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
Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on HelpWithMyBank.gov should not be construed as legal advice or a legal opinion of the OCC.
FAQs
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 […]
Are banks required to send monthly statements? ›
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 […]
Are banks required to provide paper statements? ›
Banks are required to provide bank statements to customers for checking and savings accounts for any period in which an electronic funds transfer was made. So if you swiped your debit card, made an ATM withdrawal, or paid a bill from your account, you should receive a statement.
How often should you expect to receive a bank statement for your checking account? ›
Check Your Bank Account and Credit Report Regularly
But even if you don't make a qualifying transaction, most financial institutions send bank statements to their account holders each month. It's a good idea to check your paper bank statement once a month when it arrives.
Do you get monthly bank statements? ›
How can I get a bank statement? Bank statements are sometimes sent by post, but most banks provide paperless statements which can be accessed through your online banking or mobile banking app. Bank statements are typically issued on a monthly or quarterly basis by your bank.
How do I stop bank sending me statements? ›
Change how you get statements
- Log into the Internet Bank.
- Manage my details & settings (hover)
- Select 'Go Paperless'
- My Statements settings section.
- Click on 'Change'
- 'My accounts that can go paperless' - select 'Online statements' or 'Paper statements'
- Select 'Update statement settings'
The bank-statement rule is a principle in commercial law that states that if a customer of a bank fails to review their bank statement and any accompanying items, and does not report any unauthorized payments due to forgery or alteration within a reasonable time, they may not be able to complain about it later.
Can I opt out of paper bank statements? ›
These days, more financial institutions are allowing customers to opt out of receiving paper statements and instead receive them electronically. While paperless statements offer pros such as less clutter from hard-copy statements, they also present some cons such as harder access to older records.
Can I insist on paper bank statements? ›
If you don't choose to go paper-free, we'll keep sending you paper copies. You can still see the last seven years of your current account transactions online. You can also order a paper copy to be sent through the post.
Do banks always send bank statements? ›
Banks are required to provide monthly bank statements for most checking, savings and credit card accounts. That means you probably don't have to do anything to get a bank statement: You should be receiving a paper or electronic statement automatically at the end of each billing cycle.
Your bank statement is the best way to keep track of your funds in your bank accounts. You'll want to review your bank statements every month to monitor your spending and current balance. Reviewing your bank statement monthly is also the best way to catch potentially fraudulent activity on your account.
What if I don't have a bank statement? ›
If you do not have access to online banking, you can call your bank's customer service line. They can help you receive a paper copy of your statement. You can find the number for customer service on the back of your debit card or in the contact section of the bank's website.
Why do they ask for 3 months bank statement? ›
The lender looks for payments going into your account which matches the income you declared on your application and also ensures that you have sufficient disposable funds to pay monthly installments for the loan. Affordability is a major concern of the FCA and as such the lenders have to act responsibly.
Do you get a bank statement every month? ›
An official bank statement is typically sent by the bank to the account holder every month, summarizing all the account's transactions during the month. Bank statements contain bank account information, such as account numbers and a detailed list of deposits and withdrawals.
Are banks required to provide monthly statements? ›
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.
How do I get my monthly bank statement? ›
Visit your bank's website. Log in to Online Banking/Digital Banking/Internet Banking/eBanking etc. Click 'statements', 'e-documents', or 'download'
Are bank statements sent monthly? ›
An official bank statement is typically sent by the bank to the account holder every month, summarizing all the account's transactions during the month. Bank statements contain bank account information, such as account numbers and a detailed list of deposits and withdrawals.
Do lenders have to provide monthly statements? ›
The federal periodic statement rule requires mortgage lenders and servicers to provide homeowners with prompt, regular, and accurate information about their mortgage loans. In response to the foreclosure crisis, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Why am I not getting my bank statements? ›
This could be because you, or if you have a joint account - the other party to this joint account, has opted to go paperless and turned off paper statements. You can confirm this within the 'Statements & transactions' section of Online Banking; just select 'Manage paperless settings'.
Can banks force you to go paperless? ›
The Protecting Against Paperless and Electronic Requirements (PAPER) Act protects access to paper bank statements through two measures: Requiring that banks give customers the option to receive paper statements. Prohibiting banks from withholding paper services unless customers switch to all digital statements.
