When may the Account Statement be sent monthly instead of quarterly?
Understand the Problem
The question is asking about the circumstances under which an account statement may be sent monthly rather than quarterly. It presents multiple-choice options to identify the correct condition for this change in reporting frequency.
Answer
If you've made at least one electronic fund transfer in a month.
The account statement may be sent monthly instead of quarterly if there has been at least one electronic fund transfer during that month.
Answer for screen readers
The account statement may be sent monthly instead of quarterly if there has been at least one electronic fund transfer during that month.
More Information
Banks are generally required to provide monthly statements if there are electronic transactions to or from your account. This requirement helps ensure transparency and allows customers to track their transactions more frequently.
Tips
A mistake people make is assuming monthly statements are always provided. They are only required if there's electronic activity.
Sources
- Does my bank/credit union have to send me a monthly statement for my checking account? - consumerfinance.gov
- Bank Accounts - Statements & Records - helpwithmybank.gov
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