What is the Truth in Savings Act?

The Truth in Savings Act (TISA) is a federal law passed in 1991 that applies to all banking institutions in Kansas. It is designed to protect consumers who are saving money in deposits and other savings accounts by requiring banks to provide accurate and detailed information about the savings accounts they offer. Specifically, TISA requires banks to provide clear and understandable information about the terms of their savings accounts including the interest rate, minimum balance requirements, fees and other charges associated with the account, beneficial features of the account, any limitations on depositing or withdrawing money from the account, and the frequency of interest payments. TISA also requires banks to provide a written disclosure statement at the time of account opening, and to update it annually with any changes. This statement must include all of the information described above so that consumers are aware of the terms and conditions associated with their savings accounts. Overall, TISA serves to protect consumers in Kansas by ensuring that they are presented with accurate and understandable information so they can make informed decisions about their savings accounts. It also ensures that banks are transparent and accountable to their customers by providing them with the information they need to make smart decisions about their money.

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What is the Truth in Savings Act?

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