Froggy Jumps Reg DD: Truth in SavingsVersión en línea Short quiz covering some basics of Reg DD: Truth in Savings por Sarah Grote 1 Why does Reg DD (Truth in Savings) exist? a To regulate when deposited funds are available in transaction accounts b To enable customers to make informed decisions about their accounts at banks c To protect customers who engage in electronic funds transfers 2 The Truth in Savings Act helps consumers "comparison shop" for bank accounts. The information they need to compare accounts is primary given to consumers through which of the following? a Verbal information from tellers b Print advertisements, radio ads, etc. c Uniform disclosures 3 Reg DD applies to which types of accounts? a Consumer and commercial deposit accounts; interest-bearing and noninterest-bearing b Consumer deposit accounts; interest-bearing and noninterest- bearing c Consumer deposit accounts; noninterest-bearing only 4 There are four main circumstances in which account disclosures must be provided to a consumer. Which of these is NOT one of those circumstances? a Change in interest rate for variable-rate accounts b Upon account opening c In advance of a change in a term that may reduce APY or adversely affect the consumer. 5 Which list most thoroughly describes the information which MUST be given on initial account disclosures? (Just FYI: time accounts require even MORE information than this) a Rate, interest computation, transaction limits, and maximum account balance limits b Rate, interest computation, balance requirements, fees, transaction limits, bonuses c Rate, interest computation, balance requirements, fees, transaction limits, bonuses, notary fees 6 Advance notice of a change in account terms must be provided........ a at least 30 calendar days before the next periodic disclosures are delivered b at least 45 calendar days before the effective date of change c at least 30 calendar days before the effective date of change 7 Terminology must be consistent across all platforms to comply with Reg DD. Which option represents the best practice for ensuring consistency of terminology related to Reg DD? a Disclosure = Website = Marketing Materials = FDIC Manual b Disclosures = Core System (periodic statements) = Website = Marketing Materials c Disclosures = Core System (periodic statements) = Website 8 Reg DD also regulates how interest is determined and paid. Which is a permissible method for calculating interest on an interest-bearing deposit account? a Ending-Balance Method b Low-Balance Method c Daily Balance Method
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