What does a periodic statement provide?

A periodic statement is a document provided by financial institutions that details the activity in a consumer's account over a specific period, typically monthly or quarterly. It includes various essential pieces of information regarding the account, such as the balance, interest earned, transaction history, and fees charged.

The correct choice indicates that a periodic statement provides a summary of information about an account, but it explicitly excludes certain account types that may not provide periodic statements, such as certain time deposit accounts or accounts with specific conditions. This distinction is important for understanding how different accounts may report their information and the varying obligations of institutions under the Truth in Savings Act.

This option accurately reflects the nature of a periodic statement as an overview of account details, rather than an exhaustive list of all transactions or fees, or focusing solely on verification of identity. Other choices do not capture the broader aspect of what a periodic statement contains, as they might focus on more specific details or different functions.