The Truth in Savings Act requires depository institutions to
A)offer life-line banking.
B)use the annual percentage yield (APY) in advertising.
C)provide federal deposit insurance on savings accounts.
D)pay at least 3.5 percent interest on savings.

Question

Quizplus · Accepted Answer

The Truth in Savings Act requires depository institutions to use the annual percentage yield (APY) in advertising, so consumers can easily compare the interest rates of various savings accounts. This helps consumers make informed decisions about where to save their money. It does not require life-line banking, federal deposit insurance, or a specific minimum interest rate.

The Truth in Savings Act Requires Depository Institutions to