Is TIS Required for an IRA?

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Question:

Under 12 CFR 230 (Regulation DD), it discloses Truth in Savings disclosure requirements. I am wondering if an IRA is considered a time deposit account, and if a TIS disclosure is required for an IRA.

Answer:

An IRA is a type of IRS-defined account that allows specific tax benefits. A person can have an IRA and hold a variety of investments within an IRA, e.g., stocks, bonds, CDs, etc. If a CD is one of those investments, then the TISA disclosures must be given for the CD account.

First published on BankersOnline.com 6/21/10