Under TISA, what type of information must be disclosed to consumers prior to opening an account?

The Truth in Savings Act (TISA) requires financial institutions to provide clear and comprehensive information about various aspects of savings accounts to consumers before they open an account. This includes a detailed account of all potential fees and charges associated with the account.

This requirement is in place to ensure that consumers are fully informed about the costs they might incur, which could affect their overall experience and financial outcomes with the account. Knowing about fees such as monthly maintenance charges, transaction fees, or penalties for early withdrawal allows consumers to make more informed decisions that align with their financial goals.

While interest rates, marketing promotions, and the availability of online banking services are also important factors in choosing a financial product, TISA specifically emphasizes the need for transparency regarding fees and charges as a critical element of informed decision-making for consumers.