Question: What must financial institutions do to comply with the new amendments to the Truth in Savings Act (TISA)?
Answer:
Institutions must address their disclosure practices related to overdrafts by January 1, 2010. Disclosures must contain the following:
Aggregate overdraft fees. All institutions must disclose on periodic statements the aggregate dollar amounts charged for overdraft fees and for returned item fees, for the statement period and the year-to-date.
Balance information. Institutions that provide account balance information through an automated system must provide a balance that does not include additional funds that may be made available to cover overdrafts.
It is important that all bank employees are educated and trained on these new changes and understand the significance of the new rules.
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