Description
The Truth in Savings Policy Template is a comprehensive, professionally crafted document designed to help credit unions comply with the Truth in Savings Act (TISA) and Regulation DD. This essential template provides a robust framework for credit unions to disclose account terms and conditions accurately and transparently to their members.
This downloadable Word document offers a customizable structure that credit unions can easily adapt to their specific products and services. The template covers all crucial aspects of TISA compliance, including account opening disclosures, periodic statement requirements, and change-in-terms notifications.
Key features of this template include:
1. Detailed sections for various account types, such as savings, checking, and certificates of deposit
2. Clear guidelines for disclosing interest rates, annual percentage yields (APY), and balance computation methods
3. Provisions for explaining fees, charges, and penalties associated with accounts
4. Sample language for describing account features, limitations, and restrictions
5. Guidance on proper disclosure of dividend calculation and crediting policies
6. Instructions for incorporating required regulatory statements and notices
The template is regularly updated to reflect the latest regulatory changes and industry best practices, ensuring that credit unions stay compliant with current TISA requirements. It includes placeholders and customizable fields, allowing institutions to tailor the policy to their unique offerings and branding.
By utilizing this Truth in Savings Policy Template, credit unions can save time and resources while minimizing the risk of non-compliance. The document’s clear structure and comprehensive coverage provide a solid foundation for creating transparent, member-friendly disclosures that meet both regulatory standards and member expectations.
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