What must a financial institution provide regarding bonus offers for accounts under TISA?

A financial institution must provide clear disclosure of terms and conditions regarding bonus offers under the Truth in Savings Act (TISA). This requirement ensures that consumers have a complete understanding of the conditions that apply to the bonuses being offered.

Transparency in the terms enables account holders to make informed decisions about whether to open an account based on the potential benefits of the bonus. Such terms might include requirements for maintaining a minimum balance, the time frame during which the bonus will be credited, and any other conditions that must be met to qualify for the bonus. Providing this information empowers consumers to evaluate the offer thoroughly and assess the overall value of the account compared to other options in the market.

The other options do not meet the regulatory requirements set by TISA. Simply stating the amount of the bonus without accompanying terms fails to inform the consumer adequately. Past bonus offers are irrelevant since current terms may differ and do not need to be disclosed. Also, nothing is stated about a lack of information requirements; in fact, TISA mandates clear disclosures to promote transparency and protect consumers. Thus, the emphasis on clear disclosure aligns with the overall intention of TISA to ensure consumers are well-informed.