Which type of account would not require disclosure under the Truth in Savings Act?

The Truth in Savings Act (TISA) primarily aims to ensure that consumers are provided with accurate and clear information concerning the terms and conditions of deposit accounts. However, it is specifically designed to protect individual consumers acting in a personal capacity, not those engaging in commercial transactions.

An account established for business purposes does not fall under the protections and requirements outlined in TISA, which means that such accounts do not require the same level of disclosure that is mandated for consumer accounts. This distinction is significant because business accounts are intended for transactions related to commercial ventures and are subject to different regulations that govern business banking practices.

In contrast, standard savings accounts, personal checking accounts, and joint accounts for family members are all types of consumer accounts that provide the same level of protection and require the disclosures mandated by TISA. This ensures consumers understand their rights and the functional aspects of their accounts, such as interest rates, fees, and terms. Thus, the correct understanding of these regulations highlights why the business account is not subjected to TISA disclosures.