Third-Party Referrals Promising Above-Market Rates on Certificates of Deposit
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Third-Party Referrals Promising Above-Market Rates on Certificates of Deposit

Filetype[PDF-1.26 MB]


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Details:

  • Publisher's site:
  • Corporate Authors:
    Federal Deposit Insurance Corporation (FDIC)
  • Description:
    FDIC-insured institutions should be aware of any unsolicited deposits received through third- party referrals. Certain insurance companies and other financial services firms (third parties) are advertising above-market rate certificates of deposit (CDs) to attract customers. When a customer buys the advertised CD, the customer is referred to the Web site of an FDIC-insured institution with the third party "making up" the difference between the insured institution's actual rate and the advertised above-market rate. This practice may cause a contradiction with the terms in the insured institution's Truth-in-Savings disclosures. In some cases, these third parties have used the FDIC official sign, seal, logo, or similar representations in connection with these offers.
  • Content Notes:
    FIL-44-2008
  • Subject:
  • Dataset Download URL:
  • Format:
    PDF
  • Release Date:
    06/19/2009
  • Update Date:
    11/14/2018
  • Withdrawn Date:
    12/01/2018
  • Agencies Involved:
    Federal Deposit Insurance Corporation (FDIC)
  • Fdic Employee Involved:
    Patricia Colohan;Martin Thompson;
  • Related Regulation:
    12 C.F.R. Part 337.6
  • Source:
    FDIC Website
  • Memorandum To:
    FDIC-Supervised Institutions
  • FIL Number:
    FIL-32-2009
  • Main Document Checksum:
  • Download URL:
  • File Type:

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