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Single figure for Interest rate & APY

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This topic contains 1 reply, has 2 voices, and was last updated by  rcooper 10 months, 2 weeks ago.

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  • #13367

    sbs1
    Participant

    In the Official interpretation of Section 1030:4(b)(1)(I) for Rate Disclosures it states that if an annual percentage yield is the same as the interest rate, institutions may disclose a single figure but must use both terms. I have not seen this done.
    Is it acceptable to use this method for tiered account disclosures?

    #13375

    rcooper
    Keymaster

    1030.4(b)(1)(I)-3. Tiered-rate accounts. 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. (See Appendix A, Part I, Paragraph D.)

    I think as long as you are meeting this requirement it should be fine to combine them as you referenced above.

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