Advertising.

CFR · 2024-01-01 · US · Title 12

(a) (1) Be misleading or inaccurate or misrepresent a depository institution's deposit contract; or (2) Refer to or describe an account as “free” or “no cost” (or contain a similar term) if any maintenance or activity fee may be imposed on the account. The word “profit” shall not be used in referring to interest paid on an account. (b) (c) (1) (2) (3) (4) (5) (6) (i) (ii) (iii) (d) (1) The “annual percentage yield,” using that term; (2) The time requirement to obtain the bonus; (3) The minimum balance required to obtain the bonus; (4) The minimum balance required to open the account, if it is greater than the minimum balance necessary to obtain the bonus; and (5) When the bonus will be provided. (e) (i) Broadcast or electronic media, such as television or radio; (ii) Outdoor media, such as billboards; or (iii) Telephone response machines. (2) (ii) If a sign exempt by paragraph (e)(2) of this section states a rate of return, it shall: (A) State the rate as an “annual percentage yield,” using that term or the term “APY.” The sign shall not state any other rate, except that the interest rate may be stated in conjunction with the annual percentage yield to which it relates. (B) Contain a statement advising consumers to contact an employee for further information about applicable fees and terms. (f)

official document · source cfr-2024 · id 12:§ 1030.8