Financial Institutions Act

[AI summary unavailable — showing source text] Financial Institutions Act - Title I: Payment of Interest on Deposit Accounts - Sets forth definitions of terms used in the Banking Act of 1933. Provides, under the Federal Reserve Act and other specified Acts, that interest rate limitations shall be prescribed on deposits in all member banks and institutions which will begin to eliminate all differential rates among all depository institutions. Makes conforming amendments to specified Acts with respect to the definition of the terms "depository institution" and "negotiable order of withdrawal account." Provides that depository institutions which pay interest on deposits shall make available to any individual or corporation, at a time such funds are placed in a deposit on which interest is paid and at the time funds are initially placed in an interest-bearing deposit, specified information with respect to all types of interest-bearing deposit accounts, including: (1) the annual percentage rate; (2) the number of times each year earnings are compounded; (3) any charges made against deposits; and (4) any terms or conditions which increase or reduce the rate of earnings payable. Requires that in any advertisement, which includes annua…