Are banks required to provide periodic statements?

Under the Truth in Savings Act (TISA), banks are indeed required to provide periodic statements, but the requirement comes with certain stipulations. Specifically, while banks must provide these statements for certain types of accounts, they are not mandated to do so for every account type. Additionally, if they do provide periodic statements, they must include essential information such as the annual percentage yield (APY), the balance in the account, and any fees that may apply.

This flexibility allows banks to determine how to communicate with their customers based on the specific types of accounts and the nature of their offerings. Various account types, such as savings or transaction accounts, may have different requirements concerning statement frequency and detail, reflecting the reality of banking practices and consumer needs.

In contrast, the other options imply stricter requirements that are not consistent with the provisions of TISA. For instance, suggesting that banks are always required to provide statements or that they only need to provide them for certain account types like interest-bearing accounts does not capture the full scope of the law's flexibility. Similarly, limiting the requirement to checking accounts overlooks the broader range of accounts TISA encompasses. Therefore, the accurate interpretation recognizes that while there is a requirement to provide statements, it is conditional based on the account