You are likely aware that when you open a demand deposit account, you must provide the customer with a Funds Availability Disclosure that outlines when you will make deposited funds available to them. Most banks get this right because their system just prints it out with other required account opening disclosures. What some banks overlook is some of the other places you need to address funds availability. This can include deposit slips, ATMs and at teller windows.
There are times when you need to (or just want to) change the terms of your deposit accounts. Maybe you want to implement a new fee or change some of the other terms required to be disclosed in the Truth in Savings Act disclosure the consumer received at account opening. While this can be done (in most cases), there are some hoops you need to jump through to maintain compliance. But be careful with trying to change terms on a Certificate of Deposit, as those are a little different animal.
If you maintain escrow accounts subject to Section 1024.17 of RESPA, you are probably aware that you are required to provide an annual escrow statement to borrowers. Some banks slip up here because the “annual escrow statement” is actually comprised of three separate types of information. You are required to give:
last year’s projection (what was supposed to occur);
the account history (what actually occurred); and,
next year’s projection (what you anticipate will occur).
When it comes to Regulation CC, you must know what’s covered. A common misconception is that Regulation CC is a consumer regulation.
Regulation CC applies to demand deposit accounts, which can be held by consumers and non-consumers (entities, clubs, businesses, etc.) alike. However, certain sections of the regulation apply to consumers and others apply to businesses.