Client Protection Principles: Model Law
Annex 3: Key Facts (Savings)
The following represents a list of key information financial institutions should provide to clients regarding savings products
Cost of Product
Please list all relevant information for all fees associated with savings product. At a minimum, disclosure should include the type of fee (initial enrollment, account c losing fee, etc) and the frequency (monthly? One-time?).
If applicable, what is the minimum balance required?
If applicable, what is the penalty/fee for falling below the  minimal balance?
If applicable, how is the fee for minimum balance calc ulated? [the fee should be based on the cost of maintaining the account and should not be excessive]
Savings product structure
Is the savings product  compulsory or voluntary?
Will savings be used as collateral under any circumstances? [if so, please see collateral disclosure obligations under Model Legal Framework and Smart Campaign guidelines]
If savings may be collateralized, can client withdraw savings without penalty once all outstanding credit has been repaid?
Are compulsory savings products sold and managed separately from voluntary products?
Can clients overdraft their account? If yes, please explain  overdraft purpose/structure to client.
What fees are associated with overdraft?
How and when are clients notified that they have overdrafted t heir account?
How do clients consent or withdraw their consent for ov erdraft protection? [Clients must consent to overdraft]
Withdrawal of funds
What is the process for withdrawal? Where can  a client go to withdraw funds?
Who, if anyone other than the client, c an withdraw funds from the account?
Disclose any penalties for withdrawing from savings product at  any time or for any reason.
What steps does the financial institution take to ensure that  the savings account is secure?
For additional information, please see the Smart Campaign tool:  Smart Savings: Client Protection in the Savings Process
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