What kind of information must consumers receive regarding fees under TISA?

Under the Truth in Savings Act (TISA), consumers must receive a comprehensive list of all fees that may apply to their accounts. This requirement ensures transparency and allows consumers to make informed decisions when choosing a financial institution and its offerings. Providing a detailed breakdown of potential fees helps consumers understand the cost structure associated with their accounts, which can include overdraft fees, maintenance fees, and transaction charges, among others.

The comprehensive list not only fosters informed consumer choice but also promotes competition among financial institutions, as consumers can easily compare the fee structures of different banks or credit unions. This disclosure is intended to prevent unexpected charges and enhance consumer awareness of the true cost of their banking services.