Account Statements

Posted By: AMXSteve

Account Statements - 08/23/02 01:05 PM

Is anyone aware of any laws/regs concerning statement cutoffs? I'm currently in a confilict with our IT department and common sense and customer service issues aren't prevailing. Our IT dept. is wanting to automate some of the processes involving our business DDA accounts. Because of this automation, some of the current month's transactions will not appear until the next month's statement. Some transactions for the current month will not appear on it's statement. They will appear on the next month's statement but list the actual date they occurred. I know this will be confusing to the customer and possibly interfere with their account practices, but I'm looking for something concrete that says we can't do this. Any help would be greatly appreciated!!!!!
Posted By: Andy_Z

Re: Account Statements - 08/23/02 01:14 PM

You have some restrictions as to the length of a statement cycle, but I believe it is assumed that all transactions within that time will be listed.

You're saying that if made a WD today for $1M and my statement cuts 2 days from now, that WD may not show until the next monthly statement 30 or so days from now?

That would sure create some issues. Customers check the telephone system, call a teller, used an ATM and go to Internet banking already. How many different answers can they get because of transactional latency?

I'm with you, especially if these could be interest bearing accounts. The transactions within the statement cycle are expected to be there.
Posted By: Richard Insley

Re: Account Statements - 08/23/02 03:24 PM

Sounds like the perfect plan to chase customers across the street.
Posted By: Anonymous

Re: Account Statements - 08/23/02 05:58 PM

How could a business ever close out its statement at the end of the month? I am treasurer for a church and I have to have a board report done each month on the basis of the activity of the last month. If there were items or things missing that I didn't get until the following month, it might throw my whole thing off. I had a customer complain to me the other day because one of her deposit slips accidently slid through the stuffer that was suppose to go on this month and not last month's statement. She was very upset. I think you will lose many customers over this.