Under TISA, how should promotions involving limited-time rates be managed?

Promotions involving limited-time rates must clearly state the promotional duration and conversion terms to comply with the Truth in Savings Act (TISA). This requirement ensures that consumers have a full understanding of the terms under which promotional interest rates are offered. Transparency regarding the promotional period is crucial for consumers to make informed decisions about their savings options. It allows them to know how long they can benefit from the promotional rate and understand what the account would revert to after the promotional period ends.

Clear communication regarding these terms is central to TISA's objective of providing consumers with transparency in financial products. Such clarity helps to prevent misunderstandings that could lead to customer dissatisfaction or financial harm. Therefore, clear statements about the promotional duration and conversion terms play a vital role in maintaining trust and accountability in financial institutions.