What should the terms of promotional bonuses include according to TISA?

The terms of promotional bonuses must include eligibility criteria and time frames to ensure transparency and understanding for consumers. The Truth in Savings Act (TISA) emphasizes the necessity for financial institutions to provide clear and comprehensive information regarding any promotional offerings they present. This includes stipulating who qualifies for the bonus, such as minimum balance requirements or account type specifications, as well as the timelines related to the offer, like how long a consumer has to meet the requirements or how long the bonus will be available. This clarity helps protect consumers and allows them to make informed decisions about their banking choices, ensuring there are no surprises regarding the conditions they must meet to receive the bonus.