Truth-in-Savings Act

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Truth-in-Savings Act

Legislation in the United States, passed in 1991, that requires banks to disclose interest (in APY terms), fees and other information when one seeks to open a savings account. It is enforced through Regulation DD.
References in periodicals archive ?
14 /PRNewswire/ -- In a controversial 3-2 decision, the Federal Reserve Board has adopted regulations to implement the new banking deposit disclosure rules mandated by the Truth-in-Savings Act of 1991.
The new regulations will require depository institutions to notify account holders about truth-in-savings disclosure information such as the yields, fees and penalties on all interest bearing accounts.
In June of 1992, Kaplinsky and Culhane participated in a series of seminars sponsored by the Pennsylvania Bankers Association which discussed the proposed Truth-in-Savings regulations.