So, the CEO came into my office recently waving around an article he read about some banks that had made the error of being less than clear about non-deposit products on their websites. Most of what he mentioned was about oversights that marketing departments might make in the interests of efficiency or the templating of webpages. So, I asked him to lay out five website issues to consider if you are a bank selling non-deposit products.
Here they are:
1. Remove the FDIC Insured footer from your web pages. According to Greg Truex, CEO of TruAssurance, a common mistake by marketing firms is the inclusion of “FDIC Insured” in the footer of each page – even those special offers that are non-deposit products.
2. On your website you need be clear about the lack of FDIC insurance in your body copy concerning the products.
3. Make sure that even the legend, “Member FDIC” is conspicuously absent from the product pages.
4. It is best to put non-deposit product information in a completely separate section of the website – for example under a different tab. Also, the webpages dealing with these kinds of products needs to clearly and conspicuously identify the third party company selling the investment product.
5. Finally, Truex said a disclaimer on the non-deposit product pages should carry a clear disclaimer that includes:
• NOT A DEPOSIT
• NOT FDIC-INSURED
• NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
• NOT GUARANTEED BY THE BANK
• MAY GO DOWN IN VALUE
We have pointed out that when the many banking regs collide with banking websites, showing a consistent pattern of compliance is crucial. In other words, your organization needs to make sure they are taking the steps to be in compliance with disclosure regs, but your organization also needs to show proof.
Contact TruAssurance today for a free assessment tool developed for non-deposit products.