The Truth in Savings Act ("TISA") applies to all insured depository institutions (as implemented by CFPB Regulation DD) and credit unions (as implemented by NCUA Rules Part 707). TISA imposes standardized disclosure requirements designed to enable consumers to make informed decisions, through comparison shopping, about his or her deposit accounts. Regulation DD and Part 707 require disclosures about fees, annual percentage yield ("APY"), the methods of calculating the balance on which interest is paid, advertising, and other terms. The regulations prohibit a depository institution from advertising deposit accounts in a way that is misleading or omits key information, such as a required minimum balance.

A consumer is entitled to receive disclosures under any of the following circumstances:

• when an account is opened;
• upon request;
• when the terms of the account are changed;
• when a periodic statement is sent; or
• for most time accounts, before the account matures.

TISA is applicable not only to situations where a customer has a positive deposit balance but also, for example, where a customer has an overdraft on an account and is charged interest or other fees.