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#452508 - 11/04/05 05:15 PM DDA statements
Maya Offline
100 Club
Joined: Jan 2005
Posts: 154
South Carolina
Are there any regulations requiring a bank to mail a monthy DDA statement to a customer that does not have any activity for that month?

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#452509 - 11/04/05 06:14 PM Re: DDA statements
Anonymous
Unregistered

No, in fact the only requirement a statement be sent if there is EFT activity. If the account has had not EFT activity in a month, no statement is necessary. But you must send a statement every 90 days on the account, even if no activity occured.

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#452510 - 11/07/05 06:06 PM Re: DDA statements
BrendaC Offline
Power Poster
BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
I believe there is an exception for inactive accounts and the financial institution can define "inactive" (such as 90 days). Reg E 205.9(b)3 states, "Inactive accounts. A financial institution need not send statements to consumers whose accounts are inactive as defined by the institution."
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