Truth in Saving Act (Reg DD)
Course Number: ABA
Course Code: ABA
Provides consistency in the way rates and other information about consumer-held deposit accounts is provided. The regulation imposes requirements on how and when consumer deposit account terms, including fees and rate information, are disclosed in advertisements, account opening documents, periodic statements, and change-in-term notices.
After completing this course, students will be able to:
-Explain the background and purpose of the Truth in Savings Act
-Differentiate between a general inquiry and a specific request
-Explain how to quote interest rates
-Identify the requirements for signs, notices, and advertising for deposit products
-Describe the Truth in Savings Act disclosures provided for accounts
-Describe the disclosure requirements when presenting periodic statements to customers
Audience: Bank personnel who are responsible for opening new accounts, explaining fees and charges and quoting rates to clients.