What kind of fees must be disclosed under TISA?

Under the Truth in Savings Act (TISA), financial institutions are required to disclose all relevant fees associated with deposit accounts. This includes any fees that might affect the consumer's earnings on their savings accounts or any other types of fees that can apply to those accounts. The purpose of this requirement is to ensure transparency and allow consumers to make informed decisions regarding their banking options.

Disclosing all relevant fees helps consumers understand the true cost of maintaining their account, including maintenance fees, transaction fees, and any other fees that may be applicable. This comprehensive disclosure is aimed at preventing hidden charges which could significantly alter the expected return on deposits and ultimately influence the consumer's financial decisions.

The requirement does not limit disclosures to just maintenance or transaction fees individually or condition them based on amounts; rather, it encompasses the full spectrum of fees that consumers may encounter with their accounts. This ensures that consumers have a complete picture of potential costs, thereby fostering more informed financial choices.