Monthly Statement to Passbook Savings Customers

If it's truly a Passbook Savings Account, there is no need to send statements. But be sure to read §1005.9(b) & (c) carefully:

§1005.9(b): For an account to or from which electronic fund transfers can be made, a financial institution shall send a periodic statement for each monthly cycle in which an electronic fund transfer has occurred and shall send a periodic statement at least quarterly if no transfer has occurred.

§1005.9(c):Exceptions to the periodic statement requirement for certain accounts. (1) Preauthorized transfers to accounts. For accounts that may be accessed only by preauthorized transfers to the account the following rules apply:

(i) Passbook accounts. For passbook accounts, the financial institution need not provide a periodic statement if the institution updates the passbook upon presentation or enters on a separate document the amount and date of each electronic fund transfer since the passbook was last presented.

(ii) Other accounts. For accounts other than passbook accounts, the financial institution must send a periodic statement at least quarterly.

You need to review the allowed activity of your Passbook Savings Account. If you only allow only preauthorized deposits ("to the account") AND you update all transactions upon presentment, then you do not need to send periodic statements. If you allow any type of electronic debits, then you must send periodic statement, as outlined in §1005.9(b) and (c)(ii).