What type of accounts does TISA primarily apply to?

The Truth in Savings Act (TISA) primarily applies to deposit accounts, which include savings and checking accounts. TISA's main objectives are to ensure that consumers receive clear and accurate information about the terms and conditions of deposit accounts, facilitating apples-to-apples comparisons among different financial institutions. By covering accounts like savings and checking accounts, TISA mandates disclosures regarding interest rates, balance requirements, and fees, which are crucial for consumers making informed choices about where to keep their money.

While time deposit accounts and certificates of deposit are types of deposit accounts that may be subject to certain provisions under TISA, the broader scope of the Act is focused on all types of deposit accounts available to consumers, which is why options relating to investment accounts or retirement accounts do not fall under TISA's main application.