What is the main requirement of the Truth in Savings Act (TISA)?

The main requirement of the Truth in Savings Act (TISA) is to mandate the disclosure of fees and interest rates before a customer opens a financial account. This regulation ensures that consumers have access to clear and concise information about the terms associated with their savings accounts, enabling them to make informed decisions about where to place their funds. By requiring financial institutions to provide this information transparently, TISA promotes fair dealing and helps protect consumers from hidden fees and unfavorable terms.

This requirement is especially significant in a world where financial products can vary widely in terms of costs and benefits. It allows customers to compare different accounts effectively and understand the true costs associated with maintaining those accounts. As a result, the focus on upfront disclosure directly supports the Act's overall goal of consumer protection within the banking industry.