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

Yes, in many cases. If electronic fund transfers (EFTs) can be made to or from your account, banks must provide statements at least monthly summarizing any EFTs that occurred each month. The statements include information about each transaction, including transaction-related fees, and beginning and ending account balances. The bank must provide quarterly statements even if no EFTs occurred.

In any case, if the bank provides periodic statements, at least quarterly the statements 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 it was credited.
• The type and dollar amount of any fees that were debited from the account during the statement period.
• The total number of days in the statement period, or the beginning and ending dates of the period.

Last Reviewed: April 2021