Reg DD (Truth in Savings Act Policy)


It is the policy of Waya to comply with the Truth in Savings Act (“TISA”) and its implementing Regulation DD, which are applicable based on Waya’s checking account or/and debit card through its relationship with Lineage Bank (the “Bank”).

The purpose of Regulation DD is to enable consumers to make informed decisions about their accounts at depository institutions through the use of uniform disclosures. The regulation also includes requirements on the payment of interest, the methods of calculating the balance on which interest is paid, the calculation of the annual-percentage yield, and advertising. Waya complies with disclosure, advertising, and other requirements under the Act.


This Policy applies to Waya executive management, employees, and third-party service providers.


Board of Directors

The Board of Directors (“Board”) is ultimately responsible for the Company’s compliance with applicable regulations, as well as setting an appropriate culture of Compliance throughout the organization and ensuring compliance functions have the appropriate level of staffing, prominence and authority throughout the organization. The Board will receive periodic reporting from Compliance including any issues or updates related to Regulation DD.

Chief Compliance Officer

The Chief Compliance Officer (CCO), or appointee, will report directly to Executive Management and is responsible for owning, maintaining and enforcing this Policy. The CCO will institute proper controls that ensure the requirements of this Policy are followed. Additionally, the CCO identifies and ensures Company managers and employees who are affected by this Policy are made aware of its requirements.

Business Owners and Operational Managers

Business owners and operational managers are responsible for implementing and maintaining processes to meet the requirements outlined in this Policy. Business owners and operational managers should review and understand this Policy; complete all assigned training related to Regulation DD; escalate any identified issues or errors to Compliance upon discovery; and develop and implement corrective action plans where necessary to address audit findings or compliance issues.

Key Definitions

  1. Account. An account is a deposit account at a depository institution that is held by or offered to a consumer. It includes time, demand, savings, and negotiable order of withdrawal accounts. Regulation DD covers interest-bearing as well as non-interest-bearing accounts.
  2. Advertisement. An advertisement is a commercial message, appearing in any medium, that promotes directly or indirectly (a) the availability or terms of, or a deposit in, a new account, and (b) the terms of, or a deposit in, a new or existing account. An advertisement includes a commercial message in visual, oral, or print media that invites, offers, or otherwise announces generally to prospective customers the availability or terms of, or a deposit in, a consumer account.
  3. Business day. A business day is a calendar day other than a Saturday, a Sunday, or any of the legal public holidays specified in 5 U.S.C. § 6103(a).
  4. Consumer. A consumer is a natural person who holds an account primarily for personal, family, or household purposes, or to whom such an account is offered. The term does not include accounts held by a natural person on behalf of another in a professional capacity or accounts held by individuals as sole proprietors.
  5. Interest. Interest is any payment to a consumer or to an account for the use of funds in an account, calculated by applying a periodic rate to the balance. Interest does not include the payment of a bonus or other consideration worth $10 or less during a year, the waiver or reduction of a fee, or the absorption of expenses.
  6. Periodic statement. A periodic statement is a statement setting forth information about an account (other than a time account or passbook savings account) that is provided to a consumer on a regular basis four or more times a year.

Policy Requirements

General Disclosure Requirements (Section 1030.3)

Waya complies with the Regulation DD’s general requirements for account disclosures and periodic-statement disclosures. Such disclosures are required to be:

  • Clear and conspicuous;
  • In writing;
  • In a form the consumer may keep;
  • Clearly identifiable for different accounts, if disclosures for different accounts are combined;
  • Reflective of the terms of the legal obligation of the account agreement between the consumer and the depository institution;
  • Available in English upon request if the disclosures are made in languages other than English; and
  • Consistent in terminology when describing terms or features that are required to be disclosed.
Account Disclosure Requirements (Section 1030.4)

Waya provides account disclosures to a consumer before an account is opened or a service is provided, whichever is earlier. Additionally, Waya will comply with Section 1030.4(a)(2) by providing account disclosures and fee schedules upon request.

Waya’s account disclosures must include the following information, if applicable:

  • Rate information;
  • Minimum balance requirements;
  • Fees – amounts of fees and conditions under which fees will be imposed;
  • Transaction limitations – any limitations on number and dollar amount of withdrawals or deposits; and
  • Bonuses – amount or types of bonuses, timing of bonuses, and any requirements to obtain bonuses.
Subsequent Disclosure Requirements (Section 1030.5)

Waya will comply with change in terms disclosure requirements under 1030.5(a) by giving advance notice to affected consumers of any change in a term that is required to be disclosed if the change may adversely affect the consumer. The notice must include the effective date of the change and must be delivered at least 30 calendar days before the effective date of the change.

No notice under this section is required for changes in the interest rate and corresponding changes in the annual percentage yield in variable-rate accounts.

