Questions and Answers

There are no special regulations for Internet advertising.  However, the advertising provisions under Truth in Savings would apply if you are advertising any type of consumer account on line.  Under Truth in Savings, your advertising cannot be misleading or inaccurate.  So for example, you cannot advertise an account as free if there are fees associated with the account.  In addition, if you advertise rates in your ad, that will trigger the disclosure of additional terms.  12 CFR 230.8.

Beyond Truth and Savings, you will be subject to the Unfair and Deceptive Practices Act and any related state law advertising provisions.  These typically prohibit misleading advertising and any kind of bait and switch type practices.

Finally, you will want to consider the FDIC advertising statement requirements.  12 CFR 328.3.  Although a bit dated, FDIC Advisory Opinion FDIC—00—10 provides additional guidance regarding the FDIC requirements for Internet advertising.