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DDA Periodic Statement Requirement

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Question: 
I have received several requests from customers to have their periodic statements discontinued, stating, they prefer to view the account online. We do not offer electronic statements for our customers at this time. Can you clarify on demand deposit accounts if a periodic statement is required? I have read under Reg E that a statement is required if an EFT occurs, yet; if an EFT does not occur, is the bank required to send a periodic statement?
Answer: 

If the account can be accessed by EFTs, there must be a statement at least quarterly, even if there are no EFTs. The sole exception is a passbook savings account.

The customer can direct the bank to hold statements for pickup but the bank must issue the statements and have them available.

First published on BankersOnline.com 2/3/03

First published on 02/03/2003

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