Finance Resources
Investment Planning
Stock Market
Futures & Options
Mutual Funds
Home » Banking » Banking Law and Regulation » Truth in savings act

Truth in savings act

Act passed by Congress in 1991, the purpose of which is to make it easier for consumers to compare deposit accounts among savings institutions (SI). Some of the act's more important provisions include:

(1) SI must pay interest on the full amount of a depositor's balance;
(2) SI must use a standardized formula for computing the annual percentage yield (APY). The APY is based on the interest rate and the method of compounding that interest;
(3) SI must disclose all fees imposed on checking, savings, money market, or Super Now accounts as well as any other terms or restrictions. These disclosures are required before the account is opened, before automatic renewals, or upon the request of the savings customer. The savings institution must inform current savings account customers of the availability of the disclosures and include these disclosures with the savings customer's regular account statement; and
(4) SI must be in compliance with standardized rules concerning their promotional activities for advertising. All solicitations (whether in print, TV, radio, etc.) for savings deposits must state in a clear and conspicuous manner:

  • (1) annual percentage yield;
  • (2) period of time that the yield is in effect;
  • (3) minimum account balance required to earn the yield;
  • (4) minimum time period required to earn the yield;
  • (5) minimum amount required to open the account;
  • (6) interest penalty is required for early withdrawals;
  • (7) and the fact that fees may result in the reduction of the Annual Percentage Yield.



    Truth in savings act, Community Reinvestment Act, Guarantee Capital, Electronic Funds Transfer, Subsidiary, Affiliation, Credit Card Debt, Chase Cards, Capital One Card, Advanta Card, Discover Cards, sms, wap, sms banking, credit, debit, mobile banking

  • Domain Registration | Windows Hosting | Linux Hosting | Java Hosting | Virtual Dedicated Server | Dedicated Server | Reseller Web Hosting | Unlimited Windows reseller hosting | Unlimited Linux reseller hosting | Cheap Windows reseller hosting | Cheap Linux reseller hosting | Cheap Windows hosting | Best Windows hosting | Windows hosting Multiple Domains | Unlimited Windows hosting | Compare hosting plans | Cheap Linux hosting | Best Linux hosting | Linux hosting Multiple Domains | Unlimited Linux hosting | Cheap asp.net hosting | Best asp.net hosting | unlimited asp.net hosting | Cheap asp.net reseller hosting | Unlimited asp.net reseller hosting | Java Features | Cheap Java hosting | Best Java hosting | unlimited Java Hosting | Unlimited Linux reseller hosting | Java Hosting Multiple Domains| | Matargashti Full Song | Matargashti mp3 Download | Matargashti Video Download | Matargashti Song Tamasha | Prem Ratan Dhan Payo Songs Download | Prem Ratan Dhan Payo Songs mp3 Download | Prem Ratan Dhan Payo Songs Video Download | Pinga Song Download | Pinga Full Song mp3 Download | Pinga Song mp3 Download | Pinga Song Video Download | Latest Bollywood Updates | Bollywood Updates | Prem Ratan Dhan Paayo Songs Download|
    © ProfitGuruOnline-2024. All Rights Reserved.