Truth in Savings Act
Keystone Group Properties offers distinguished Southern California luxury real estate in Los Angeles County, coastal Orange County homes, and San Diego homes in LaJolla. For more information, call Bob Cumming at 310-496-8122. Serving buyers and sellers of exclusive real estate in Newport Beach, Dana Point, Laguna Beach, Laguna Niguel, Coto de Caza; Marina Del Rey, Manhattan Beach, Hermosa Beach, Dove Canyon, Ladera Ranch, San Juan Capistrano; Palos Verdes, Pacific Palisades, Mission Viejo, Rancho Margarita, San Clemente, Redondo Beach, Santa Monica, Venice, Malibu, Irvine; and homes in Bel Air, Beverly Glen, and Beverly Hills CA real estate.
Truth in Savings Act (TISA)
The Truth in Savings Act (also known by the acronym TISA) is a United States federal law that was passed on December 19, 1991. It was part of the larger Federal Deposit Insurance Corporation Improvement Act of 1991 and is implemented by Regulation DD. It established uniformity in the disclosure of terms and conditions regarding interest and fees when giving out information on or opening a new savings account. On passing this law, the US Congress noted that it would help promote economic stability, competition between depository institutions, and allow the consumer to make informed decisions.
The Truth in Savings Act requires the clear and uniform disclosure of rates of interest (annual percentage yield or APY) and the fees that are associated with the account so that the consumer is able to make a meaningful comparison between potential accounts. For example, a customer opening a certificate of deposit account must be provided with information about ladder rates (smaller interest rates with smaller deposits) and penalty fees for early withdrawal of a portion or all of the funds.
The Act is only applicable to deposit accounts that are held by a “natural person” for personal, household, or family use. Accounts owned by businesses or organizations such as churches and neighborhood associations are not subject to these rules.
Beverly Hills CA real estate for sale
