Is it still required to send daily confirmations? We have a customer who doesn't want to receive them daily.

I found an old thread (2005) that said we needed to do it but wanted to be sure there wasn't anything more recent that I was missing.

Thank you.

I apologize because this is not responsive, but many banks set up repos so they could offer an interest bearing investment (not account) to customers who were not NOW eligible. If that's your bank, with changes made a couple years ago, you can offer an interest bearing DDA to anyone you like and bury this offering with the Tyrannosaurus Rex.

Unfortunately, we've only been able to bury about half of our dinasaurs. On the repurchase agreements you still need to send that statement whenever a balance/transaction change occurs (from one of our previous examinations). Again, the statement only needs to be sent when there is a change, not necessarily every day.

Thank you both for your responses!

We send daily confirmations. But I thought the reason for these were to invest funds in excess of FDIC insurance. Our sweeps are for balances over $250K.

Then you have a rationale for maintaining the offering. Those banks that did it to provide an earnings alternative for ineligible customers don't.