What should statements clarify regarding the time period?

Statements under the Truth in Savings Act (TISA) must clarify both the interest-calculation and statement periods. This requirement ensures that consumers understand how their interest is accrued and how often they will receive statements regarding their accounts. Clarity in these aspects allows account holders to make informed decisions about their savings and enables them to monitor their account performance over specific time frames.

Having this information prominently displayed helps consumers anticipate how much interest they will earn based on the balance maintained in their accounts, as well as the frequency of the statements they will receive. By setting clear expectations, financial institutions contribute to transparency, which is a key goal of TISA. This emphasis on clarity enhances customer trust and enables better financial planning for individuals.

In contrast, other options suggest a lack of necessary specifications or focus solely on one aspect, which would not provide the comprehensive information that consumers need regarding their accounts.