TISA & NCUA TISA REG

Question 1

The two key requirements of the TISA and regulations are: 1. disclose account and and, 2. pay on the balance in the account each day.
The law addresses all account lifecycles except closing. True or False?

Question 2

Under the TISA CUs initial disclosures must disclose the minimum balances to earn dividends on accounts, the APYs, and dividend rates, the use of DBM or ADBM of dividend calculation, compounding and crediting polices and fees. True or False?

Question 3

Under TISA CUs must verbally disclose accounts rates upon request. True or False?

Question 4

The daily balance method (DBM) of dividend calculation involves dividing the sum of the daily balances in the period by the number of days in the period. True or False? Under TISA dividends are essentially earnings to members. True or False?

Question 5

When a member inquires about account rates by phone, and the CU discloses the rate, TISA requires that the rate be stated as the APY. True or False?
Could you just state the dividend rate? If you were to verbose, could you say APY & div rate?

Question 6

The APYE (annual percentage yield earned) must be included in the initial TISA account opening disclosures. True or False? The TISA initial disclosures must be given to all owners on joint accounts. True or False?

Question 7

If the TISA disclosures are available to members electronically (via the CU’s website), the CU must first obtain the member’s afffirmative consent to recieve the disclosures electronically. True or False? The member must alse be able to access the electronic TISA disclosures prior to opening the account?

Question 8

The TISA “clear and conspicuous” standard for disclsoures does not apply to TIS electronic disclosures. True or False?

Question 9

In account disclosures, a 3.154% APY must be disclosed as 3.15%. True or False?

Question 10

When opening a dividend-bearing term share account ( certificate account) or other interst bearing account (for state charted CUs) the APY and dividend rate (or interest rate) disclosed must be the rate that was offered on the date the account is opened. True or False?

Question 11

For ODP, TISA requires the transactions offered, fees and time to repay to be disclosed in marketing pieces. True or False?

Question 12

The TISA does not require overdraft disclosures (concerning your ODP) on your CU’s ATM receipts. True or False?

Question 13

Members must be given the TISA disclosures each time they open a new account. True or False?

Question 14

If a member requests the TISA disclosures by phone or mail, the CU has 10 days to get around to sending the member those disclosures. True or False?

Question 15

The TISA absolutely mandates the CUs send periodic statements to all members with accounts. True or False?

Question 16

The change in terms notice required under TISA rules does not apply to variable- rate accounts. True or False?

Question 17

The TISA requires CUs to disclose rates in all account advertisements. True or False?

Question 18

Could the following checking accounts be advertised as “free” under TISA rules? “our classic checking acct has no minimum balance. no per check charge, and no monthly service charge. However, you rdo have a $20.00 NSF fee and a $10.00 stop payment fee. Under a special seniors program, the 250.00 minimum balance requirement on your no interest checking acct is waived for members 65 years or older. Yes or No?

Question 19

When an advertisement mentions an APY, it must also disclose the period for which the APY is offered. True or False?

Question 20

While minimum balances(s), balance computation method, and the date dividends will be computed must be disclosed, the method used to decide minimum balance requirements is not part of the initial disclosures. True or False?

Question 21

The TISA requires CUs to pay devidends on members inactive accounts. True or False?

Question 22

A CU is required to disclose periodic and year to date overdraft fees and returned item fees in its periodic statements (along with dividends & interest earned), whether it promotes the payment of overdrafts in advertising or not. True or False?