What is the Truth in Savings Act?

The Truth in Savings Act is a law that applies to banking institutions in South Carolina. It was created to give consumers accurate and comprehensive information about the rates, fees, terms, and other conditions related to deposit accounts such as savings, checking, and money market accounts. This law requires financial institutions to provide clear and accurate disclosure of the terms, rates, fees, and other conditions related to their deposit accounts. It also requires the financial institution to provide the consumer with an itemized statement of the details of the account, including any fees applied to the account. The Truth in Savings Act also requires all financial institutions to provide information on new accounts in a consistent manner. This includes disclosure of the Annual Percentage Yield (APY) that will be earned in the account based on the current rate. They also must disclose any fees associated with the account, and any changes in the rates or fees that may occur. This helps the consumer make informed decisions when considering the various deposit accounts offered by a particular banking institution. The Truth in Savings Act also requires Financial Institutions to provide customers with an annual statement that summarizes all the information related to their account, including the annual percentage yield, fees, and terms. This helps customers keep track of their accounts and understand the terms and conditions associated with their deposits. Overall, the Truth in Savings Act is an important law that helps protect the consumer by ensuring that financial institutions provide a clear and accurate disclosure of the terms and conditions associated with different deposit accounts. This helps customers make informed decisions when selecting deposit accounts.

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What is the Truth in Savings Act?

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