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Can you summarize 3 NYCRR Part 13?
General Regulations of the Superintendent > Depositor Savings Information (Truth-in-Savings)
Short Summary
This legal document, titled ‘Depositor Savings Information’ or ‘Truth-in-Savings’, falls under the ‘General Regulations of the Superintendent’ in the ‘Banking’ section of the ‘New York Codes, Rules and Regulations’. It governs the disclosure of information on savings accounts by banking organizations. The document outlines the specific information that must be disclosed, including the annual interest rate, annual percentage yield, compounding period, periodic percentage rate, and the principal amount to which the rate is applied. It also covers additional details such as the timing of interest accrual, withdrawal impact on interest calculation, frequency of interest crediting, grace periods for deposits and withdrawals, minimum balance requirements, length of time funds must remain on deposit to earn interest, withdrawal refusal, service charges, and inactive account policies. The document does not mention any exemptions or penalties for non-compliance. Overall, it aims to ensure transparency and provide customers with essential information about their savings accounts.
Whom does it apply to?
The document applies to banking organizations in the State of New York.
What does it govern?
The document governs the disclosure requirements for banking organizations regarding savings accounts and time deposits.
What are exemptions?
The document does not mention any exemptions.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
New York