Information about Truth In Savings Act
The Truth in Savings Act (also known by the acronym TISA) is a United States federal law that was passed on December 19, 1991. It was part of the larger Federal Deposit Insurance Corporation Improvement Act of 1991 and is implemented by Regulation DD. It established uniformity in the disclosure of terms and conditions regarding interest and fees when giving out information on or opening a new savings account. 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.
The Truth in Savings Act requires the clear and uniform disclosure of rates of interest (annual percentage yield or APY) and the fees that are associated with the account so that the consumer is able to make a meaningful comparison between potential accounts. For example, a customer opening a certificate of deposit account must be provided with information about ladder rates (smaller interest rates with smaller deposits) and penalty fees for early withdrawal of a portion or all of the funds.
The Act is only applicable to deposit accounts that are held by a "natural person" for personal, household, or family use. Accounts owned by businesses or organizations such as churches and neighborhood associations are not subject to these rules.
The Truth in Savings Act requires the clear and uniform disclosure of rates of interest (annual percentage yield or APY) and the fees that are associated with the account so that the consumer is able to make a meaningful comparison between potential accounts. For example, a customer opening a certificate of deposit account must be provided with information about ladder rates (smaller interest rates with smaller deposits) and penalty fees for early withdrawal of a portion or all of the funds.
The Act is only applicable to deposit accounts that are held by a "natural person" for personal, household, or family use. Accounts owned by businesses or organizations such as churches and neighborhood associations are not subject to these rules.
References
- FDIC Law, Regulations, and Related Acts - text of the Act (PDF version).
Motto
"In God We Trust" (since 1956)
"E Pluribus Unum" ("From Many, One"; Latin, traditional)
Anthem
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"In God We Trust" (since 1956)
"E Pluribus Unum" ("From Many, One"; Latin, traditional)
Anthem
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The Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA), passed during the Savings and loan crisis, strengthened the power of the Federal Deposit Insurance Corporation.
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Disclosure means the giving out of information, either voluntarily or to be in compliance with legal regulations or workplace rules.
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Information
- In Computer security, full disclosure means disclosing full information about vulnerabilities.
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United States Congress
Type Bicameral
Houses Senate
House of Representatives
President of the Senate
President pro tempore Dick Cheney, (R)
since January 20, 2001
Robert C.
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Type Bicameral
Houses Senate
House of Representatives
President of the Senate
President pro tempore Dick Cheney, (R)
since January 20, 2001
Robert C.
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Annual Percentage Yield (APY) expresses an annual rate of interest taking into account the effect of compounding, usually for deposit or investment products (such as a certificate of deposit). It is analogous to the Annual percentage rate (APR), which is used for loans.
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certificate of deposit or CD is a time deposit, a financial product commonly offered to consumers by banks, thrift institutions, and credit unions.
Such CDs are similar to savings accounts in that they are insured and thus virtually risk-free; they are "money in
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Such CDs are similar to savings accounts in that they are insured and thus virtually risk-free; they are "money in
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A neighbourhood or neighborhood (see spelling differences) is a geographically localised community located within a larger city, town or suburb.
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North America
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