Account disclosures.

CFR · 2024-01-01 · US · Title 12

(a) (ii) (2) (ii) In providing disclosures upon request, the credit union may: (A) Specify rates as follows: ( ( (B) State the maturity of a term share account as either a term or a date. (b) (1) (B) For dividend-bearing accounts other than term share accounts, a credit union shall specify a dividend rate and annual percentage yield (using those terms) as of the last dividend declaration date. In the event that disclosures of a dividend rate and annual percentage yield as of the last dividend declaration date might be inaccurate because of known or contemplated dividend rate changes, the credit union may disclose the prospective dividend rate and prospective annual percentage yield. Such prospective dividend rate and prospective annual percentage yield may be disclosed either in lieu of, or in addition to, the dividend rate and annual percentage yield as of the last dividend declaration date. (ii) (A) The fact that the dividend rate and annual percentage yield may change; (B) How the dividend rate is determined; (C) The frequency with which the dividend rate may change; and (D) Any limitation on the amount the dividend rate may change. (2) (ii) (3) (A) Open the account; (B) Avoid the imposition of a fee; or (C) Obtain the annual percentage yield disclosed. (ii) (iii) (4) (5) (6) (i) (ii) (iii) (iv) (7) (8) (c) (2)

official document · source cfr-2024 · id 12:§ 707.4