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Understanding your finances can be tricky. There are rules and regulations for almost every type of financial transaction you can think of. Both state and federal laws regulate financial accounts and proceedings, for everything from simple savings accounts to mortgages and IRA's, as well as the operating procedures of the institutions. Laws have gotten a lot more complicated and regulated; for the most part they were created in the interest of the individual. Before the Depository Institutions Regulations Act of 1980, interest rates on bank accounts were controlled by the national government. Which did not allow interest to be paid on money market accounts and checking accounts. Banks It is important to know what type of “bank” you are using so that in the event that you are ever in a legal dispute with your financial institution over any transactions, you can proceed to educate yourself on their laws and regulations. It is important to know just what your financial institution can and cannot do. The term "bank" can be used to refer to a traditional bank, a trust company, savings bank, savings and loan, credit union, thrift or a thrift and loan. Each has it's own set of rules concerning the ways in which it can use your money, (how and where they can invest it) and how much power it has. The legal regulations on financial institutions and how they can operate are largely regulated by the state. The federal government however, puts the basic legal restrictions on types of accounts such as IRA's, Trusts, and student loans. They determine the interest rates and the rules on beneficiaries and withdrawals. Continued... By Jeanne Rongitsch