course hero which of the following is not a part of the truth in savings act

What type of account is not covered by Truth in Savings Act?

The Truth in Savings Act applies to individuals opening personal accounts. However, the act does not apply to business accounts, corporate accounts, or organizations (such as nonprofits) that open a business deposit account.

Which of the following created the Truth in Savings Act?

The Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA), which contains the Truth in Savings Act (TISA), was introduced in the U.S. Senate by Senator Donald Riegle (D) and passed the Senate on November 21, 1991.

What does the Truth in Savings Act cover?

TISA was designed to enable consumers to make informed decisions about bank accounts. It requires banks to provide to consumers disclosures about terms and costs of deposit accounts and imposes requirements for deposit account advertisements.

Which of the following must a bank provide you upon your request under the Truth in Savings Act?

Under the Truth in Savings Act, banks are required to disclose the annual percentage yield, or APY, and any fees that are associated with the account when you open a savings account or certificate of deposit.

What is the Truth in Savings Act quizlet?

The act requires the disclosure of all fees imposed during the statement period in connection with the account on any periodic statement. This is the only true statement. TISA does not prescribe a particular frequency of compounding interest, nor does it mandate that periodic statements be sent.

Which type of information does the Truth in Savings Act provide quizlet?

The truth in savings law requires financial institutions to disclose the fees on deposit accounts, the interest rate, the annual percentage yield, and other terms and conditions of the savings plan.

What is not covered by Tisa?

The TISA law applies to all types of consumer deposit accounts. These include savings accounts, checking accounts, certain time deposits such as CDs and money market deposit accounts. However, the TISA does not cover business or commercial accounts such as corporations, LLC's, and partnerships.

Which accounts are not covered by Reg DD?

Regulation DD only applies to accounts issued by depository institutions. Non-banks and credit unions are not affected.

Why did Congress pass the Truth in Savings Act?

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.

What bank fees are not required to be disclosed?

Examples of fees that are not maintenance or activity fees include: • Fees not required to be disclosed under section 230.4(b)(4), • Check-printing fees, • Balance-inquiry fees, • Stop-payment fees and fees associated with checks returned unpaid, • Fees assessed against a dormant account, and • Fees for ATM or ...

When a consumer is opening an account the Truth in savings disclosure must generally be provided?

Disclosures at account opening (§ 230.4(a)(1)) A depository institution must provide account disclosures to a consumer before an account is opened or a service is provided, whichever is earlier. (An institution is deemed to have provided a service when a fee, required to be disclosed, is assessed.)

Are Truth in savings Disclosures Required for business accounts?

Many federal regulations requiring financial institutions to make disclosures to holders of deposit accounts are designed for the protection of consumers, and therefore are not required to be made in the case of business deposit accounts.

Who is covered by the Truth in Savings Act?

The Truth in Savings Act (and therefore Regulation DD) applies only to natural persons who open an account for other than business purposes. In this case, because both the party opening the account and the beneficiary of the funds are consumers, the account is covered.

Does TISA require periodic statements?

The act requires the disclosure of all fees imposed during the statement period in connection with the account on any periodic statement. This is the only true statement. TISA does not prescribe a particular frequency of compounding interest, nor does it mandate that periodic statements be sent.

Can a bank disclose the interest rate?

The bank cannot simply disclose the rate available for the highest balances. The account cannot be described as free because a transaction fee applies to it. The rate cannot be expressed solely as an interest rate. The annual percentage yield must be disclosed.