When are TISA disclosures provided to consumers?

The correct answer reflects the requirements under the Truth in Savings Act (TISA), which mandates that financial institutions provide clear and concise disclosures to consumers regarding the terms and conditions of deposit accounts. TISA disclosures must be provided when an account is opened, ensuring that consumers understand the account features, including fees, interest rates, and other essential information from the beginning of the relationship. Additionally, these disclosures must also be given upon request, allowing consumers to receive updated information whenever needed, and when there are any significant changes to the account terms. This regulation is intended to promote transparency and enable consumers to make informed financial decisions.

The other options, while they cover some aspects of consumer interactions with financial institutions, do not fully align with TISA's requirements. Disclosures exclusively at the time of account closure, during promotional offers, or solely at the end of the year would not adequately inform consumers about their accounts. TISA emphasizes timely and relevant information, ensuring consumers are always aware of the terms that affect their financial decisions.