When is a consumer entitled to receive TISA disclosures?

A consumer is entitled to receive TISA disclosures at the time an account is opened and upon any subsequent changes to the terms of that account. This requirement ensures that consumers have timely access to pertinent information about the account's terms, conditions, fees, and interest rates, which are crucial for making informed financial decisions.

Providing disclosures at the onset of the account enables consumers to understand the specifics before they commit to opening the account, ensuring transparency in banking operations. Notifying consumers about changes in terms keeps them informed about any modifications that may affect their account, such as fee adjustments or interest rate changes, fostering ongoing transparency and helping consumers manage their finances effectively.

Consumers would not receive disclosures only when requested, only at the end of the year, or upon account closure. These scenarios would not adequately inform consumers about the crucial information regarding their accounts in a proactive manner, which is a central purpose of the TISA regulations.