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§ 4303. —  Account schedule.



[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC4303]

 
                       TITLE 12--BANKS AND BANKING
 
                      CHAPTER 44--TRUTH IN SAVINGS
 
Sec. 4303. Account schedule


(a) In general

    Each depository institution shall maintain a schedule of fees, 
charges, interest rates, and terms and conditions applicable to each 
class of accounts offered by the depository institution, in accordance 
with the requirements of this section and regulations which the Board 
shall prescribe. The Board shall specify, in regulations, which fees, 
charges, penalties, terms, conditions, and account restrictions must be 
included in a schedule required under this subsection. A depository 
institution need not include in such schedule any information not 
specified in such regulation.

(b) Information on fees and charges

    The schedule required under subsection (a) of this section with 
respect to any account shall contain the following information:
        (1) A description of all fees, periodic service charges, and 
    penalties which may be charged or assessed against the account (or 
    against the account holder in connection with such account), the 
    amount of any such fees, charge, or penalty (or the method by which 
    such amount will be calculated), and the conditions under which any 
    such amount will be assessed.
        (2) All minimum balance requirements that affect fees, charges, 
    and penalties, including a clear description of how each such 
    minimum balance is calculated.
        (3) Any minimum amount required with respect to the initial 
    deposit in order to open the account.

(c) Information on interest rates

    The schedule required under subsection (a) of this section with 
respect to any account shall include the following information:
        (1) Any annual percentage yield.
        (2) The period during which any such annual percentage yield 
    will be in effect.
        (3) Any annual rate of simple interest.
        (4) The frequency with which interest will be compounded and 
    credited.
        (5) A clear description of the method used to determine the 
    balance on which interest is paid.
        (6) The information described in paragraphs (1) through (4) with 
    respect to any period after the end of the period referred to in 
    paragraph (2) (or the method for computing any information described 
    in any such paragraph), if applicable.
        (7) Any minimum balance which must be maintained to earn the 
    rates and obtain the yields disclosed pursuant to this subsection 
    and a clear description of how any such minimum balance is 
    calculated.
        (8) A clear description of any minimum time requirement which 
    must be met in order to obtain the yields disclosed pursuant to this 
    subsection and any information described in paragraph (1), (2), (3), 
    or (4) that will apply if any time requirement is not met.
        (9) A statement, if applicable, that any interest which has 
    accrued but has not been credited to an account at the time of a 
    withdrawal from the account will not be paid by the depository 
    institution or credited to the account by reason of such withdrawal.
        (10) Any provision or requirement relating to nonpayment of 
    interest, including any charge or penalty for early withdrawal, and 
    the conditions under which any such charge or penalty may be 
    assessed.

(d) Other information

    The schedule required under subsection (a) of this section shall 
include such other disclosures as the Board may determine to be 
necessary to allow consumers to understand and compare accounts, 
including frequency of interest rate adjustments, account restrictions, 
and renewal policies for time accounts.

(e) Style and format

    Schedules required under subsection (a) of this section shall be 
written in clear and plain language and be presented in a format 
designed to allow consumers to readily understand the terms of the 
accounts offered.

(Pub. L. 102-242, title II, Sec. 264, Dec. 19, 1991, 105 Stat. 2335.)

                  Section Referred to in Other Sections

    This section is referred to in section 4305 of this title.



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