The House passed a “truth in savings” bill.

The bill, which was sent to the Senate on a voice vote, would require financial institutions to list in every advertisement--except for broadcast ads and billboards--the annual percentage yield offered and for how long, any penalties for early withdrawal, minimum balance, time and initial deposit requirements and a clear description of the method of calculating the balance on which interest is paid. The bill would apply similar disclosure requirements to all bank, department store, gasoline company and travel service credit cards.