What is the Truth in Savings Act?

The Truth in Savings Act (TISA) is a federal law that applies to all banks and savings and loan associations in the United States, including those in Nebraska. It was passed in 1991 and is designed to protect consumers from deceptive practices and to ensure that customers receive accurate information about savings accounts. TISA requires banks to clearly and accurately disclose information about interest rates, fees, minimum balance requirements, and yields on savings accounts. This information must be disclosed in a clear and easy-to-understand manner. Banks must also provide customers with an annual report that details the current rate of return on their savings accounts, costs of maintaining the account, and other information required by federal law. The Truth in Savings Act also protects consumers from unfair or deceptive practices. Banks may not advertise false or misleading savings accounts or charge any fees that have not been disclosed to customers. If banks do not comply with TISA, they can be held liable under federal law. In Nebraska, TISA applies to both state-chartered and federally-chartered banks. The law helps to ensure that consumers receive accurate information about their savings accounts and that no unfair or deceptive practices are being used to mislead them.

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What is the Truth in Savings Act?

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