---
kind: "range"
citation: "12 C.F.R. §§ 1030.4–1030.6"
title: "12"
from: "1030.4"
to: "1030.6"
count: 3
url: "https://uscodex.org/cfr/12/1030.4..1030.6"
---

# §1030.4. Account disclosures.

- (a) **Delivery of account disclosures—**
  - (1) **Account opening—**
    - (i) **General.** A depository institution shall provide account disclosures to a consumer before an account is opened or a service is provided, whichever is earlier. An institution is deemed to have provided a service when a fee required to be disclosed is assessed. Except as provided in [paragraph (a)(1)(ii)](#a-1-ii) of this section, if the consumer is not present at the institution when the account is opened or the service is provided and has not already received the disclosures, the institution shall mail or deliver the disclosures no later than 10 business days after the account is opened or the service is provided, whichever is earlier.
    - (ii) **Timing of electronic disclosures.** If a consumer who is not present at the institution uses electronic means (for example, an Internet Web site) to open an account or request a service, the disclosures required under [paragraph (a)(1)](#a-1) of this section must be provided before the account is opened or the service is provided.
  - (2) **Requests.**
    - (i) A depository institution shall provide account disclosures to a consumer upon request. If a consumer who is not present at the institution makes a request, the institution shall mail or deliver the disclosures within a reasonable time after it receives the request and may provide the disclosures in paper form, or electronically if the consumer agrees.
    - (ii) **In providing disclosures upon request, the institution may—**
      - (A) Specify an interest rate and annual percentage yield that were offered within the most recent seven calendar days; state that the rate and yield are accurate as of an identified date; and provide a telephone number consumers may call to obtain current rate information.
      - (B) **State the maturity of a time account as a term rather than a date.**
- (b) **Content of account disclosures.** Account disclosures shall include the following, as applicable:
  - (1) **Rate information—**
    - (i) **Annual percentage yield and interest rate.** The “annual percentage yield” and the “interest rate,” using those terms, and for fixed-rate accounts the period of time the interest rate will be in effect.
    - (ii) **Variable rates.** For variable-rate accounts:
      - (A) The fact that the interest rate and annual percentage yield may change;
      - (B) How the interest rate is determined;
      - (C) The frequency with which the interest rate may change; and
      - (D) Any limitation on the amount the interest rate may change.
  - (2) **Compounding and crediting—**
    - (i) **Frequency.** The frequency with which interest is compounded and credited.
    - (ii) **Effect of closing an account.** If consumers will forfeit interest if they close the account before accrued interest is credited, a statement that interest will not be paid in such cases.
  - (3) **Balance information—**
    - (i) **Minimum balance requirements.**
      - (A) **Any minimum balance required to—** (1) Open the account;

        (2) Avoid the imposition of a fee; or

        (3) Obtain the annual percentage yield disclosed.

      - (B) Except for the balance to open the account, the disclosure shall state how the balance is determined for these purposes.
    - (ii) **Balance computation method.** An explanation of the balance computation method specified in [§ 1030.7](/cfr/12/1030.7.md) of this part used to calculate interest on the account.
    - (iii) **When interest begins to accrue.** A statement of when interest begins to accrue on noncash deposits.
  - (4) **Fees.** The amount of any fee that may be imposed in connection with the account (or an explanation of how the fee will be determined) and the conditions under which the fee may be imposed.
  - (5) **Transaction limitations.** Any limitations on the number or dollar amount of withdrawals or deposits.
  - (6) **Features of time accounts.** For time accounts:
    - (i) **Time requirements.** The maturity date.
    - (ii) **Early withdrawal penalties.** A statement that a penalty will or may be imposed for early withdrawal, how it is calculated, and the conditions for its assessment.
    - (iii) **Withdrawal of interest prior to maturity.** If compounding occurs during the term and interest may be withdrawn prior to maturity, a statement that the annual percentage yield assumes interest remains on deposit until maturity and that a withdrawal will reduce earnings. For accounts with a stated maturity greater than one year that do not compound interest on an annual or more frequent basis, that require interest payouts at least annually, and that disclose an APY determined in accordance with section E of appendix A of this part, a statement that interest cannot remain on deposit and that payout of interest is mandatory.
    - (iv) **Renewal policies.** A statement of whether or not the account will renew automatically at maturity. If it will, a statement of whether or not a grace period will be provided and, if so, the length of that period must be stated. If the account will not renew automatically, a statement of whether interest will be paid after maturity if the consumer does not renew the account must be stated.
  - (7) **Bonuses.** The amount or type of any bonus, when the bonus will be provided, and any minimum balance and time requirements to obtain the bonus.
- (c) **Notice to existing account holders—**
  - (1) **Notice of availability of disclosures.** Depository institutions shall provide a notice to consumers who receive periodic statements and who hold existing accounts of the type offered by the institution on June 21, 1993. The notice shall be included on or with the first periodic statement sent on or after June 21, 1993 (or on or with the first periodic statement for a statement cycle beginning on or after that date). The notice shall state that consumers may request account disclosures containing terms, fees, and rate information for their account. In responding to such a request, institutions shall provide disclosures in accordance with [paragraph (a)(2)](#a-2) of this section.
  - (2) **Alternative to notice.** As an alternative to the notice described in [paragraph (c)(1)](#c-1) of this section, institutions may provide account disclosures to consumers. The disclosures may be provided either with a periodic statement or separately, but must be sent no later than when the periodic statement described in [paragraph (c)(1)](#c-1) is sent.

