What information must be disclosed about minimum balance requirements?

The requirement to disclose information about minimum balance requirements is a critical aspect of the Truth in Savings Act (TISA). When a financial institution provides information regarding minimum balance requirements, it must include details on how to open an account, ways to avoid fees, and how to obtain the Annual Percentage Yield (APY). This comprehensive disclosure ensures that consumers are fully informed about the terms associated with the account, including any conditions that might affect their ability to earn interest or incur fees.

By disclosing how to avoid fees, potential account holders can understand their obligations and the financial implications of maintaining certain balance levels. Additionally, providing information about the APY allows them to assess the account’s value in terms of interest earnings, helping them make informed decisions about their savings options. Overall, this approach aligns with the transparency goals of TISA, ensuring that customers make decisions based on complete and clear information regarding their accounts.