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Yearly Savings Statement

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Question: 
Are we required to send out a yearly savings statement? We know we have to send the monthly statements that have electronic items, but how about the rest?
Answer: 

If the customer has signed up for EFT access to the account (other than direct deposit only), you have to provide at least a quarterly statement (monthly for any month with EFT activity). To the best of my knowledge, there is no annual statement requirement, unless the bank wishes to use that as the vehicle for delivering an annual EFT error resolution notice or privacy disclosure.

First published on BankersOnline.com 11/05/07

First published on 11/05/2007

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