Financial Services Disclosure Act

[AI summary unavailable — showing source text] Financial Services Disclosure Act - Requires financial institutions to disclose to consumers all terms and conditions of savings and checking accounts under which account charges are assessed and earnings on savings are paid. Lists statements every advertisement, announcement, or solicitation relating to an account must contain, including, but not limited to, a conspicuous statement that a financial institution may impose a charge if a depositor fails to maintain a required amount in such account or in any other account. Restricts the use of the terms "free", "no cost", or similar term in referring to any service or account if such service or account is restricted to accounts meeting certain conditions or to certain classes of depositors. Prohibits financial institutions from misrepresenting any term or condition relating to an account. Requires financial institutions to disclose to any consumer or depositor specified information including, but not limited to, the method of determining the amount of each charge which such institution may impose, any minimum balance requirement, access to funds deposited, and any other term or condition which increases any charge imposed or reduces …