Account Policy (TISA: Truth-in-Savings)

The Truth in Savings Act requires the clear and uniform disclosure of rates of interest and the fees that are associated with the account so that the consumer is able to make a meaningful comparison between potential accounts.

Note: TISA is only applicable to deposit accounts that are held by a natural personal, household, or family use. Accounts owned by businesses or organizations such as churches and neighborhood associations are not subject to these rules.

Account Types

The Account Policy (TISA: Truth-in-Savings) module allows the OPPSA application to define data collection and document selection for the account. The following accounts exist:

Checking (or Share Draft)
Savings
Time/Term Share
Money Market (MMDA)
Club
Basic Banking (NY Only)
ETA

Note: Depending on the account type selected, the screens presented in the TISA module will be customized.