Truth in Savings: Top Violations

During our Virtual Deposit Conference, Kevin presented a session, “Top Deposit Violations & Tips”. One of the areas addressed was the Truth in Savings Act (TISA). TISA is all about disclosures which means there are a lot of different ways to mess up, and which our Review Team sees quite often. Kevin discussed the following:

1. Consistent Terminology;
2. Change in Terms;
3. Tiered Rate APY Calculations;
4. Advertising;
5. Overdraft Disclosures; and,
6. Triggers

Kevin explains some of these common violations in the video: