🏦LTB
← Series 7: Order Processing & Trade Settlement
Series 7 practice questioneasyCustomer Account Statements

How frequently must broker-dealers send account statements to customers who have had activity in their accounts?

  1. AWeekly
  2. BQuarterly for all accounts regardless of activity
  3. CAnnually
  4. DMonthly for active accounts; quarterly for inactive accounts✓ Correct answer
Explanation

Why D — Monthly for active accounts; quarterly for inactive accounts

Under FINRA Rule 2231, broker-dealers must send account statements at least quarterly to all customers who have securities positions or cash balances. For accounts with activity during the period, statements must be sent monthly. For accounts with no activity (but with positions or balances), statements may be sent quarterly. Statements must include all positions, balances, and any activity that occurred during the period.

Turn it into reps

Reading one answer is not the same as being ready

Lucky the Banker is a free practice app with 755+ Series 7 questions, weak-area tracking, and timed mock exams. No credit card, no paywall.

Practice Series 7 freeSeries 7 exam guide
Related Order Processing & Trade Settlement questions