Description
Regulation DD (Truth in Savings Act) requires that banks provide certain information about account fees, earning rates, terms, and conditions in advertisements, upon request, in account-opening documents, periodic statements, change in terms notices, and notices when certain time deposits such as CDs mature. Regulation DD also requires special disclosures related to overdraft services and fees, which is the focus of this course. Specifically, it requires that overdraft and returned item fee totals be included in periodic statements and that account balance information provided through an automated system disclose the amount of funds available for the consumer’s immediate use.
What You’ll Learn
- Explain overdraft services covered under Regulation DD
- Describe how overdraft and returned item fees must appear on periodic statements
- Explain the requirements for providing account balances through automated systems
- Explain the advertising rules applicable to overdrafts
