Truth in Savings Act

[AI summary unavailable — showing source text] Truth in Savings Act - Declares that economic stability would be enhanced, competition among savings institutions improved and the economic security of the consumer strengthened by the full disclosure of the terms and conditions under which earnings on savings deposits are payable. Establishes a method to determine annual percentage rate, periodic percentage rate, and annual percentage yield in saving deposit earnings. Exempts from this Act: (1) transactions involving a deposit of funds if the primary purpose of such deposit is to secure the performance of a contract; (2) earnings payable on premiums, accumulated dividends, or amounts left on deposit under an insurance contract; and (3) any obligation issued by a Federal, State, or local government or any entity thereof. Establishes disclosure requirements to be applied to any individual upon request and at the time funds are initially placed in an individual savings deposit in a savings institution. Requires advertisements relating to the earnings payable on an individual savings deposit to state with equal prominence the annual percentage rate and the annual percentage yield. Prohibits any indication of any percentage rate or per…