What is the Truth in Savings Act?

The Truth in Savings Act (TISA) is a Washington state law created to protect consumers when they open a savings account. The law requires banks and other financial institutions to provide clear and consistent information about their savings products so that the consumer can make an informed decision. TISA requires banks to reveal certain facts about a savings account such as the annual percentage yield (APY), terms and conditions, required minimum balance, and any fees that may be associated. Banks must also disclose any changes in the terms and conditions of the account such as a change in the APY. This ensures that consumers are aware of the true cost of maintaining the account. Banks must also give customers a disclosure statement at the time of opening the account. This document must contain all of the terms and conditions that apply to the account and must be given to the customer before they open the account. This allows customers to compare different accounts from different banks before making a decision. The purpose of TISA is to protect consumers from deceptive or unfair practices by banks and to ensure that customers are receiving the best products for their money. TISA has succeeded in making the banking system in Washington more transparent and has helped create a level playing field for both banks and customers.

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What is the Truth in Savings Act?

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