What is the Truth in Savings Act?

The Truth in Savings Act (TISA) is a federal law that requires banks in California and throughout the United States to provide consumers with clear and accurate information about their deposit accounts. It was enacted in 1991 in order to protect consumers from potentially deceptive practices by banks. Under TISA, banks are required to provide consumers with clear and easily understandable information about the deposit accounts they offer. This includes details about the terms and conditions of the accounts, the minimum balance requirements, and the interest rate. Banks must also provide consumers with clear information about how interest is calculated. TISA also requires banks to provide consumers with certain types of protections. For example, banks must not make false or misleading statements about the terms of their accounts and must not charge hidden fees or unreasonably high penalties. Additionally, banks must provide customers with a clear and accurate statement of their account activity at least once a month. TISA was designed to give consumers more information and more protection when it comes to the deposit accounts they open with banks. It is a law that helps protect consumers and ensures that they have the information they need to make informed decisions about their finances.

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What is the Truth in Savings Act?

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