Truth in Savings Act Sample Clauses

Truth in Savings Act. The Truth in Savings Act (also known by the acronym XXXX) is a United States federal law that was passed on December 19, 1991. It was part of the larger Federal Deposit Insurance Corporation Improvement Act of 1991 and is implemented by Regulation D. It established uniformity in the disclosure of terms and conditions regarding interest and fees when giving out information on or opening a new savings account. On passing this law, the US Congress noted that it would help promote economic stability, competition between depository institutions, and allow the consumer to make informed decisions. The Truth in Savings Act requires the clear and uniform disclosure of rates of interest (annual percentage yield or APY) and the fees that are associated with the account so that the consumer is able to make a meaningful comparison between potential accounts. For example, a customer opening an IDP money market deposit account (MMDA) must be provided with information about ladder rates (smaller interest rates with smaller deposits) for all of the funds. IDP provides such rates in a format of both annual percentage yield (APY) and annual percentage rate (APR) to clearly post and identify interest earned on your account. The Act is only applicable to deposit accounts that are held by a "natural person" for personal, household, or family use. Accounts owned by businesses or organizations such as churches and neighborhood associations are not subject to these rules.
Sample 1
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Truth in Savings Act. A U.S. Federal law passed on 19th December, 1991, that basically requires uniformity in the disclosure of terms and conditions, interest rates, and fees associated with a savings account, so that customers can compare the different types of accounts. Up
Sample 1

Related to Truth in Savings Act

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