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Bank Accounts - Disclosures


When you open a deposit account, what kinds of disclosure does a bank have to make?

Before you open an account, national banks must provide you with certain disclosures regarding their deposit products. This enables you to make meaningful comparisons among banks.

The disclosures must be in writing and in a form you can take home. The bank must disclose information about the following:

A local bank advertised a free checking account. I signed up. Now the bank is charging me for checks and for overdrafts. Isn't this misleading?

Under banking laws and regulations, a national bank cannot advertise a free account if you could be charged a maintenance or activity fee. But your bank can offer a free account and still charge for certain services such as check printing, ATM use, or overdrafts.







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