What is the Truth in Savings Act?

The Truth in Savings Act is a federal law that is designed to protect consumers when they open an account with a financial institution, such as a bank or credit union, in Washington. The law requires the financial institution to provide information about their services, including the interest rates, fees and terms of the account, to the customer in a clear, concise and easily understandable way. Under the Truth in Savings Act, banks must provide a document that includes the annual percentage yield (APY) and any applicable fees and other costs so that consumers can make an informed decision about their financial services. Banks are also responsible for ensuring that customers understand the risks and rewards associated with their deposit accounts, as well as providing accurate and up-to-date information about any changes. The Truth in Savings Act also requires banks to provide customers with cancellation and termination policies, dispute resolution services and warnings about any risks associated with their accounts. The law also requires banks to provide truth-in-lending disclosure documents so that consumers can compare different accounts and make the best decision for their financial needs. Finally, the Truth in Savings Act requires banks to report any changes in terms or conditions of any accounts to the customer in writing and to keep accurate records of all transactions. This allows customers to keep track of their accounts and ensures that their account is running accurately and compliantly.

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What is the Truth in Savings Act?

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