How often must depository institutions provide rate information to consumers under TISA?

Under the Truth in Savings Act, depository institutions are required to provide accurate and timely rate information to consumers. This requirement is crucial for promoting transparency and allowing consumers to make informed decisions regarding their savings and investment options. Institutions must notify consumers at least annually about the rates for each account, and they must also provide updates whenever there is a change in the interest rate. This ensures that consumers are aware of current rates applicable to their accounts and can better manage their finances based on that information.

The annual requirement balances the need for regular communication with consumers while also reducing the burden on institutions, as frequent updates may not always be necessary unless there are significant changes. This provision enables institutions to comply efficiently while keeping consumers informed.