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.

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.

Thanks It's what I understood but I wanted to be sure I wasn't reading into things that weren't there.

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

Retire them to the same museum as counter checks and passbooks.