Advertising.

CFR · 2024-01-01 · US · Title 12

(a) (1) Be misleading or inaccurate or misrepresent a credit union's account agreement; 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” must not be used in referring to dividends or 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 requirements 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 exempted 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 dividend rate may be stated in conjunction with the annual percentage yield to which it relates. (B) Contain a statement advising members to contact an employee for further information about applicable fees and terms. (3) (ii) If a newsletter exempted by paragraph (e)(3) 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 “

official document · source cfr-2024 · id 12:§ 707.8