Truth in Savings Act

Truth in Savings Act - Requires each advertisement, announcement, or solicitation by a depository institution (or deposit broker) which refers to a specific interest rate, yield, or rate of earnings on amounts deposited in a demand or interest-bearing account to state the following information clearly and conspicuously: (1) the annual percentage yield and the period such yield is in effect; (2) all minimum initial deposit, minimum balance, and time requirements for earning such yield; (3) fees or other conditions that could reduce the yield; and (4) any interest penalty for early withdrawal.

Authorizes the Board of Governors of the Federal Reserve System to exempt advertisements, announcements, or solicitations made by any broadcast or electronic medium or outdoor advertising displays not on the premises of a depository institution from the disclosure requirements relating to initial deposit requirements, rates of simple interest, or fees if such disclosure would be unnecessarily burdensome.

Prohibits any institution from making any advertisement, announcement, or solicitation that is inaccurate or misleading or that misrepresents its deposit contracts.

Requires each depository institution to maintain a schedule, written in clear and plain language, of fees, charges, interest rates, and terms and conditions such as minimum balance and time requirements applicable to each class of accounts offered. Requires that such schedule be disclosed to potential customers and requesting individuals and mailed to account holders. Requires that account holders receive 30 days' advance notice of any change to be made in any term or condition required to be disclosed in the schedule if the change might reduce the yield or adversely affect any account holder.

Directs the Board to require modified disclosure requirements concerning the annual yield on variable rate accounts, multiple rate accounts, guaranteed-rate accounts, and accounts for which the interest rate is not guaranteed.

Mandates that depository institutions: (1) calculate interest on interest-bearing accounts on the full amount of principal in the account each day of the stated calculation period at the disclosed rate; and (2) disclose clearly and conspicuously on account holders' periodic statements the annual percentage yield earned, interest earned, fees imposed, and the number of days in the reporting period.

Directs the Board to provide for public notice and comment on, and to publish, model forms and clauses for common disclosures required by this Act.

Provides for the enforcement of this Act and the civil liability of a depository institution that fails to comply with requirements of this Act. Sets forth limitations on such liability and factors to be considered by the court in determining class action awards. Provides that an institution may not be held liable for a violation if: (1) the institution demonstrates that the violation was not intentional and resulted from a bona fide error; (2) the violation resulted in overpayment of interest to an account holder; or (3) a consumer was charged less than the appropriate amount under the disclosed chart or fee schedule. Establishes U.S. district court jurisdiction and a one-year statute of limitations for actions brought under this Act.

Directs the National Credit Union Administration to provide for the similar regulation of credit unions.