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#2213501 - 05/14/19 01:23 PM Christmas Club periodic statements
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Diamond Poster
Joined: Nov 2008
Posts: 1,060
In the mountains
If a Christmas Club account is funded only by cash or check deposits and is paid out to the customer annually in November, does the account require at least quarterly statements or only a statement in November when the balance is paid out?

Does the fact that an account could have an EFT into the account mean that at least quarterly statements are required?

Thanks in advance.
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Operations Compliance
#2213543 - 05/14/19 05:46 PM Re: Christmas Club periodic statements Likes to Comply
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,651
Galveston, TX
1005.9(b) Periodic statements. 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.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2213566 - 05/14/19 07:45 PM Re: Christmas Club periodic statements Likes to Comply
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Diamond Poster
Joined: Nov 2008
Posts: 1,060
In the mountains
Thanks smile It's what I understood but I wanted to be sure I wasn't reading into things that weren't there.
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#2213580 - 05/14/19 09:01 PM Re: Christmas Club periodic statements Likes to Comply
HappyGilmore Offline
10K Club
Joined: Jun 2004
Posts: 19,538
Pulling people out of the ditc...
one of the reasons we no longer all our christmas club accounts to accept electronic transfers...have to walk in to a branch to make it. i'd just as soon eliminate them completely
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#2213597 - 05/15/19 12:24 PM Re: Christmas Club periodic statements HappyGilmore
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,068
Toano, VA
Retire them to the same museum as counter checks and passbooks.
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