Description: Truth in Savings Act (Reg DD) provides consistency in the way rates and disclosures are provided to clients. This course explains how rate information must be shared with clients, including verbal rate quotes and marketing efforts, and certain trigger terms used in advertising. It identifies what disclosures are required and when those disclosures must be given to clients opening deposit account products. This course also explains when periodic statements should be provided to the consumer and what policies must be in place related to overdraft services.

Audience: Bank personnel who are responsible for opening new accounts, explaining fees and charges and quoting rates to clients.

Learning Objectives: After completing this course, students will be able to:

• Explain the background and purpose of the Truth in Savings Act
• Differentiate between a general inquiry and a specific request
• Explain how to quote interest rates
• Identify the requirements for signs, notices, and advertising for deposit products
• Describe the Truth in Savings Act disclosures provided for accounts
• Describe the disclosure requirements when presenting periodic statements to customers