Description
Provides an overview of the Regulation DD (Truth in Savings Act) disclosure requirements for deposit accounts including checking and savings accounts and CDs. Explains the timing and content requirements related to account opening, periodic statement, and change in terms disclosure. Explains how interest must be calculated and special disclosures related to overdrafts. (Note- Regulation DD’s advertising rules are covered in the ABA Frontline Compliance course Truth in Savings for Marketers.)
What You’ll Learn
After completing this course, students will be able to:
- Explain what information must be in account disclosures and when account disclosures must be provided
- Explain how to respond to inquiries about account terms and conditions, including interest rates
- Describe disclosures that must be provided after account opening, including those on periodic statements, change in terms notices, and time account renewals
- Describe the requirements related to payment of interest
- Explain the special disclosures requirements for overdrafts and nonsufficient fund fees
