What obligation does TISA impose on the disclosure of "service charges"?

The Truth in Savings Act (TISA) places a significant emphasis on transparency in financial transactions to ensure consumers are fully informed about the terms and conditions associated with their accounts. The correct option highlights that service charges must be clearly disclosed with specifications. This means that any fees that may be incurred by the account holder, such as monthly maintenance fees, withdrawal fees, or any other service-related charges, must be made explicit and easily understandable to the consumer.

Clear disclosure helps consumers make informed decisions about their financial choices and understand the impact of these charges on their overall banking experience. It requires financial institutions to detail how these charges are assessed, under what circumstances they apply, and any conditions under which they may be waived.

While other options may suggest different methods or frequencies of disclosure, they do not align with TISA’s requirement for clarity and specificity in communication regarding service charges. By mandating clear specifications, TISA aims to protect consumers from unexpected fees and enhance their ability to compare different financial products effectively.