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The truth in savings law requires that financial institutions

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Provide a telephone number members may call to obtain current rate information? Do the account disclosures describe the frequency with which interest is compounded and credited? Do the account disclosures include a statement that interest will not be paid if members close an account before accrued interest is credited?

Do the account disclosures describe the minimum balance requirements necessary to open an account, avoid the imposition of a fee, or obtain the APY disclosed? Do the account disclosures state how the minimum balance requirement is determined for these purposes except for the balance to open the account? Do the account disclosures include an explanation of the balance computation method used to calculate interest on the account?

Do the account disclosures state when dividends begins to accrue on non-cash deposits? Do the account disclosures disclose the amount of any fee that may be imposed in connection with the account or how the fee will be determined and the conditions under which the fee may be imposed? Do the account disclosures disclose all limitations on the number or dollar amount of withdrawals or deposits?

The maturity date? Early withdrawal penalties? If compounding occurs and dividends may be withdrawn during the term, a statement that the APY assumes dividends remains on deposit and that a withdrawal will reduce earnings? Do account disclosures state the amount or type of bonus and the conditions under which the bonus will be paid? Was the notice of availability of disclosures to existing account holders included on or with the first periodic statement sent beginning on or after January 1, or first periodic statement for a statement cycle beginning on or after that date?

If the change may reduce the APY or adversely affect the member does the notice include the effective date of the change? Is the notice mailed or delivered at least 30 days before the effective date of the change? If notice is not provided, does one of the following exceptions to the notice requirement apply:. Variable-rate changes? Check printing fees?

Short-term time accounts one month or less? Renew automatically with maturities longer than one year? Renew automatically with maturities one year or less but longer than one month? Renew automatically with maturities one month or less? Is the amount of dividends earned during the statement period accurately disclosed? Is the total number of days in the statement period, or the beginning and ending dates of the period disclosed? Does the periodic statement disclose the Total Overdraft Fees, using that term, for the statement period?

Does the periodic statement disclose the total amount of all fees or charges for returning items unpaid, for the statement period? Does the periodic statement have a separate disclosure of the Total Overdraft Fees for the current year to date? Does the period statement have a separate disclosure for the total amount of all fees or charges for returning items unpaid for the current year to date? If the credit union uses the average daily balance method, and calculates dividends for a period other than the statement period, was the APY earned and the amount of dividends earned based on that period rather than the statement period?

Does the credit union calculate dividends on the full amount of principal in the account each day by use of either the daily balance method or the average daily balance method? Does the credit union use the same method to determine any minimum balance required to earn dividends as it uses to determine the balance on which dividends are calculated?

Do dividends begin to accrue not later than the business day specified for interest bearing accounts in section of the Expedited Funds Availability Act? Do dividends accrue until the day the funds are withdrawn? Do the advertisements refrain from misleading or inaccurate statements and do they accurately represent the deposit contract? If the credit union states the dividend rate, using that term, in conjunction with the APY, is it not more conspicuous than the APY?

Are the annual percentage yields and dividend rates rounded to the nearest one-hundredth of one percentage point. No more than six 6 preauthorized, automatic, telephone transfers may be made from these accounts to another account of yours or to a third party in any month, and no more than three 3 of these six 6 transfers may be made by check.

Business Certificate Accounts Except as specifically described, the following disclosures apply to all of the accounts: Rate Information. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the Dividend Rate and frequency of compounding for an annual period. The Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings. The Dividend Rates and Annual Percentage Yields applicable to each account depend on the balance ranges set forth above.

Once a principal balance range is met, the highest dividend Rate and Annual Percentage Yield for that range will apply to the entire balance in your account. The Dividend Period begins on the first calendar day of the Dividend Period and ends on the last calendar day of the Dividend Period. The minimum balances required to open each account are set forth above. Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.

Dividends begin to accrue on cash deposits on the business day you make the deposit to your account. Dividends will begin to accrue on the business day you deposit non-cash items e. Transaction Limitations. After your account is opened, you may not make additional deposits to your account, except Holiday Certificate accounts.

Dividends can be withdrawn on or after the crediting date. Your account will mature within the term set forth above or maturity date set forth on your Account Receipt or Renewal Notice. Early Withdrawal Penalty. We may impose a penalty if you withdraw any of the principal before the maturity date.

Amount of Penalty. The amount of the early withdrawal penalty is based on the term of your account. The penalty schedule is as follows: for terms one year or less—the lesser of 90 days dividends or the amount of dividends since issuance; for terms greater than one year—the lesser of days dividends or the amount of dividends since issuance.

How the Penalty Works. The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether or not the dividends have been earned. In other words, if the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal. Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances: When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction Renewal Policy.

Except for Holiday Certificates, all accounts are automatically renewable accounts. For renewal accounts, your account will automatically renew for another term upon maturity, and you have a grace period of ten 10 days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty.

For Holiday Certificate accounts, you will receive dividends until October On November 1, the account is transferred to another account of yours. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.

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Chapter 26: Saving, Investment and the Financial System

Question: The Truth-in-Savings law requires that financial institutions: offer adjustable rate savings accounts. report annual percentage yield on savings. send. Truth in Savings Act (TISA), became effective in June requirements for institutions advertising the payment of overdrafts), the terms of. (a) Form. Depository institutions shall make the disclosures required by §§ through of this part, as applicable, clearly and conspicuously, in.