Checking/Savings Statements

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Question:

Is it stated anywhere how often you have to provide deposit account statements for checking/savings?

Answer:

Reg E is the only place in federal regulation where a minimum statement frequency for checking/savings accounts is specified. In that regulation, if the account has the capabilities of electronic funds transfers (i.e., ACH drafts, ATM withdrawals, etc.), the account must receive a statement monthly for any month where there is electronic activity and at least quarterly if there is no electronic activity. See 12 CFR 205.9(b).

First published on BankersOnline.com 1/22/07