HUMS 202 Study Guide - Quiz Guide: Safe Deposit Box, United States Treasury Security, Finance Charge
26 Apr 2018
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● Federal Consumer Protection Laws and Regulations:
○ Truth in Lending Act: requires lenders to disclose the total cost of your loan,
including the finance charge and the APR
■ Gives consumers the right to cancel certain types of home loans within
three days
■ Disclosure includes APR, finance charge, amount financed, and total
payment
○ Truth in Savings Act: helps you shop for the best account and select the right
account for your needs
■ Requires financial institutions to disclose key terms of bank account
clearly and in writing
● Interest rate earned
● How much money you have to deposit into the account to open it
● What fees you may be charged
■ Requires your bank to send you a statement on a regular basis that
summarizes what happened in your account for that period
○ Electronic Fund Transfer Act: establishes rights, liabilities, and responsibilities
of
■ Customers who use electronic fund transfer services
■ Banks that offer these services
● ATMS
● Debit Cards
● Telephone or computer transactions
○ Expedited Funds Availability Act: limits the amount of time a bank can hold a
check deposited into your checking account
● Additional Deposit Insurance Info:
○ FDIC Deposit Insurance Coverage: insures deposits in banks and savings
associations
■ Covers all types of deposits:
● Checking accounts
● Savings accounts
● Money market deposit accounts
● Certificates of deposit
■ Does not cover:
● Money market mutual funds
● US Treasury securities
● Annuities
● Stocks and bonds
● Life and health insurance
● Safe deposit box
■ Covers up to $250,000 should the banks fail
● Insurance Coverage and Ownership Categories:
○ Deposit accounts owned by different individuals and maintained in separately
chartered banks are separately insured
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Truth in lending act: requires lenders to disclose the total cost of your loan, including the finance charge and the apr. Gives consumers the right to cancel certain types of home loans within three days. Disclosure includes apr, finance charge, amount financed, and total payment. Truth in savings act: helps you shop for the best account and select the right account for your needs. Requires financial institutions to disclose key terms of bank account clearly and in writing. How much money you have to deposit into the account to open it. Requires your bank to send you a statement on a regular basis that summarizes what happened in your account for that period. Electronic fund transfer act: establishes rights, liabilities, and responsibilities of. Customers who use electronic fund transfer services. Expedited funds availability act: limits the amount of time a bank can hold a check deposited into your checking account.
