I am curious to see what others are doing to meet the requirement that we send monthly statements on savings accounts if there is EFT activity. Does anyone receive complaints from customers about the occasional monthly statement as opposed to a quarterly statement? The only penalties I have seen for Reg E would be the amount of the transaction if found out of compliance. Before I take this to the proper business areas, I want to make sure I have weighed the pros and cons in order to answer questions before they ask them. Thanks ahead of time.

We do not allow preauthorized debits on savings accounts.

I have never heard of a customer complaining about statements & if they do, remind them that this is required by law. Also tell them that the sooner they spot an authorized error, the better (for you and for them).

No complaints I have heard of.

Our system recognizes EFT transaction codes for monthly statement purposes. We have received no complaints to my knowledge.