The Truth in Savings Act requires depository institutions to disclose a standardized rate of interest so that depositors can easily compare various savings options.

Question

Quizplus · Accepted Answer

The Truth in Savings Act (TISA) indeed requires depository institutions to disclose a standardized rate of interest, as well as other information, such as fees, terms, and conditions, in a uniform format, so that consumers can make informed decisions and compare different options. TISA aims to promote transparency and accuracy in the marketing and advertising of deposit accounts, and to enhance consumer protection and confidence in the banking system.

The Truth in Savings Act Requires Depository Institutions to Disclose