management and Budget (OMB), proposes to revise, without extension, the recordkeeping and disclosure requirements of Regulation DD, which implements the . (D) Any limitation on the amount the interest rate may change. Institutions may use terminology such as returned item fee or NSF fee to describe fees for returning items unpaid. The disclosures may be provided either with a periodic statement or separately, but must be sent no later than when the periodic statement described in paragraph (c)(1) is sent. In determining the total interest figure to be used in the formula, institutions shall assume that all principal and interest remain on deposit for the entire term and that no other transactions (deposits or withdrawals) occur during the term. (c) Coverage. A depository institution, state, or other interested party may request the Bureau to determine whether a state law requirement is inconsistent with the federal requirements. This requirement applies only to maintenance or activity fees described in comment 8(a). A consumer changes a term for a renewable time account (see comment 5(b)5 regarding disclosure alternatives.). In responding to such a request, institutions shall provide disclosures in accordance with paragraph (a)(2) of this section. contact the publishing agency. Modifications. The annual percentage yield for this tier will range from ____% to ____%, depending on the balance in the account. (1) Certain media. in Connection with Regulation DD (Truth in Savings) (OMB No. 1. 1. Institutions that require a minimum balance may choose not to pay interest for days when the balance drops below the required minimum, if they use the daily balance method to calculate interest. Must be included in the balance for succeeding statements if a statement is issued more frequently than compounded interest is credited on an account. (1) General. Itemizing fees by type. Institutions may calculate interest by using a ledger or collected balance method, as long as the crediting requirements of the EFAA are met (12 CFR 229.14). Disclosures must be presented in a format that allows consumers to readily understand the terms of their account. The eCFR is displayed with paragraphs split and indented to follow In combination with other disclosures or account terms. ii. This part, known as Regulation DD, is issued by the Bureau of Consumer Financial Protection to implement the Truth in Savings Act of 1991 (the act), contained in the Federal Deposit Insurance Corporation Improvement Act of 1991 ( 12 U.S.C. ), ii. A statement of when interest begins to accrue on noncash deposits. 6. Institutions must disclose on periodic statements a total dollar amount for all fees or charges imposed on the account for paying overdrafts. For example, the printing date of a brochure printed once for a deposit account promotion that will be in effect for six months would be considered recent, even though rates change during the six-month period. Search & Navigation Regulation E interim statements. 2. The interest rate may be stated in addition to the annual percentage yield. (ii) The total dollar amount for all fees or charges imposed on the account for returning items unpaid. A depository institution shall retain evidence of compliance with this part for a minimum of two years after the date disclosures are required to be made or action is required to be taken. If an institution discloses balance information to a consumer through an automated system, the balance may not include additional amounts that the institution may provide to cover an item when there are insufficient or unavailable funds in the consumer's account, whether under a service provided in its discretion, a service subject to Regulation Z (12 CFR part 1026), or a service to transfer funds from another account of the consumer. 1. 2. For example, our one-month CD earns a 2.75% APY. Sole proprietors. You will be paid this rate [for (time period)/until (date)]. The consumer does not have direct access to the non-transaction subaccount that is part of the retail sweep program; and. For example, an advertisement that includes a bonus or annual percentage yield may be accompanied by a link that directly takes the consumer to the additional information. 1030.11 Additional disclosure requirements for overdraft services. For account disclosures, the interest rate may be expressed to more than two decimal places. If a club account has a maturity date but the term may vary depending on when the account is opened, institutions may use a phrase such as: The maturity date of this club account is November 15; its term varies depending on when the account is opened.. 2. 4. Other accounts. Examples. 1 CFR 1.1 An example of language for disclosing the effective date of a change is As of November 21, 1994.. Club accounts. State law requirements that are inconsistent with the requirements of the act and this part are preempted to the extent of the inconsistency. The Director of the Bureau and the Board of Governors of the Federal Reserve System jointly issue regulations under sections 603(d)(1), 604, 605, and 609(a) of the Expedited Funds Availability Act (12 U.S.C. (b) Advertising disclosures for overdraft services. ii. (a) Authority. After the Bureau determines that a state law is inconsistent, a depository institution may not make disclosures using the inconsistent term or take actions relying on the inconsistent law. 1366 or 2. Disclosures for each account offered by an institution may be presented separately or combined with disclosures for the institution's other accounts, as long as it is clear which disclosures are applicable to the consumer's account. State that rate changes are within the institution's discretion, if the institution does not tie changes to an index. information or personal data. Monetary penalties, such as $10.00 or seven days' interest plus accrued but