U.S. HOUSE PASSES TRUTH IN SAVINGS ACT
The House of Representatives passed a
bill that requires financial institutions to disclose the terms
and conditions of interest rates they offer on savings
accounts.
    Institutions would be required to disclose through
advertisments and announcements the minimum balances, time
requirements, fees and other conditions of their savings
accounts, certificates of deposits and interest-bearing
checking accounts.
   
    The purpose of the bill is to help customers decide which
banks and savings associations offer the best rates, according
to House Banking Committee chairman Fernand St Germain, a Rhode
Island Democrat.
    The bill was passed by voice vote and sent to the Senate.
 Reuter
