Fdic
DISCLOSURES of annual percentage yield on accounts, minimum account balance requirements, and minimum opening amount requirements-all in an understandable format,
CALCULATION on the full amount of principal for each day of the interest calculation period,
FEE disclosures that affect yields,
PENALTIES for early withdrawals clearly stated,
STATEMENTS that include yield earned, amount of interest paid, fees charged, and the number of days in the reporting period, and,
ADVERTISING that reflects truthful statements Advertising "free" accounts is prohibited if there are minimum balance requirements, transaction fees or a limit on the number of transactions.
Big Change For Some
An important change for some financial institutions is the requirement to pay interest on full balances. Interest is already calculated this way by most financial institutions. But there are a few that do not pay interest on that portion of an account that is required to be maintained as......
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