When must consumers be informed of changes to terms and conditions under TISA?

Under the Truth in Savings Act (TISA), consumers must be informed of changes to terms and conditions at least 30 days before those changes take effect. This requirement ensures that account holders are given adequate notice and can make informed decisions regarding their accounts. Providing at least a month's advance notice allows consumers time to digest the new information, compare it with other financial products if necessary, and take appropriate action should they find the changes undesirable.

This notice requirement applies broadly to significant changes in terms, such as interest rates, fees, and other account features. It reflects the principle that consumers should be treated fairly and transparently regarding their financial products. By mandating a 30-day notification period, TISA aims to enhance consumer protection and promote informed financial decision-making.