Understanding Regulation DD: A Comprehensive Overview of
Truth in Savings
When a money market savings account is opened for a partnership - correct answer ✔✔When is it NOT
necessary to provide a full Truth-in-Savings account disclosure?
True - correct answer ✔✔True or False? Regulation DD covers interest-bearing as well as non-interest-
bearing accounts.
increase uniformity in the disclosures banks provide customer opening new accounts - correct answer
✔✔Regulation DD seeks to
may be made to any one of the account holders - correct answer ✔✔If an account is held by multiple
consumers, disclosures ____________________.
False - correct answer ✔✔True or False? Regulation DD requires the bank to send a periodic statement
to all deposit account holders.
2 - correct answer ✔✔Banks must retain evidence of compliance with Regulation DD for a minimum of
______ years after the date the disclosures are required to be made.
.01% - correct answer ✔✔When stating the annual percentage yield (APY), banks must round the
number to the nearest _______________.
before; service - correct answer ✔✔Banks must provide account disclosures to a consumer _________
an account is opened or a ________ is provided, whichever is earlier.
Interest may be calculated using the daily balance method or the average daily balance method. - correct
answer ✔✔Which of the following statements is TRUE regarding the payment of interest pursuant to
Regulation DD?
Truth in Savings
When a money market savings account is opened for a partnership - correct answer ✔✔When is it NOT
necessary to provide a full Truth-in-Savings account disclosure?
True - correct answer ✔✔True or False? Regulation DD covers interest-bearing as well as non-interest-
bearing accounts.
increase uniformity in the disclosures banks provide customer opening new accounts - correct answer
✔✔Regulation DD seeks to
may be made to any one of the account holders - correct answer ✔✔If an account is held by multiple
consumers, disclosures ____________________.
False - correct answer ✔✔True or False? Regulation DD requires the bank to send a periodic statement
to all deposit account holders.
2 - correct answer ✔✔Banks must retain evidence of compliance with Regulation DD for a minimum of
______ years after the date the disclosures are required to be made.
.01% - correct answer ✔✔When stating the annual percentage yield (APY), banks must round the
number to the nearest _______________.
before; service - correct answer ✔✔Banks must provide account disclosures to a consumer _________
an account is opened or a ________ is provided, whichever is earlier.
Interest may be calculated using the daily balance method or the average daily balance method. - correct
answer ✔✔Which of the following statements is TRUE regarding the payment of interest pursuant to
Regulation DD?
