Regarding account statements, what does TISA require institutions to inform consumers about?

The Truth in Savings Act (TISA) mandates that financial institutions provide clear disclosure to consumers about how often they will receive account statements. This is important for consumers to understand their account activity and to track any fees, interest payments, or other transactions that may occur on their accounts. By knowing the frequency of statements, consumers can better manage their finances and remain aware of their account status.

Providing this information enhances transparency and helps consumers make informed decisions regarding their banking options. TISA’s requirement for this disclosure underlines the importance of keeping consumers well-informed about their financial products.