Final answer:
When opening a consumer account, customers are given various disclosures to ensure transparency and protect their rights.
Step-by-step explanation:
When opening a consumer account, several disclosures are given to the customer to ensure transparency and protect their rights. Some common disclosures include:
- Fee disclosures: This includes information about any fees associated with the account, such as monthly maintenance fees or transaction fees.
- Privacy policy: Customers are provided with a privacy policy that outlines how their personal information will be collected, used, and protected.
- Terms and conditions: This document outlines the rights and responsibilities of both the customer and the financial institution, including information about account closure, overdraft protection, and dispute resolution.
These disclosures help customers make informed decisions and understand the terms of their consumer account.