Truth in Savings Act: Change in Terms

There are times when you need to (or just want to) change the terms of your deposit accounts. Maybe you want to implement a new fee or change some of the other terms required to be disclosed in the Truth in Savings Act disclosure the consumer received at account opening. While this can be done (in most cases), there are some hoops you need to jump through to maintain compliance. But be careful with trying to change terms on a Certificate of Deposit, as those are a little different animal.

David explains more in the video.

 

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Video Highlights:

  • Changes can be made to account terms (such as increasing fees) provided customers are given at least a 30-calendar day notice before the effective date of the change.
  • For Certificates of Deposit, account terms cannot be changed until renewal since you have a contract with the consumer.
  • Certain changes (for example, check printing fees) do not require advance notice to the consumer.

Published
2023/02/24
Jerod Moyer

Jerod Moyer

Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!

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