Periodic Statement Requirements (Section 1030.6)

While Regulation DD does not require the delivery of periodic statements, it does set forth specific information that must be included if statements are delivered. Because Waya delivers periodic statements to its customers, it must comply with the requirements under Section 1030.6. The periodic statements must include the following information, if applicable:

  • APY earned;
  • Amount of interest earned;
  • Fees imposed, itemized by type and dollar amounts Except for overdraft fees – when fees of the same type are imposed more than once in a statement period, Waya shall itemize each fee separately or group the fees together and disclose a total dollar amount for all fees of that type; and
  • Length of period, by total number of days or the beginning and ending dates of the period.

The periodic statements will separately disclose the following information, if applicable:

  • The total dollar amount for all fees or charges imposed on the account for paying checks or other items when there were insufficient or unavailable funds and the account becomes overdrawn, using the term “Total Overdraft Fees” and
  • The total dollar amount for all fees or charges imposed on the account for returning items unpaid.
  • Such disclosures shall include the totals for the statement period and for the calendar year-to-date and shall be disclosed in close proximity to fees identified in the periodic statement fees section.
Advertising Requirements (Section 1030.8)

The advertising requirements in Regulation DD cover any commercial message, in any advertising channel or medium, that directly or indirectly promotes the availability or terms of a new account. Generally, Regulation DD prohibits advertising that is misleading, inaccurate, or misrepresentative of the terms of the deposit account agreement. Notably, a Company may not advertise “free” or “no cost” (or a similar term) if a maintenance or activity fee may be imposed on the account; however, Waya does not currently impose these types of fees. Additionally, the word “profit” shall not be used in referring to interest paid on an account.

The advertisement itself:

  • May state a rate of return as an “annual percentage yield;”
  • Shall not state any other rate, except that the “interest rate,” using that term, may be stated in conjunction with, but not more conspicuously than, the annual percentage yield to which it relates; and
  • If the annual percentage yield is stated in an advertisement, the advertisement shall state the following information, to the extent applicable, clearly and conspicuously:
    • Variable rates;
    • Time annual percentage yield is offered;
    • The minimum balance required to obtain the advertised annual percentage yield;
    • The minimum deposit required to open the account, if it is greater than the minimum balance necessary to obtain the advertised annual percentage yield; and;
    • A statement that fees could reduce the earnings on the account.

If Waya creates a bonus program and advertises the bonus, the Company will provide the following additional disclosures, as applicable:

  • “Annual percentage yield,” using that term;
  • Time requirement to obtain the bonus;
  • Minimum balance required to obtain the bonus;
  • Minimum balance required to open the account if it is greater than the minimum balance necessary to obtain the bonus; and
  • Time when the bonus will be provided.

If the advertisement for a deposit product is in electronic format and displays a triggering term (such as the bonus example above), the Company will ensure the advertisement includes a clear reference to the location where the consumer can review the additional required disclosures. In other words, the required disclosures must be one click away.

Overdraft (Section 1030.11)

Regulation DD includes several disclosure, periodic statement, and advertising requirements for entities that offer overdraft services.Currently Waya does not offer Overdraft services, When Waya commence offering overdraft services, Waya will ensure all advertisements that promote the payment of overdrafts are disclosed in a clear and conspicuous manner and include:

  • The fee(s) for the payment of each overdraft;
  • The categories of transactions for which a fee for paying an overdraft may be imposed;
  • The time period by which the consumer must repay or cover any overdraft; and
  • The circumstances under which the institution will not pay an overdraft.

Monitoring and Testing

Waya will ensure that compliance with TISA requirements is independently monitored on an ongoing basis.  Reporting of the results will be delivered to the Executive Management by Compliance.


Employees of the Company determined to have a job function impacted by Regulation DD requirements will receive training at least annually.

Record Retention

Waya will maintain records to demonstrate compliance with Regulation DD for a minimum of two years. These records include account disclosures, periodic statements, advertisements, and any other documents or customer correspondence related to Regulation DD compliance.


Waya is a financial technology company, not a bank. Waya’s Banking services, debit cards, and bank accounts are provided by our banking partner, as set forth in the account agreement. The Waya Mastercard® is issued by our banking partners pursuant to a license by Mastercard International Incorporated. The Waya Card may be used everywhere Mastercard is accepted in the U.S. Mastercard is a registered trademark, and the circle design is a trademark of Mastercard International Incorporated. Waya is a product of Wayapay Limited, Inc. Wayapay, Waya, and associated names are registered trademarks of Wayapay Limited, Inc. All other trademarks and brand names mentioned belong to their respective owners. Standard data rates from your wireless service provider may apply. By clicking on some of the links above, you will leave the Waya website and be directed to a third-party website. The privacy practices of those third parties may differ from those of Waya. We recommend you review the privacy statements of those third-party websites, as Waya is not responsible for those third parties’ privacy or security practices Ⓒ 2024 Waya. All Rights Reserved.