[jwelch]

Accounts covered by Reg DD are held by a consumer for personal, family or household purposes. So this would NOT include businesses, including DBAs.
My question is regarding the periodic statement. Is the periodic statement disclosure (days interest, APY, amount paid) required on accounts NOT covered by Reg DD?
Or is the disclosure required on all accounts just because they did, in fact, earn interest on the account?

[rcooper]

As you stated, Reg DD does not apply to business accounts, so you are not required to comply with the statement requirements and I’m not aware of similar requirements for business accounts. With that said, it may be beneficial to customers for you to include this information at no extra effort on your behalf. You should also review your account agreement to ensure you are providing the information/frequency agreed upon in the contract.

[Author]

Posts