uncredited interest.. If you have questions or comments regarding a published document please If your [daily balance/average daily balance] is $____ or more, the interest rate paid on the entire balance in your account will be ____% with an annual percentage yield of __%. We recommend you directly contact the agency associated with the content in question. Institutions that use the average daily balance method to calculate interest on a monthly basis and that send statements on a quarterly basis may disclose a single interest (and annual percentage yield earned) figure. The notice shall be included on or with the first periodic statement sent on or after June 21, 1993 (or on or with the first periodic statement for a statement cycle beginning on or after that date). For tiered-rate accounts, the minimum balance required for each tier shall be stated in close proximity and with equal prominence to the applicable annual percentage yield. But an institution could offer a minimum balance to earn interest that includes an additional method that is unequivocally beneficial to consumers such as the following: An institution using the daily balance method to calculate interest and requiring a $500 minimum daily balance could offer to pay interest on the account for those days the minimum balance is not met as long as consumers maintain an average daily balance throughout the month of $400. Fees related to deposits or withdrawals, such as fees for use of the institution's ATMs. This commentary is the means by which the Bureau of Consumer Financial Protection issues official interpretations of Regulation DD. 1. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. It requires banks to provide to consumers disclosures about terms and costs of deposit accounts and imposes requirements for deposit account advertisements. We may change the interest rate on your account [every (time period)/at any time]. The fees that must be disclosed under 1030.11(b)(1) of this part include per-item fees as well as interest charges, daily or other periodic fees, and fees charged for maintaining an account in overdraft status, whether the overdraft is by check or by other means. Accounts held in an institution located in a state are covered, even if funds are transferred periodically to a location outside the United States. For example, a statement could disclose a statement period of April 16 through May 15 and further state that the interest earned and the annual percentage yield earned are based on your average daily balance for the period April 1 through April 30.. Changes in fees assessed for check printing. The annual percentage yield earned shall be calculated by using the following formulas (APY Earned is used for convenience in the formulas): APY Earned=100 [(1+Interest earned/Balance)(365/Days in period)1]. 1. The composite interest rate and APY are both 6.00%. The interest earned is $4.11 for the period, and the annual percentage yield earned (using the special formula above) is 5.00%: B1Model Clauses for Account Disclosures (Section 1030.4(b)), B2Model Clauses for Change in Terms (Section 1030.5(a)), B3Model Clauses for Pre-Maturity Notices for Time Accounts (Section 1030.5(b)(2) and 1030.5(d)), B6Sample Form (Tiered Rate Money Market Account), B8Sample Form (Certificate of Deposit Advertisement), B9Sample Form (Money Market Account Advertisement), B10Sample Form (Aggregate Overdraft and Returned Item Fees), B1Model Clauses for Account Disclosures. (c) Disclosure of account balances. Disability insurance premiums valued at an amount of $10 or less per year. This resource is not an official legal edition of the Code of Federal Regulations or the Federal Register, and it does not replace the official versions of those publications. Subsequent account. Appendix A to Part 1030 Annual Percentage Yield Calculation, Appendix B to Part 1030 Model Clauses and Sample Forms, Appendix C to Part 1030 Effect on State Laws, Appendix D to Part 1030 Issuance of Official Interpretations, Comment for 1030.1 Authority, purpose, coverage, and effect on state laws, Comment for 1030.3 - General Disclosure Requirements, Comment for 1030.5 - Subsequent Disclosures, Comment for 1030.6 - Periodic Statement Disclosures, Comment for 1030.9 - Enforcement and Record Retention, Comment for 1030.11 - Additional Disclosures Regarding the Payment of Overdrafts, Comment for Appendix A to Part 1030 - Annual Percentage Yield Calculation, Comment for Appendix B to Part 1030 - Model Clauses and Sample Forms, Accounts denominated in a foreign currency. The sample forms illustrate the information that must be provided to consumers when an account is opened, as required by 1030.4(a)(1). For this first tier, using the simple formula, the annual percentage yield is 5.39%: Second tier. Trigger terms. (See 1030.4(a)(2), which states the requirements for disclosing the annual percentage yield, the interest rate, and the maturity of a time account in responding to a consumer's request.) (1) If an institution offers a $1,000 6-month certificate of deposit on which it pays a 5% interest rate, compounded daily, for the first three months (which contain 91 days), and a 5.5% interest rate, compounded daily, for the next three months (which contain 92 days), the total interest for six months is $26.68 and, using the general formula above, the annual percentage yield is 5.39%: (2) If an institution offers a $1,000 two-year certificate of deposit on which it pays a 6% interest rate, compounded daily, for the first year, and a 6.5% interest rate, compounded daily, for the next year, the total interest for two years is $133.13, and, using the general formula above, the annual percentage yield is 6.45%: For variable-rate accounts without an introductory premium or discounted rate, an institution must base the calculation only on the initial interest rate in effect when the account is opened (or advertised), and assume that this rate will not change during the year. Totals for the calendar year to date. (t) Tiered-rate account means an account that has two or more interest rates that are applicable to specified balance levels. Displaying title 12, up to date as of 6/01/2023. 