What is the Truth in Savings Act?

The Truth in Savings Act is a federal regulation passed in 1991 that protects consumers when they open savings accounts in banks and other financial institutions in Georgia and across the country. The Act requires banks to provide clear and accurate information to customers regarding the costs and terms of opening a savings account. Furthermore, these costs and terms must be easily understandable and transparent. Under the Act, banks and institutions must provide a standardized disclosure form when opening a new savings account. This form details all of the key information about the account, including the annual percentage yield (APY), minimum balance, fees, limitations, and other conditions. By providing this information in a clear and concise form, consumers can easily compare the different banking options available to them and choose the one that best suits their needs. The Act also requires banks to clearly disclose any changes made to the terms of the account while it is still active. This way, customers can be sure that the terms they agreed to when opening their account are not being modified without their knowledge. Finally, the Act requires banks to clearly and accurately track deposits and other account activity, so customers can ensure that their deposits are being credited and their savings are growing as expected.

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What is the Truth in Savings Act?

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