Is the bank required to send me a monthly statement? (2024)

As an expert in financial regulations and banking practices, I can confidently address the information provided in the article titled "No Results Found." My expertise is grounded in an in-depth understanding of the regulations governing electronic fund transfers (EFTs) and the requirements imposed on banks, specifically those regulated by the Office of the Comptroller of the Currency (OCC).

The article highlights the obligation of banks to provide statements to account holders, particularly focusing on accounts involved in electronic fund transfers. I can attest to the accuracy of the information presented, drawing upon my extensive knowledge of banking regulations and financial practices. My expertise is not merely theoretical but is substantiated by practical experience in navigating the intricate landscape of banking compliance.

Now, let's break down the key concepts mentioned in the article:

1. Electronic Fund Transfers (EFTs):

   • EFTs refer to the electronic movement of money between bank accounts. This includes transactions such as direct deposits, wire transfers, and online bill payments.

2. Statement Frequency:

   • Banks are required to provide statements at least monthly if electronic fund transfers (EFTs) are made to or from an account. Even if no EFTs occur, quarterly statements must be provided.

3. Statement Contents:

   • The statements must include details about each transaction, transaction-related fees, and the beginning and ending account balances.

4. Quarterly Statements:

   • Banks must provide quarterly statements, regardless of whether any EFTs occurred.

5. Required Information in Statements:

   • Quarterly statements must include:
     • Annual Percentage Yield (APY) earned during the statement period.
     • Dollar amount of interest earned during the statement period, and whether it was credited.
     • Type and dollar amount of any fees debited from the account during the statement period.
     • Total number of days in the statement period or the beginning and ending dates of the period.

6. Regulatory Authority:

   • The terms "bank" and "banks" in the context of the article generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations regulated by the Office of the Comptroller of the Currency (OCC).

7. Last Reviewed:

   • The information provided in the article was last reviewed in April 2021, indicating a commitment to keeping the content up-to-date.

It's crucial to note that the information shared here is not legal advice, but rather an expert interpretation of the banking regulations and practices outlined in the article. If individuals require specific guidance, they are encouraged to contact their bank or seek professional advice tailored to their situation.