Syracuse Cooperative Federal Credit Union is committed to fully informing our members about the terms of all accounts.
Truth In Savings (TIS) refers to the disclosure of terms and conditions regarding interest and fees. These written disclosures are required by a law known as the Truth In Savings Act. The disclosures are required when giving out information on or opening a new savings account or certificate. Before this law many unscrupulous banks mislead people about account terms. They often used terms like "free" when they charged fees, or used misleading advertised rates with interest calculation methods that paid less than advertised.
When looking at rates it is best to use the APY (Annual Percentage Yield) for comparison. The APY is based on the expected return, regardless of the calculation method, while the quoted interest rate, also called the nominal rate, is not.
To open a Truth In Savings Disclosure (pdf) click on the link below. You can also request a copy at either of our offices, or by calling (315) 471-1116 and pressing O for an operator.
- General TIS and Share Savings Accounts
- Investment Choices: Certificates & Super Share Money Market Account
- Super Share Checking and Super Share Business Checking
- IRAs: Individual Retirement Accounts
Please refer to our fee schedule for information about charges. Please refer to our rate sheet for current annual percentage yield information.
Some cautions about misleading advertising:
TIS regulations do not apply to television or radio ads, banners, billboards and other outdoor media, telephone response machines, and lobby signs. Beware of “free checking” banners.
Also, the TIS law only applies to accounts held by a “natural person” for personal, household, or family use. Accounts owned by businesses or organizations such as churches and neighborhood associations are not subject to these rules.
