Regulation DD (Truth in Savings)
Regulation DD (12 CFR 1030) implements TISA: requires APY disclosure, uniform terms, and daily balance interest calculation for deposit accounts. Covers: savings, checking, CDs, and money market. Account opening: APY, fees, minimums, and CD penalties. Periodic statements: interest earned, fees, APY. Advertising: must include APY and terms. RE: affects earnest money trust accounts and down payment savings.
Key Requirements
- APY and rate disclosure
- Daily balance method
- Uniform disclosures
Consumer Protections
- Account opening disclosures
- Periodic statements
- Advertising rules: APY required
RE Connection
- Earnest money trust accounts
- Down payment savings
- Compare APY across institutions
Related Terms
- Escrow — Fund management
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Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC