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Monthly Statement When Zero Activity

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Question: 
On a reserve line of credit tied to a DDA account. Is it necessary to provide a monthly statement when there is no activity? Zero balance, no advance nothing owing.
Answer: 

1026.5(b)(2) Periodic statements. (i) Statement required. The creditor shall mail or deliver a periodic statement as required by § 1026.7 for each billing cycle at the end of which an account has a debit or credit balance of more than $1 or on which a finance charge has been imposed.

So your answer is no , if "Zero balance, no advance nothing owing" and no finance charges.

First published on 05/25/2015

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