CRCM Practice Questions - CRCM Certified Regulatory Compliance Manager Exam

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A bank advertises an account as "free checking" but imposes a monthly maintenance fee if the consumer fails to maintain a minimum balance. Under Regulation DD, what is the compliance issue?

There is no issue because the fee is avoidable The advertisement is misleading because an account with a possible maintenance or activity fee cannot be described as free The bank may use the word free only if it also discloses the APY The phrase is permissible only for commercial deposit accounts

Correct Answer:

The advertisement is misleading because an account with a possible maintenance or activity fee cannot be described as free

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