When you open a deposit account, what kinds of disclosure does a bank have to make?
Before you open an account, banks must provide you with certain disclosures regarding their deposit products. This enables you to make meaningful comparisons among banks.
The disclosures must be in writing and in a form you can take home. The bank must disclose information about the following:
- Interest rates
- Crediting and compounding policies
- Service fees
- Balance computation method
- Minimum balance requirements, transaction limitations, and time requirements (if applicable)