What is considered an "advertisement" under TISA?

An "advertisement" under the Truth in Savings Act (TISA) is defined as any communication that promotes a deposit account. This broad definition encompasses various forms of communication intended to encourage individuals to open or use deposit accounts, ensuring that consumers receive vital information regarding the terms and conditions associated with those accounts. This concept is crucial because it aims to provide transparency and assist consumers in making informed decisions related to deposit products.

In contrast, business meetings that discuss products typically do not qualify as advertisements since they are more internal discussions rather than promotions intended for consumers. Internal memos concerning account fees are also internal communications and do not serve the purpose of advertising to the public. Additionally, while television ads could be classified as advertisements, limiting the definition solely to television excludes other effective forms of communication such as print, online, and in-person promotions that also play a significant role in advertising deposit accounts. Therefore, recognizing any form of communication that promotes deposit accounts is essential for compliance with TISA and ensuring consumer understanding.