What is one of the key requirements for institutions regarding the disclosure of fees?

The key requirement for financial institutions under the Truth in Savings Act (TISA) regarding the disclosure of fees is that all fees must be disclosed clearly. This requirement aims to ensure transparency, allowing consumers to make informed decisions about their accounts. Institutions are obligated to provide specific information about the types and amounts of fees associated with savings accounts, including monthly maintenance fees, transaction fees, and any other charges that could affect the consumer's balance. Clear disclosure helps to prevent confusion and enables consumers to compare the actual costs of different financial products effectively. This transparency is a fundamental aspect of consumer protection within the banking industry, ensuring that individuals can manage their finances without unexpected penalties or charges.