Banks must provide all of the following to consumers under the Truth in Savings Act EXCEPT_____?

The Truth in Savings Act is designed to ensure that consumers receive clear and understandable information about the terms and conditions of deposit accounts. Under this Act, financial institutions are required to provide a variety of disclosures to help consumers make informed decisions about their banking options.

One specific requirement is that banks must disclose the interest rates applicable to their accounts. This ensures that consumers understand how much interest they can expect to earn. Additionally, banks must provide information regarding any fees associated with maintaining the account. This transparency helps consumers gauge the overall cost of banking services.

Another important aspect is the method for calculating interest, which informs consumers how their earnings will be computed, ensuring they are fully aware of how interest accumulates over time.

However, providing average monthly charges for the past year is not mandated by this Act. While banks might choose to offer this information for customer convenience, it is not a requirement under the Truth in Savings Act. Therefore, the correct response identifies this as the exception to the disclosure requirements.