Under the Truth in Savings Act,customers must be informed of the impact of any early deposit withdrawals on the annual percentage yield they expect to receive from an interest-bearing deposit.

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This statement is true. The Truth in Savings Act requires financial institutions to disclose any penalty or reduction in interest rate for early withdrawal of funds from an interest-bearing account. Customers have the right to know how their actions will affect the annual percentage yield they will earn.

Under the Truth in Savings Act,customers Must Be Informed of the Impact