Are bank statements required?

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Question:

I am looking for clarification on deposit account statements that must be provided for checking or savings account activity, both consumer and business. Reg DD does not require a periodic statement for consumer, but Reg E does, monthly if there is Reg E activity and quarterly if not. What about business accounts since neither Reg pertains to those? If not a requirement, is it a best practice?

Answer:

Since you usually limit UCC claims via your depositor's contract and that is usually based on when you make statements available to your business customers, visit with your legal counsel.