Truth in Savings Act

The life of the average shmo consumer is tough. All of that fine print to read (or not). The Truth in Savings Act tried to make fine print uniform, if not easier, for consumers opening savings accounts.

The Truth in Savings Act was passed under the FDIC Improvement Act of 1991 as a way to establish a uniform way to disclose terms and conditions when someone opens a new savings account. Banks have to tell you all about the interest and how that works, penalty fees, what they’re going to do with your info, etc. You know, because, uh...you read the fine print all of the time.