Answers about Bank Accounts
Is the bank required to send me a monthly statement on my checking or savings account?
Depository institutions are only required to provide periodic statements to you if electronic fund transfers (EFTs) can be made to or from your checking account, savings account, or money market/NOW account. If they do, the statements have to disclose specific information.
The disclosures must include
- The annual percentage yield (APY) earned during the statement period, using that term,
- The dollar amount of interest earned during the statement period, and whether or not it was credited,
- The type and dollar amount of any fees that were debited to the account during the statement period, and
- The total number of days in the statement period, or the beginning and ending dates of the period.
If no recent electronic fund transfers have occurred, the bank must send a periodic statement at least quarterly.