Regulation DD: Truth in Savings - Overview

before; service

Banks must provide account disclosures to a consumer _________ an account is opened or a ________ is provided, whichever is earlier.

2

Banks must retain evidence of compliance with Regulation DD for a minimum of ______ years after the date the disclosures are required to be made.

Is not required

For time accounts with a maturity date of 30 days or less, a change in terms notice: Choose the best answer.

may be made to any one of the account holders

If an account is held by multiple consumers, disclosures ____________________.

increase uniformity in the disclosures banks provide customer opening new accounts

Regulation DD seeks to

True

True or False? Regulation DD covers interest-bearing as well as non-interest-bearing accounts.

False

True or False? Regulation DD requires the bank to send a periodic statement to all deposit account holders.

When a money market savings account is opened for a partnership

When is it NOT necessary to provide a full Truth-in-Savings account disclosure?

.01%

When stating the annual percentage yield (APY), banks must round the number to the nearest _______________.

Interest may be calculated using the daily balance method or the average daily balance method.

Which of the following statements is TRUE regarding the payment of interest pursuant to Regulation DD?