If an institution provides notice through revised account disclosures, the changed term must be highlighted in some manner. The offering or extension of credit is done “regularly” [extends credit more than 25 times (or more than 5 times for transactions secured by dwelling) per year], The credit is subject to a finance charge or is payable by written agreement in more than four installments, and. (i) Frequency. Describing an institution's overdraft service solely as protection against bounced checks when the institution also permits overdrafts for a fee for overdrawing their accounts by other means, such as ATM withdrawals, debit card transactions, or other electronic fund transfers. (r)  State means a state, the District of Columbia, the 4. In all cases, an annual percentage yield (or a range of annual percentage yields, if appropriate) must be disclosed for each balance tier. The initial interest rate for your account is __%. Examples of accounts subject to the regulation are: i. Interest-bearing and noninterest-bearing accounts. E. Payday loan company. General. (f) Bonus means a premium, gift, award, or other consideration worth more than $10 (whether in the form of cash, credit, merchandise, or any equivalent) given or offered to a consumer during a year in exchange for opening, maintaining, renewing, or increasing an account balance. § 1601 et seq. This rule applies, for example, when an institution calculates interest on a quarterly average daily balance and sends monthly statements. In the case of a change in terms that becomes effective if a rollover time account is subsequently renewed: i. Historically, TISA has been implemented in Regulation DD of the Board of Governors of the Federal Reserve System (Board), 12 CFR part 230, and, with respect to credit unions, by regulations of the National Credit Union Administration (NCUA), 12 CFR part 707. account for the use of funds in an account, calculated by application A withdrawal will reduce earnings. Professional capacity. On more than one document, as long as the documents are provided at the same time. Certain media. Part 226). deliver the disclosures no later than 10 business days after the Truth in Lending gives you a chance to change your mind on one important kind of transaction–when you use your home as security for a credit transaction. credited, a statement that interest will not be paid in such cases. 1. TISA is a federal consumer financial law. The act requires the disclosure of all fees imposed during the statement period in connection with the account on any periodic statement. broker as defined in section 29(g) of the Federal Deposit Insurance Act Institutions providing the beginning and ending dates of the period must make clear whether both dates are included in the period. General. Learn about the FDIC’s mission, leadership, iii. Except as provided in paragraph (e) of this section, if a bonus is stated in an advertisement, the advertisement shall state the following information, to the extent applicable, clearly and conspicuously: (1) The “annual percentage yield,” using that term; (2) The time requirement to obtain the bonus; (3) The minimum balance required to obtain the bonus; (4) The minimum balance required to open the account, if it is greater than the minimum balance necessary to obtain the bonus; and. Sample forms. (f) Rounding and accuracy rules for rates and yields. If it will, a statement of whether or not a grace period will be provided and, if so, the length of that period must be stated. The dollar amount of interest Bonuses include items of value, other than interest, offered as incentives to consumers, such as an offer to pay the final installment deposit for a holiday club account. Furthermore, the article criticised automated systems for forcing consumers to "navigate a thicket of recorded information -- including sales pitches for their products, such as a credit 'score' (an evaluation of your creditworthiness) or a 'monitoring' service to help guard against identity theft". Additional statements provided solely upon request. Terminology. Institutions imposing early withdrawal penalties on a case-by-case basis may disclose that they “may” (rather than “will”) impose a penalty if such a disclosure accurately describes the account terms. Reg. Messages on automated teller machine (ATM) screens. Ledger and collected balances. Rate disclosures. The Bureau reserves the right to reverse a determination for any reason bearing on the coverage or effect of state or federal law.

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