The Board of Directors of American National Bank & Trust has always supported the rights of consumer to make informed decisions about financial products. With that, the Board also agrees with the Truth in Savings Act and subsequently Regulation DD. The Bank will continue to disclose interest rate calculations and all product fees in a manner consistent with Regulation DD. The Board has also made a financial commitment to compliance to this regulation in that computer hardware and software will be maintained in order to stay in compliance. Additionally, key bank personnel will complete ongoing training. They in turn will train the entire bank staff with respect to this regulation.
Interest will begin to accrue on deposit accounts from the date of deposit. There will be no delays on interest accruals due to float or unavailable balances. Interest rates will be quoted to the customers so long as the Annual Percentage Yield (APY) is also disclosed. For accounts with the tiered rates, all associated APYs and balance requirements must be given to the customer. The APY will also be disclosed on all periodic statements given to the customer.
A fee schedule will be available to all customers and prospective customers at their request. The fee schedule will outline all services that the Bank offers and associated cost for those services rendered. A disclosure will be available outlining the cost associated with each particular type of deposit account. The disclosure will outline the balance requirements to avoid periodic fees and per debit fees.