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Truth-in-Savings Act

   Also found in: Wikipedia 0.03 sec.
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.


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Tremendous demand was created in the second quarter for Deposit Pro by the Truth-in-Savings Act, which became effective June 21, 1993.
Some of this growth can be attributed to the tremendous demand in the second quarter for Deposit Pro, (our new account opening software) created by the Truth-in-Savings Act," stated Ken Olsen, president and chief operating officer.
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.
 
 
 
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