Which accounts are considered under the most common deposit accounts according to TISA?

The most common deposit accounts according to the Truth in Savings Act (TISA) include checking accounts, savings accounts, and Negotiable Order of Withdrawal (NOW) accounts. TISA was enacted to promote transparency in the terms of deposit accounts and enhance consumer understanding of the various accounts offered by financial institutions.

Checking accounts provide customers with the ability to deposit and withdraw funds while also granting easy access to their money through writing checks and accessing ATMs. Savings accounts, designed for individuals to save money while earning interest, commonly feature less frequent withdrawals. NOW accounts, which function similarly to checking accounts but pay interest, are also significant under TISA as they mix features of savings and checking accounts.

In contrast, limited-term bonds, certificates of deposit, and international accounts do not fall under the typical categories described by TISA for common deposit accounts. Limited-term bonds are separate investment products, while certificates of deposit (CDs) have specific terms and conditions distinct from regular deposit accounts. International accounts are tailored towards foreign currency transactions or non-resident customers, and thus are not categorized among general deposit accounts under TISA.