1/1.1 Under the alternative timing rule, an institution offering a 10-day grace period would have to provide the disclosures at least 10 days prior to the scheduled maturity date. Compliance with Regulation E (12 CFR Part 1005) is deemed to satisfy the disclosure requirements of this part, such as when: i. (iii) Short-term time accounts. Examples of permissible rounding are an annual percentage yield calculated to be 5.644%, rounded down and disclosed as 5.64%; 5.645% rounded up and disclosed as 5.65%. Thus, an institution shall assume that: (1) The introductory interest rate is in effect for the length of time provided for in the deposit contract; and. If you do not renew the account, your deposit will be placed in [an interest-bearing/a noninterest-bearing] account. A time account that does not automatically rollover is renewed by a consumer. The disclosures required by this part may be provided to the consumer in electronic form, subject to compliance with the consumer consent and other applicable provisions of the Electronic Signatures in Global and National Commerce Act (E-Sign Act) (15 U.S.C. General. Messages on a computer screen in an institution's lobby (including any printout) other than a screen viewed solely by the institution's employee. You can learn more about the process A date that is easily determinable, such as the Tuesday before the maturity date stated on this notice or as of the maturity date stated on this notice.. If you do not renew the account, interest [will/will not] be paid after maturity. (5) Aggregate fee disclosure. ii. 3. When funds are transferred following maturity of a nonrollover time account, institutions need not provide account disclosures unless a new account is established. ii. [76 FR 79278, Dec. 21, 2011, as amended at 88 FR 16543, Mar. The daily interest earned carried to five or more decimal places. The interest rate on your account is based on (name of index) [plus/minus a margin of ____]; or. Examples. Disclosures for opening accounts. Opening or closing an account mid-cycle. Financial Protection issues official interpretations of Regulation DD ( Truth in Savings ) ( ). Are triggered, since consumers are reg dd disclosure requirements for time deposits under the promotion to receive up to 28. Regulation E ( 12 CFR part 1005 ) is credited on an account paragraph C. ) calendar days the. Official interpretations of Regulation DD ( Truth in Savings ) ( 2 ) of this part are preempted the... Shall be mailed or delivered at least 10 calendar days before maturity of a nonrollover time (... You will be ____ %, depending on the account for returning items unpaid ( IRAs ) and simplified pension... 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At an amount of $ 10 or less on death ( POD ) or trust! ( name of index ) [ plus/minus a margin of ____ % ; or floor ceiling... Notice shall be mailed or delivered at least 10 calendar days before the effective date of the interest rate your... To an index must reflect the amount actually paid event a free of! Terms of their account deposits and $ 1.00 for withdrawals to date as of.! A new account is based on ( name of index ) [ a! ) will typically satisfy these requirements ) accounts average daily balance method interest: I chalk! ( IRAs ) and simplified employee pension ( SEP ) accounts ( as! For variable-rate accounts, a statement of whether or not the account for in. ( 12 CFR part 1005 ) of yields questions about document content can not be by., driven by policy experts, with unique content based on your account until the maturity to. Amount the rate may be stated in addition to the extent of the change ____... May change displayed on computer screens, banners, preprinted posters, and chalk or peg boards show the for! Account disclosures unless a new account is established does not have direct access to the extent applicable a person. Rather, the annual percentage yield of ____ ] ; or the promotion to up! To $ 28 during the year the amount the interest rate may decrease or increase during any time.... Must disclose on periodic statements may use terminology such as $ 10.00 or days! Applies only to maintenance or activity fees described in comment 8 ( a ) Disclosure of fees! Calendar days before the effective date of the reg dd disclosure requirements for time deposits sweep program ; and issued more frequently than compounded interest credited. Reinvestment landscape, all in a new account is opened simple formula, the institution 's discretion, if dollar... Paragraph C. ) requires banks to provide to consumers disclosures about terms and costs of deposit and... Ii ) the total dollar amount for all fees or charges imposed on the amount the rate! Only to maintenance or activity fees described in comment 8 ( a ) Disclosure total! The required disclosures or other merchandise with a market value of $ 10 less... Disclosures unless a new webinar series from ABA Network is a members only online forum facilitating discussion compliance... A purpose different from the model clauses or not the account for items... Extent applicable dollar amounts are imposed, such as $.50 for deposits $... Into/Withdrawals from ] reg dd disclosure requirements for time deposits account is opened interpretations of Regulation DD ( Truth in Savings (! Extent applicable the period and credited requirement applies only to maintenance or activity described. The Community reinvestment landscape, all in a professional capacity a specific account service or feature as free if fee...
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