Financial Services Disclosure Act

Financial Services Disclosure Act - Requires financial institutions to disclose to consumers all terms and conditions of savings and checking accounts under which account charges are assessed and earnings on savings are paid.

Lists statements every advertisement, announcement, or solicitation relating to an account must contain, including, but not limited to, a conspicuous statement that a financial institution may impose a charge if a depositor fails to maintain a required amount in such account or in any other account. Restricts the use of the terms "free", "no cost", or similar term in referring to any service or account if such service or account is restricted to accounts meeting certain conditions or to certain classes of depositors. Prohibits financial institutions from misrepresenting any term or condition relating to an account.

Requires financial institutions to disclose to any consumer or depositor specified information including, but not limited to, the method of determining the amount of each charge which such institution may impose, any minimum balance requirement, access to funds deposited, and any other term or condition which increases any charge imposed or reduces the earnings payable on an account. States that such information must be provided in writing whenever an account is opened or requested by a consumer or depositor. Requires that financial institutions provide written notification to depositors of any change in any such term or condition which would be less favorable to the depositors.

Allows a depositor to request from a financial institution the information which is needed to verify all charges debited and earnings credited to such depositor's account. Requires a financial institution to conduct an investigation within 60 days after receipt of a notice from a depositor that the charges debited or the earnings credited are in error.

Stipulates that a financial institution shall not round off or lower the amount of any funds on deposit in determining the balance for any account. Exempts institutions which pay earnings only on fully paid shares.

Allows civil recovery of violations of this Act in any court of competent jurisdiction in any State. Permits action to be brought by a depositor in an appropriate district court of the United States in a case in which: (1) the amount in controversy of an individual claim is not less than $25 in any action which is not a class action; or (2) the amount in controversy is not less than $1,000 with respect to all claims to be determined in a class action.

Directs specified officials within Federal financial regulatory agencies to enforce compliance with the requirements imposed under this Act.

Requires the Board of Governors of the Federal Reserve System to report annually to the President and to each House of the Congress regarding compliance and enforcement along with recommendation for legislative or administrative actions.

Allows the Board to exempt certain accounts from the requirements of this Act where State law provides similar requirements and there is adequate provision for enforcement.