What does the term "business day" refer to in TISA?

In the context of the Truth in Savings Act (TISA), the term "business day" specifically refers to a calendar day when financial institutions are operational, which excludes weekends and federal holidays. This definition is critical as it establishes the timing for various disclosures and transactions required by TISA, ensuring that consumers understand how their accounts operate regarding interest accruals, transaction processing, and other financial activities.

Choosing the correct answer emphasizes the importance of acknowledging which days qualify for the purposes of banking activities, allowing for consistent and clear communication regarding the timing of financial events. The definition helps consumers know when to expect their transactions to be processed, making it a vital aspect of consumer protection in financial dealings.