Which account types are generally excluded from TISA requirements?

The correct answer is that time deposit accounts with terms less than one year are generally excluded from the requirements of the Truth in Savings Act (TISA). TISA was designed to promote transparency in the advertising of deposit accounts and to provide consumers with clear information about the costs and terms associated with these accounts. However, it specifically excludes accounts that do not meet certain criteria, one of which is the minimum term requirement for time deposit accounts.

Time deposit accounts, such as certificates of deposit (CDs), that have terms less than one year are often seen as temporary placements of funds rather than longer-term savings instruments. Therefore, they fall outside the purview of TISA, which aims to regulate accounts that have more extended terms where consumers are likely to keep their funds deposited for a significant period.

The other options, such as common checking accounts, savings accounts with fees, and certificates of deposit with a high minimum balance, have characteristics that generally do not exclude them from TISA regulations. Common checking accounts, even with no fees, and savings accounts with monthly maintenance fees typically provide consumers with important information about fees and interest that TISA seeks to regulate. Certificates of deposit, regardless of minimum balance requirements, may fall under TISA depending on their term length. This