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U.S. Code as of:
01/19/04
Section 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.
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