What law requires banks to provide written disclosures about consumer bank account terms?

The Truth in Savings Act is the law that mandates banks to provide written disclosures regarding the terms related to consumer bank accounts. This act is designed to promote transparency and ensure that consumers are well-informed about the terms and conditions associated with their savings accounts.

Under this law, banks must disclose important information such as interest rates, fees, and the conditions under which the fees may apply. This information helps consumers make informed choices about where to deposit their money and understand how their accounts will function over time. The emphasis on clear, written communication ensures that customers have access to essential details that could affect their financial decisions.

In contrast, while the Consumer Protection Act covers a range of consumer rights and protection mechanisms, it does not specifically focus on bank account disclosures. The Truth in Lending Act mainly addresses lending practices and requires disclosures for credit products rather than deposit accounts. The Banking Disclosure Act does not have a specific recognition in this context, as it does not pertain to consumer bank account terms in the same manner as the Truth in Savings Act.