The primary purpose of the Truth-in-Savings Act is to give consumers enough information to make an informed decision about deposit accounts they want to open at the bank via standardized disclosures.
The disclosures aid comparison shopping by informing consumers about the fees, annual percentage yield, interest rate, and other terms for deposit accounts. The regulation also includes requirements on the payment of interest, the methods of calculating the balance on which interest is paid, the calculation of the annual-percentage yield, and advertising.
This course is intended for frontline and new account personnel.
Rev–Jun. 2021. Course length ≈ 20 minutes. This course is worth 0.5 CPE credits.