What must be included in the disclosure of account terms under TISA?

Under the Truth in Savings Act (TISA), the disclosure of account terms must include all applicable fees and conditions related to the account. This comprehensive approach ensures that consumers have a clear understanding of the costs associated with opening and maintaining a deposit account. It is essential for financial institutions to provide this information so consumers can make informed decisions, comparing different accounts accurately.

By including all applicable fees and conditions, the disclosures help to illuminate aspects such as maintenance fees, minimum balance requirements, transaction limits, and penalties for early withdrawal—giving consumers a complete picture of what to expect from the account. Understanding these details is critical for effective financial planning and helps to avoid unexpected charges that could arise from poorly understood terms. This level of transparency is a core principle of TISA, supporting consumer protection and informed financial decision-making.