# §1030.5. Subsequent disclosures.

- (a) **Change in terms—**
  - (1) **Advance notice required.** A depository institution shall give advance notice to affected consumers of any change in a term required to be disclosed under [§ 1030.4(b)](/cfr/12/1030.4.md?p=b) of this part if the change may reduce the annual percentage yield or adversely affect the consumer. The notice shall include the effective date of the change. The notice shall be mailed or delivered at least 30 calendar days before the effective date of the change.
  - (2) **No notice required.** No notice under this section is required for:
    - (i) **Variable-rate changes.** Changes in the interest rate and corresponding changes in the annual percentage yield in variable-rate accounts.
    - (ii) **Check printing fees.** Changes in fees assessed for check printing.
    - (iii) **Short-term time accounts.** Changes in any term for time accounts with maturities of one month or less.
- (b) **Notice before maturity for time accounts longer than one month that renew automatically.** For time accounts with a maturity longer than one month that renew automatically at maturity, institutions shall provide the disclosures described below before maturity. The disclosures shall be mailed or delivered at least 30 calendar days before maturity of the existing account. Alternatively, the disclosures may be mailed or delivered at least 20 calendar days before the end of the grace period on the existing account, provided a grace period of at least five calendar days is allowed.
  - (1) **Maturities of longer than one year.** If the maturity is longer than one year, the institution shall provide account disclosures set forth in [§ 1030.4(b)](/cfr/12/1030.4.md?p=b) of this part for the new account, along with the date the existing account matures. If the interest rate and annual percentage yield that will be paid for the new account are unknown when disclosures are provided, the institution shall state that those rates have not yet been determined, the date when they will be determined, and a telephone number consumers may call to obtain the interest rate and the annual percentage yield that will be paid for the new account.
  - (2) **Maturities of one year or less but longer than one month.** If the maturity is one year or less but longer than one month, the institution shall either:
    - (i) Provide disclosures as set forth in [paragraph (b)(1)](#b-1) of this section; or
    - (ii) **Disclose to the consumer—**
      - (A) The date the existing account matures and the new maturity date if the account is renewed;
      - (B) The interest rate and the annual percentage yield for the new account if they are known (or that those rates have not yet been determined, the date when they will be determined, and a telephone number the consumer may call to obtain the interest rate and the annual percentage yield that will be paid for the new account); and
      - (C) Any difference in the terms of the new account as compared to the terms required to be disclosed under [§ 1030.4(b)](/cfr/12/1030.4.md?p=b) of this part for the existing account.
- (c) **Notice before maturity for time accounts longer than one year that do not renew automatically.** For time accounts with a maturity longer than one year that do not renew automatically at maturity, institutions shall disclose to consumers the maturity date and whether interest will be paid after maturity. The disclosures shall be mailed or delivered at least 10 calendar days before maturity of the existing account.

# §1030.6. Periodic statement disclosures.

- (a) **General rule.** If a depository institution mails or delivers a periodic statement, the statement shall include the following disclosures:
  - (1) **Annual percentage yield earned.** The “annual percentage yield earned” during the statement period, using that term, calculated according to the rules in appendix A of this part.
  - (2) **Amount of interest.** The dollar amount of interest earned during the statement period.
  - (3) **Fees imposed.** Fees required to be disclosed under [§ 1030.4(b)(4)](/cfr/12/1030.4.md?p=b-4) of this part that were debited to the account during the statement period. The fees shall be itemized by type and dollar amounts. Except as provided in [§ 1030.11(a)(1)](/cfr/12/1030.11.md?p=a-1) of this part, when fees of the same type are imposed more than once in a statement period, a depository institution may itemize each fee separately or group the fees together and disclose a total dollar amount for all fees of that type.
  - (4) **Length of period.** The total number of days in the statement period, or the beginning and ending dates of the period.
  - (5) **Aggregate fee disclosure.** If applicable, the total overdraft and returned item fees required to be disclosed by [§ 1030.11(a)](/cfr/12/1030.11.md?p=a).
- (b) **Special rule for average daily balance method.** In making the disclosures described in [paragraph (a)](#a) of this section, institutions that use the average daily balance method and that calculate interest for a period other than the statement period shall calculate and disclose the annual percentage yield earned and amount of interest earned based on that period rather than the statement period. The information in [paragraph (a)(4)](#a-4) of this section shall be stated for that period as well as for the statement period.