(1) A description of all fees, periodic service
charges, and penalties which may be charged or as-
sessed against the account (or against the account
holder in connection with such account), the amount
of any such fees, charge, or penalty (or the method
by which such amount will be calculated), and the
conditions under which any such amount will be as-
sessed.
(2) All minimum balance requirements that af-
fect fees, charges, and penalties, including a clear
description of how each such minimum balance is
calculated.
(3) Any minimum amount required with respect
to the initial investment in order to open the ac-
count.
(c) INFORMATION ON EARNINGS.—The disclosure re-
quired under subsection (a) with respect to any account
shall include the following information:
(1) The annual percentage yield for the opened
account based on earnings for the latest 7-day pe-
riod.
(2) The period during which any such annual
percentage yield will be in effect.
(3) Any annual rate of simple interest.
(4) The frequency with which earnings will be
compounded and credited.
(5) A clear description of the method used to
determine the balance on which earnings are paid.
(6) The information described in paragraphs
(1) through (4) with respect to any period after the
end of the period referred to in paragraph (2) (or
the method for computing any information described
in any such paragraph), if applicable.
(7) Any minimum balance which must be main-
tained to earn the rates and obtain the yields dis-
closed pursuant to this subsection and a clear de-
scription of how any such minimum balance is cal-
culated.
(8) A clear description of any minimum time
requirement which must be met in order to obtain
the yields disclosed pursuant to this subsection and
any information described in paragraph (1), (2), (3),
or (4) that will apply if any time requirement is not
met.
(9) A statement, if applicable, that any earn-
ings which have accrued but has not been credited
to an account at the time of a withdrawal from the
account 
will 
not 
be 
paid 
by 
the 
financial
intermediary or credited to the account by reason of
such withdrawal.
(10) Any provision or requirement relating to
nonpayment of earnings, including any charge or
penalty for early withdrawal, and the conditions
under which any such charge or penalty may be as-
sessed.
(d) OTHER INFORMATION.—The disclosure required
under subsection (a) shall include such other disclosures
as the Federal agency may determine to be necessary to
allow consumers to understand and compare accounts, in-
cluding frequency of earnings adjustments, account re-
strictions, and renewal policies.
(e) STYLE
AND
FORMAT.—Disclosures required
under subsection (a) shall be written in clear and plain
language and be presented in a format designed to allow
consumers to readily understand the terms of the accounts
offered.
SEC. 5. DISCLOSURE REQUIREMENTS FOR CERTAIN AC-
COUNTS.
The Federal agency shall require, in regulations, such
modification in the disclosure requirements under this Act
as may be necessary to carry out the purposes of this Act
in the case of—
(1) accounts with respect to which determina-
tion of annual percentage yield is based on an an-
nual rate of interest that is guaranteed for a period
of less than 1 year;
(2) variable rate accounts;
(3) accounts which, pursuant to law, do not
guarantee payment of a stated rate;
(4) multiple rate accounts; and
(5) accounts with respect to which determina-
tion of annual percentage yield is based on an an-
nual effective rate of interest that is guaranteed for
a stated term.
SEC. 6. DISTRIBUTION OF SCHEDULES.
(a) IN GENERAL.—A disclosure required account
shall be—
(1) made available to any person upon request;
(2) provided to any potential customer before
an account is opened or a service is rendered; and
(3) provided to the consumer, in the case of any
time account which is renewable at maturity without
notice from the consumer, at least 30 days before
the date of maturity.
(b) DISTRIBUTION IN CASE OF CERTAIN INITIAL IN-
VESTMENTS.—If a consumer is not physically present at
an office of a financial intermediary at the time an initial
investment is accepted with respect to an account estab-
lished by or for such person, the financial intermediary
shall mail the disclosure to the customer at the address
shown on the records of the financial intermediary for
such account no later than 10 business days after the date
of the initial investment.
(c) 
DISTRIBUTION
OF
NOTICE
OF
CERTAIN
CHANGES.—If—
(1) any change is made in term or condition
which is required to be disclosed; and
(2) the change may reduce the yield or ad-
versely affect any holder of the account,
all account holders who may be affected by such change
shall be notified and provided with a description of the
change by mail at least 30 days before the change takes
effect.
(d) DISTRIBUTION IN CASE OF ACCOUNTS ESTAB-
LISHED BY MORE THAN 1 INDIVIDUAL OR BY A GROUP.—
If an account is established by more than 1 individual or
for a person other than an individual, any distribution de-
scribed in this section with respect to such account meets
the requirements of this section if the distribution is made
to 1 of the individuals who established the account or 1
individual representative of the person on whose behalf
such account was established.