Which type of account is generally not covered by Regulation DD?

Regulation DD, also known as the Truth in Savings Act, was established to promote transparency in the disclosure of terms and conditions of deposit accounts to consumers. While many types of accounts are covered under this regulation, there are specific exclusions.

A business checking account is generally not covered by Regulation DD because the regulation primarily focuses on consumer financial products, meaning it is designed to protect individual consumers rather than businesses. The intention of the act is to ensure that consumers receive clear and accurate information about fees, interest rates, and other key terms for their accounts, which is less critical in business contexts where entities may have different expectations and understandings of financial products.

In contrast, personal savings and regular savings accounts, as well as certificates of deposit, fall under the regulation because they are intended for consumer use. Regulation DD mandates disclosures for consumer accounts to help individuals make informed decisions about their savings and investment options.