Truth in Savings: CD Renewal Notices

When it comes to renewal notices for your certificates of deposit, there are actually a lot of “ifs” that can come into play. Those “ifs” dictate not only when a notice is required but also what information needs to be included on the notice. These notices are often generated automatically by your system, so when it comes to compliance, they can be easily forgotten.

David explains more in the video.

 

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Video Highlights:

  • Only one notice is required (sometimes called the Approaching Renewal Advice or something similar) when it comes to certificate of deposit renewals.
  • For CDs with maturities of more than one year that automatically renew, provide full account disclosures and the date the existing account matures.
  • For CDs with maturities of greater than one month but less than or equal to one year that automatically renew, provide either full account disclosures or abbreviated disclosures explained in 1030.5(b)(2)(ii).
  • For CDs with maturities of greater than one month but less than or equal to one year that automatically renew, provide the date the existing account matures along with either full account disclosures or the abbreviated disclosures explained in 1030.5(b)(2)(ii).

Truth in Savings.

Published
2023/02/03
David Dickinson

David Dickinson

David’s banking career began as a field examiner for the FDIC in 1990. He later became a Compliance Officer and Loan Officer for a small bank. In 1993, he established Banker’s Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker’s Compliance Consulting produces.

He is an expert in compliance regulations. He is also a motivational speaker and innovative educator. His quick wit and sense of humor transforms the usually tiring topic of compliance into an enjoyable educational experience. David is on the faculty of the American Bankers Association National Compliance Schools and has served on the faculty of the Center for Financial Training for many years. He also is a frequent speaker at the ABA’s Regulatory Compliance Conference. He is also a trainer for hundreds of webinars, is a Certified Regulatory Compliance Manager (CRCM) and has been a BankersOnline Guru for many years. The American Bankers Association honored David with their Distinguished Service Award in 2016.

David and his wife Karen have three adult children, four grandchildren (none of whom live at home!) and two cats (of which Dave is allergic … the cats, not the children!). They recently moved to an acreage outside of Lincoln, Nebraska where he gets to play with his tractor. When possible David can be found fishing, making sawdust in his shop, or playing the guitar and piano. He also enjoys leading worship at his church.

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