Illinois Department of Financial & Professional Regulation Illinois Department of Financial & Professional Regulation
Bryan A. Schneider, Secretary  
Bruce Rauner, Governor
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Banks and Trust Companies - Tips

Truth in Savings Act*

  • Requires financial institutions to disclose the "Annual Percentage Yield," or "APY," on savings accounts. The APY tells you how much money you would earn if you kept $100 in the account for one year.
  • Requires that the institution credit your entire deposit instead of crediting a portion of your deposit or using a "low balance per month" method. This increases your earnings.
  • Requires that institutions have available a list of their fees for bounced checks, stop payment orders, certified checks, wire transfers or similar items. Ask for the list.
  • Prohibits institutions from advertising "free" checking if there are hidden charges or requirements, for example, having to maintain a minimum balance to qualify.

* Courtesy of The U.S. Office of Consumer Affairs

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