Truth in Savings Act (NCUA Rules & Regulations Part 707)

Overview

Part 707 of the NCUA Rules and Regulations implements the Truth in Savings Act of 1991 (TISA), contained in the Federal Deposit Insurance Corporation Improvement Act of 1991, 12 U.S.C. 4301, et seq. NCUA’s regulation (12 CFR Part 707) became effective in 1993 and should not be confused with Regulation DD.  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. Regulation DD (Opens new window)  is a Consumer Financial Protection Bureau regulation that implements TISA for all depository institutions, except credit unions, that offer deposit accounts to residents of any state. However, it is important to note Congress mandated that NCUA’s regulation be “substantially similar” to Regulation DD.

The purpose of Part 707 is to enable credit union members and potential members to make informed decisions about accounts at credit unions. Part 707 requires credit unions to provide disclosures so that members and potential members can make meaningful comparisons among credit unions and depository institutions. The disclosure requirements are intended to inform consumers about the fees, annual percentage yield, interest rate, and other terms for deposit accounts. Those include disclosures when an account is opened, upon request, when account terms are changed, when periodic statements are required, and when term share accounts mature. Part 707 also includes disclosure requirements concerning advertising, record retention, dividend payments, and overdraft protection practices.

Full text of TISA can be found  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. here (Opens new window) . NCUA’s Truth in Savings regulation can be found  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. here (Opens new window) .

• This is an external link to a website belonging to another federal agency, private organization, or commercial entity. Definitions (Opens new window)
• Associated Risks
• Examination Objectives
• Examination Procedures
• Checklist

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Associated Risks

Compliance risk can occur when the credit union fails to implement the necessary controls to comply with Part 707.

Transaction risk can occur when the credit union does not have adequate internal controls in place and as a result suffers a loss.

Reputation risk can occur when the credit union incurs fines and penalties or receives decreased member confidence as a result of failure to comply with Part 707.

Strategic risk can occur when the board of directors fails to perform necessary due diligence in reviewing existing and prospective products and services for compliance with Part 707.

Examination Objectives

Determine whether the credit union complies with all required provisions of Part 707, such as:

• Providing all required account disclosures to members and potential members within the required time frames and ensuring that account disclosures reflect the terms of the legal obligation between the parties;
• Accurately disclosing all required information on periodic statements for covered accounts;
• Using a permissible method for paying dividends, and accurately applying other calculations (e.g., daily balance, average daily balance, minimum balance, etc.);
• Ensuring advertisements include all required information and are not misleading or inaccurate (credit unions should maintain an advertising file containing copies of the credit union’s advertisements); and
• Maintaining evidence of compliance (for a period of two years) with all provisions of Part 707.

Examination Procedures

1. Review the credit union's TISA policies and procedures.
2. Determine the credit union has a detailed disclosure as required.
3. Determine the credit union accurately calculates the APY, dividends, and APYE.
4. Determine whether the credit union provides initial disclosures as required.
5. Determine whether the credit union appropriately discloses the annual percentage yield and the dividend rate.
6. Determine procedures are in place for staff to accurately respond to oral account inquiries.
7. Determine whether the credit union notifies members of any adverse changes at least 30 days before the change.
8. Determine whether periodic statements include clear and conspicuous disclosure of:
   1. APYE;
   2. Amount of dividends earned;
   3. Amount and type of fees imposed; and
   4. Time frame of the reporting period.
9. Determine whether the share account advertisements, announcements, internet web pages, or other solicitations avoid misleading or inaccurate representations of share account terms.

TRUTH IN SAVINGS ACT (TISA)
(NCUA RULES AND REGULATIONS PART 707)
CHECKLIST

TRUTH IN SAVINGS ACT (TISA) (NCUA RULES AND REGULATIONS PART 707) CHECKLIST

Item	Description	YES	NO	N/A
Item 1	Description Does the credit union make the required disclosures clearly and conspicuously in writing and in a form the member may keep?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.3(a)) (Opens new window)	YES	NO	N/A
Item 1(a)	Description If the disclosures required by the regulation are combined with the credit union’s other accounts, is it clear which disclosures are applicable to the member’s account?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.3(a)) (Opens new window)	YES	NO	N/A
Item 2	Description Do the disclosures reflect the terms of the legal obligation between the member and the credit union?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.3(b)) (Opens new window)	YES	NO	N/A
Item 3	Description When orally responding to a member’s inquiry about dividend rates, does the credit union state the annual percentage yield?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.3(e)) (Opens new window) .	YES	NO	N/A
Item 4	Description Are all annual percentage yields accurate to within .05% above or below the annual percentage yield determined in accordance with Appendix A of the regulation?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.3(f)(2)) (Opens new window)	YES	NO	N/A

Account Disclosures (§707.4)

Account Disclosures (§707.4)

Item	Description	YES	NO	N/A
Item 5	Description Does the credit union provide initial disclosures before an account is opened or a service is provided, whichever is earlier?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.4(a)(1)) (Opens new window)	YES	NO	N/A
Item 5(a)	Description If the member is not present, does the credit union mail or deliver the disclosures no later than 10 business days after the account is opened or a service is provided?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.4(a)(1)) (Opens new window)	YES	NO	N/A
Item 6	Description Does the credit union provide account disclosures to members upon request?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.4(a)(2)(i)) (Opens new window)	YES	NO	N/A
Item 6(a)	Description If the member’s request is not made in person, does the credit union mail or deliver the account disclosures within a reasonable time after it receives the request?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.4(a)(2)(i)) (Opens new window)	YES	NO	N/A
Item 6(b)	Description In providing disclosures upon request, does the credit union:	YES N/A	NO N/A	N/A N/A
Item 6(b)(i)	Description Specify an interest rate and APY that were offered within the most recent seven calendar days?	YES	NO	N/A
Item 6(b)(ii)	Description State that the rate and yield are accurate as of an identified date?	YES	NO	N/A
Item 6(b)(iii)	Description Provide a telephone number members may call to obtain current rate information?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.4(a)(2)(ii)(A)) (Opens new window)	YES	NO	N/A
Item 7	Description Do account disclosures include the following rate information (as applicable):  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.4(b)(1)(i)) (Opens new window)	YES N/A	NO N/A	N/A N/A
Item 7(a)	Description The “annual percentage yield” and “interest rate,” using those terms?	YES	NO	N/A
Item 7(b)	Description The period of time the interest rate will be in effect for fixed-rate accounts?	YES	NO	N/A
Item 8	Description Do disclosures for variable-rate accounts include the following:  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.4(b)(1)(ii)) (Opens new window)	YES N/A	NO N/A	N/A N/A
Item 8(a)	Description The fact that the interest rate and APY may change?	YES	NO	N/A
Item 8(b)	Description How the interest rate is determined?	YES	NO	N/A
Item 8(c)	Description The frequency with which the interest rate may change?	YES	NO	N/A
Item 8(d)	Description Any limitation on the amount the interest rate may change?	YES	NO	N/A
Item 9	Description Do the account disclosures describe the frequency with which interest is compounded and credited?	YES	NO	N/A
Item 10	Description Do the account disclosures include a statement that interest will not be paid if members close an account before accrued interest is credited?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.4(b)(2)(ii)) (Opens new window)	YES	NO	N/A
Item 11	Description Do the account disclosures describe the minimum balance requirements necessary to open an account, avoid the imposition of a fee, or obtain the APY disclosed?	YES	NO	N/A
Item 11(a)	Description Do the account disclosures state how the minimum balance requirement is determined for these purposes (except for the balance to open the account)?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.4(b)(3)(i)) (Opens new window)	YES	NO	N/A
Item 12	Description Do the account disclosures include an explanation of the balance computation method used to calculate interest on the account?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.4(b)(3)(ii)) (Opens new window)	YES	NO	N/A
Item 13	Description Do the account disclosures state when dividends begins to accrue on non-cash deposits?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.4(b)(3)(iii)) (Opens new window)	YES	NO	N/A
Item 14	Description Do the account disclosures disclose the amount of any fee that may be imposed in connection with the account (or how the fee will be determined) and the conditions under which the fee may be imposed?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.4(b)(4)) (Opens new window)	YES	NO	N/A
Item 15	Description Do the account disclosures disclose all limitations on the number or dollar amount of withdrawals or deposits?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.4(b)(5)) (Opens new window)	YES	NO	N/A
Item 16	Description For time accounts, do the account disclosures include the following:	YES N/A	NO N/A	N/A N/A
Item 16(a)	Description The maturity date?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.4(b)(6)(i)) (Opens new window)	YES	NO	N/A
Item 16(b)	Description Early withdrawal penalties?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.4(b)(6)(ii)) (Opens new window)	YES	NO	N/A
Item 16(c)	Description If compounding occurs and dividends may be withdrawn during the term, a statement that the APY assumes dividends remains on deposit and that a withdrawal will reduce earnings?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.4(b)(6)(iii)) (Opens new window)	YES	NO	N/A
Item 16(d)	Description Information regarding renewal policies  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.4(b)(6)(iv)) (Opens new window)	YES	NO	N/A
Item 16(d)(i)	Description Whether the account will renew automatically?	YES	NO	N/A
Item 16(d)(ii)	Description If it renews automatically, if a grace period exists and the length?	YES	NO	N/A
Item 16(d)(iii)	Description If not renewed automatically, whether dividends will be paid after maturity?	YES	NO	N/A
Item 17	Description Do account disclosures state the amount or type of bonus and the conditions under which the bonus will be paid?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.4(b)(7)) (Opens new window)	YES	NO	N/A
Item 18	Description Was the notice of availability of disclosures to existing account holders included on or with the first periodic statement sent beginning on or after January 1, 1995 (or first periodic statement for a statement cycle beginning on or after that date)?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.4(c)) (Opens new window)	YES	NO	N/A

Subsequent Disclosures (§707.5)

Subsequent Disclosures (§707.5)

Item	Description	YES	NO	N/A
Item 19	Description Does the credit union provide advance notification to depositors of any change in a term required to be disclosed under §707.4	YES	NO	N/A
Item 19(a)	Description If the change may reduce the APY or adversely affect the member does the notice include the effective date of the change?	YES	NO	N/A
Item 19(b)	Description Is the notice mailed or delivered at least 30 days before the effective date of the change?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.5(a)(1)) (Opens new window) .	YES	NO	N/A
Item 20	Description If notice is not provided, does one of the following exceptions to the notice requirement apply:	YES N/A	NO N/A	N/A N/A
Item 20(a)	Description Variable-rate changes?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.5(a)(2)(i)) (Opens new window)	YES	NO	N/A
Item 20(b)	Description Check printing fees?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.5(a)(2)(ii)) (Opens new window)	YES	NO	N/A
Item 20(c)	Description Short-term time accounts (one month or less)?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.5(a)(2)(iii)) (Opens new window)	YES	NO	N/A
Item 21	Description Are the proper subsequent disclosures provided for the following time accounts:	YES N/A	NO N/A	N/A N/A
Item 21(a)	Description Renew automatically with maturities longer than one year?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.5(b)(1)) (Opens new window)	YES	NO	N/A
Item 21(b)	Description Renew automatically with maturities one year or less but longer than one month?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.5(b)(2)) (Opens new window)	YES	NO	N/A
Item 21(c)	Description Renew automatically with maturities one month or less?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.5(a)(2)(iii)) (Opens new window)	YES	NO	N/A
Item 21(d)	Description Do not renew automatically with maturities longer than one year?	YES	NO	N/A

Periodic Statement Disclosures (§707.6)

Periodic Statement Disclosures (§707.6)

Item	Description	YES	NO	N/A
Item 22	Description Is the annual percentage yield earned, using that term, disclosed on the periodic statement?	YES	NO	N/A
Item 22(a)	Description Is the APY earned calculated in accordance with Appendix A?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.6(b)(1)) (Opens new window)	YES	NO	N/A
Item 23	Description Is the amount of dividends earned during the statement period accurately disclosed?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.6(b)(2)) (Opens new window)	YES	NO	N/A
Item 24	Description Are fees required to be disclosed under §707.4(b) (that were debited to the account during the statement period) itemized by dollar and type?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.6(b)(3)) (Opens new window)	YES	NO	N/A
Item 25	Description Is the total number of days in the statement period, or the beginning and ending dates of the period disclosed?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.6(b)(4)) (Opens new window)	YES	NO	N/A
Item 26	Description Does the periodic statement disclose the Total Overdraft Fees, using that term, for the statement period?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.11(a)) (Opens new window)	YES	NO	N/A
Item 27	Description Does the periodic statement disclose the total amount of all fees or charges for returning items unpaid, for the statement period?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.11(a)) (Opens new window)	YES	NO	N/A
Item 28	Description Does the periodic statement have a separate disclosure of the Total Overdraft Fees for the current year to date?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.11(a)) (Opens new window)	YES	NO	N/A
Item 29	Description Does the period statement have a separate disclosure for the total amount of all fees or charges for returning items unpaid for the current year to date? This is an external link to a website belonging to another federal agency, private organization, or commercial entity.  (§ 707.11(a)) (Opens new window)	YES	NO	N/A

Payment of Dividends (§ 707.7)

Payment of Dividends (§707.7)

Item	Description	YES	NO	N/A
Item 30	Description If the credit union uses the average daily balance method, and calculates dividends for a period other than the statement period, was the APY earned and the amount of dividends earned based on that period rather than the statement period?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.6(a)) (Opens new window)	YES	NO	N/A
Item 31	Description Does the credit union calculate dividends on the full amount of principal in the account each day by use of either the daily balance method or the average daily balance method?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.7(a)(1)) (Opens new window)	YES	NO	N/A
Item 32	Description Does the credit union use the same method to determine any minimum balance required to earn dividends as it uses to determine the balance on which dividends are calculated?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.7(a)(2)) (Opens new window)	YES	NO	N/A
Item 33	Description Do dividends begin to accrue not later than the business day specified for interest bearing accounts in section 606 of the Expedited Funds Availability Act?	YES	NO	N/A
Item 33(a)	Description Do dividends accrue until the day the funds are withdrawn?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.7(c)) (Opens new window)	YES	NO	N/A
Item 34	Description Do the advertisements refrain from misleading or inaccurate statements and do they accurately represent the deposit contract?	YES	NO	N/A
Item 34(a)	Description Do the advertisements refrain from using the terms “free” or “no cost” if any maintenance or activity fee may be imposed?	YES	NO	N/A
Item 34(b)	Description Do the advertisements refrain from using the word “profit” when referring to interest paid on an account?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.8(a)) (Opens new window)	YES	NO	N/A
Item 35	Description If the credit union advertises rates on accounts, are the rates stated as an “annual percentage yield?”	YES	NO	N/A
Item 35(a)	Description If the credit union uses the abbreviation “APY,” has the term annual percentage yield” been stated at least once in the advertisement?	YES	NO	N/A
Item 35(b)	Description If the credit union states the dividend rate, using that term, in conjunction with the APY, is it not more conspicuous than the APY?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.8(b)) (Opens new window)	YES	NO	N/A
Item 35(c)	Description Are the annual percentage yields and dividend rates rounded to the nearest one-hundredth of one percentage point (.01%) and expressed to two decimal places?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.3(f)(1)) (Opens new window)	YES	NO	N/A
Item 36	Description If the credit union advertises “tiered rate” accounts, does the credit union state all of the APYs, including ranges where applicable, as well as the corresponding minimum balance requirements?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.8(c)(3)) (Opens new window)	YES	NO	N/A

Advertising Requirements (§707.8)

Advertising Requirements (§707.8)

