What type of statements must banks provide under TISA?

Under the Truth in Savings Act (TISA), banks are required to provide consumers with clear and comprehensive information regarding how interest is calculated and paid. This requirement ensures that consumers understand the terms associated with their deposit accounts. By providing statements that detail the method of interest calculation, the frequency of compounding, and the timing of interest payments, banks empower consumers to make informed decisions about their savings options.

This transparency is essential in helping consumers compare different financial products and understand how their savings may grow over time. Such information is crucial for clarity regarding the potential earnings from an account, which supports the overall purpose of TISA—to promote transparency and help consumers make knowledgeable choices regarding their savings.