What must be disclosed regarding any fees that may be applied to an account?

Under the Truth in Savings Act (TISA), financial institutions are required to provide clear and comprehensive information about any fees associated with an account. This includes disclosing the specific amount of any fee that may be applied and the conditions under which these fees will be imposed. This requirement aims to ensure transparency for consumers, allowing them to make informed decisions about the products they choose.

Disclosing both the fee amount and the conditions is critical for consumer protection, as it prevents any surprises that could arise from undisclosed charges. For instance, if a bank imposes a monthly maintenance fee under certain conditions, customers should be aware of not only the cost but also the circumstances that would trigger the fee. This level of disclosure helps consumers manage their accounts more effectively and avoid unnecessary charges.

The other options do not fully meet TISA's requirements. Simply stating the total fees charged annually may not provide enough detailed information for consumers. Limiting disclosure to fees greater than a certain amount, like $10, would likely lead to consumers missing important information about smaller fees that can add up over time. Stating that fees do not need to be disclosed contradicts the very purpose of TISA, which is to ensure transparency and protect consumers regarding their financial obligations.