Item	Description	YES	NO	N/A
Item 37	Description If the credit union advertises “stepped rate” accounts, does the credit union accurately disclose the APY?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.8(b)) (Opens new window)	YES	NO	N/A
Item 38	Description If the deposit advertisements placed by the credit union state the APY, are the following disclosures stated clearly and conspicuously to the extent applicable?	YES	NO	N/A
Item 38(a)	Description Variable rate notice;  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.8(c)(1)) (Opens new window)	YES	NO	N/A
Item 38(b)	Description Time APY is offered;  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.8(c)(2)) (Opens new window)	YES	NO	N/A
Item 38(c)	Description Minimum balance to obtain the APY; (§707.8(c)(3))	YES	NO	N/A
Item 38(d)	Description Minimum opening deposit;  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.8(c)(4)) (Opens new window)	YES	NO	N/A
Item 38(e)	Description Effect of fees  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.8(c)(5)) (Opens new window) ; and	YES	NO	N/A
Item 38(f)	Description The following features of time accounts  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.8(c)(6)) (Opens new window) :	YES N/A	NO N/A	N/A N/A
Item 38(f)(i)	Description Time requirements; and  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.8(c)(6)(i)) (Opens new window)	YES	NO	N/A
Item 38(f)(ii)	Description Notice of early withdrawal penalties.  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.8(c)(6)(ii)) (Opens new window)	YES	NO	N/A
Item 39	Description If a bonus is stated in an advertisement, does the advertisement state the following information, as applicable:	YES N/A	NO N/A	N/A N/A
Item 39(a)	Description The “annual percentage yield,” using that term;  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.8(d)(1)) (Opens new window)	YES	NO	N/A
Item 39(b)	Description Time requirement to obtain the bonus;  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.8(d)(2)) (Opens new window)	YES	NO	N/A
Item 39(c)	Description Minimum balance required to obtain the bonus;  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.8(d)(3)) (Opens new window)	YES	NO	N/A
Item 39(d)	Description Minimum balance required to open the account (if it is greater than the minimum balance necessary to obtain the bonus) ; and,  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.8(d)(4)) (Opens new window)	YES	NO	N/A
Item 39(e)	Description When the bonus will be provided?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.8(d)(5)) (Opens new window)	YES	NO	N/A
Item 40	Description Are exemptions to the requirements made for those media set forth under  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. § 707.8(e) (Opens new window) ?	YES	NO	N/A
Item 41	Description If the advertisement promotes overdraft services, does the advertising disclose, in a clear or conspicuous manner:	YES N/A	NO N/A	N/A N/A
Item 41(a)	Description The fee or fees for the payment of each overdraft	YES	NO	N/A
Item 41(b)	Description The categories of transactions for which a fee for paying an overdraft may be imposed;	YES	NO	N/A
Item 41(c)	Description The time period by which the member must repay or cover any overdraft; and	YES	NO	N/A
Item 41(d)	Description The circumstances under which the credit union will not pay an overdraft?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.11(b)(1)) (Opens new window)	YES	NO	N/A
Item 42	Description If the answer to 41 is “no,” Do any of the exceptions from  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. § 707.11(b)(2) (Opens new window)  apply?	YES	NO	N/A
Item 43	Description If the answer to 42 is “yes,” If the advertisement is an ATM screen or on a Telephone Response Machine, does the advertisement disclose:	YES N/A	NO N/A	N/A N/A
Item 43(a)	Description The fee or fees for the payment of each overdraft; and	YES	NO	N/A
Item 43(b)	Description The time period by which the member must repay or cover any overdraft?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.11(b)(3)) (Opens new window)	YES	NO	N/A
Item 44	Description If the answer to 42 is “yes,” If the advertisement is an indoor sign, does the advertisement contain a clear and conspicuous statement that:	YES N/A	NO N/A	N/A N/A
Item 44(a)	Description Fees may apply; and	YES	NO	N/A
Item 44(b)	Description Member should contact an employee for further information about applicable fees and terms?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.11(b)(4)) (Opens new window)	YES	NO	N/A

Account Balance Overdraft Disclosure Requirements (§707.11)

Account Balance Overdraft Disclosure Requirements (§707.11)

Item	Description	YES	NO	N/A
Item 45	Description If a credit union displays a member’s account balance information on automated systems, does the credit union ensure that it does not include additional amounts that the credit union may provide to cover an item when there are insufficient or unavailable funds in the member’s account?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.11(c)) (Opens new window)	YES	NO	N/A
Item 46	Description If a credit union discloses additional account balances that include additional amounts that the credit union may provide to cover an item when there are insufficient or unavailable funds in the member’s account, does the credit union:	YES N/A	NO N/A	N/A N/A
Item 46(a)	Description Prominently state that any such balance includes these additional funds?	YES	NO	N/A
Item 46(b)	Description Additional amounts are not available for all transactions (if applicable)?	YES	NO	N/A

Record Retention Requirements (§707.9)

Record Retention Requirements (§707.9)

Item	Description	YES	NO	N/A
Item 47	Description Has the credit union maintained evidence of compliance for a minimum of 2 years after the date disclosures are required to be made or action is required to be taken?  This is an external link to a website belonging to another federal agency, private organization, or commercial entity. (§ 707.9(c)) (Opens new window)	YES	NO	N/A