Does a bank have to provide disclosures to a consumer who is not a current customer upon request?

Under the Truth in Savings Act (TISA), a bank is required to provide disclosures to consumers, including those who are not current customers, upon request. This regulation emphasizes the importance of transparency and access to information about deposit accounts, ensuring that potential customers can make informed decisions.

The requirement to offer disclosures to non-customers is crucial because it promotes fair banking practices and supports consumers in understanding the terms, conditions, and potential costs associated with opening a savings or checking account. TISA is designed to empower consumers with the necessary information to compare different banking options, thereby fostering competition and better choices in the market.

This obligation is not limited by the method of the request; in other words, it does not have to be made in person, nor is it restricted to specific types of disclosures. The act encompasses a wide range of information, which includes annual percentage yields (APYs), fees, and other relevant terms associated with the account. By ensuring that this information is available to everyone, TISA upholds principles of transparency and consumer protection within the banking industry.