What must be stated regarding the maturity date of time accounts?

The correct answer is that the maturity date and callable date/circumstances must be stated for time accounts. This requirement is in alignment with the Truth in Savings Act (TISA), which mandates that financial institutions provide clear and accurate information about the terms of time deposits, including the maturity date.

The maturity date is critical because it defines when the account reaches the end of its specified term, at which point the depositor can access their funds without penalties. Additionally, if the account is subject to a callable feature, where the institution has the right to call the account prior to maturity, that information must also be disclosed. This transparency allows consumers to make informed decisions regarding their savings and investment options, ensuring they understand both the duration of their commitment and any potential risks associated with early withdrawal or changes to their deposit terms.

Including the callable date and circumstances enhances consumer protection by informing them of any additional considerations that could affect their funds, making it essential for compliance with TISA standards.