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Bank Accounts - General Questions about Accounts

Is the bank required to send me a monthly statement on my checking or savings account?

National banks 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.

In that case, the bank should send a periodic statement for each monthly cycle in which an electronic fund transfer has occurred. If no recent electronic fund transfers have occurred, the bank should send a periodic statement at least quarterly.

Can my bank change my deposit account statement cycle date?

Generally yes, but contact your bank to find out if they can.

I need a copy of my bank statement (or other records). Can you help?

The OCC can't obtain customer records on your behalf. But you can receive copies of your own records by contacting the bank directly. The bank may charge a fee.

Am I entitled to get my cancelled checks with my bank statement?

Banks are not required by law to return cancelled checks. If you receive your checks or copies of checks, it's usually because of your Account Agreement and your bank's policies.

If you have usually received cancelled checks with your bank statement, you could start to receive substitute checks instead of, or in addition to, cancelled checks.

Can a bank refuse to let me open a checking account?

Yes. National banks are private businesses. No Federal banking law or regulation requires a national bank to open an account.

My bank stopped providing withdrawal receipts. Is this legal?

It depends on the type of transaction. When you make a withdrawal from a teller, a national bank is not legally required to provide withdrawal receipts. It is a matter of bank policy.

However, you are entitled to a terminal receipt each time you initiate an electronic funds transfer (EFT). This applies whether you use an ATM or make a point-of-sale transfer.

My bank notified me that it is no longer a retail bank and that it had transferred my account to another bank. Can it do this?

Yes. Federal laws and regulations do not prohibit national banks from changing the type of banking business in which they engage. A bank can sell its branches and transfer its deposit accounts to the acquiring bank.

On an account with a Power of Attorney (POA), what happens after the accountholder is deceased?

Generally, the POA automatically expires upon the death of the accountholder.

Copyright 2007 by Mark McCracken , All Rights Reserved