12 U.S. Code § 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 Bureau shall prescribe. The Bureau 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.
(c) Information on interest rates
The schedule required under subsection (a) of this section with respect to any account shall include the following information:
(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.
(d) Other information
The schedule required under subsection (a) of this section shall include such other disclosures as the Bureau 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.
Source(Pub. L. 102–242, title II, § 264,Dec. 19, 1991, 105 Stat. 2335; Pub. L. 111–203, title X, § 1100B(1),July 21, 2010, 124 Stat. 2109.)
2010—Subsecs. (a), (d). Pub. L. 111–203substituted “Bureau” for “Board” wherever appearing.
Effective Date of 2010 Amendment
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