The law that requires a U.S. depository institution to determine a deposit customer's return or yield on his or her account on the basis of the average balance in the account is the:
A) Truth in Lending Act
B) Truth in Savings Act
C) Community Reinvestment Act
D) Fair Credit Reporting Act
E) Truth in Advertising Act

Question

Quizplus · Accepted Answer

The Truth in Savings Act requires U.S. depository institutions to disclose the terms and conditions of a customer's account, including the method of calculating the yield, to the customer. This law ensures that customers receive accurate and clear information about their savings, allowing them to make informed decisions.

The Law That Requires a U