ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The interest rate
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The annual percent yield (APY)
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Fees on deposit accounts
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Other terms and conditions
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Detailed explanation-1: -TISA was designed to enable consumers to make informed decisions about bank accounts. It requires banks to provide to consumers disclosures about terms and costs of deposit accounts and imposes requirements for deposit account advertisements.
Detailed explanation-2: -Financial institutions are required under Regulation DD to disclose information to consumers regarding annual percentage yield, interest rates, minimum balance requirements, account opening disclosures, and fee schedules.
Detailed explanation-3: -The Truth in Savings Act applies to individuals opening personal accounts. However, the act does not apply to business accounts, corporate accounts, or organizations (such as nonprofits) that open a business deposit account.
Detailed explanation-4: -Annual percentage yield (APY) Interest rates. Minimum-balance requirements. Account-opening disclosures. Fee schedules.