It is not required for accounts where the only EFT allowed is a preauthorized transfer to an account. If the account is a passbook account, the bank updates the passbook on presentation; if not, the bank it at least quarterly.
It is not required for accounts where the only EFT allowed is a preauthorized transfer to an account. If the account is a passbook account, the bank updates the passbook on presentation; if not, the bank it at least quarterly.
A periodic statement is not required for accounts where the only electronic fund transfer (EFT) allowed is a preauthorized transfer to an account. In the case of a passbook account, the bank is required to update the passbook upon presentation by the account holder. For non-passbook accounts, the bank must provide a statement at least quarterly.
The correct answer is A. A periodic statement. For accounts where the only electronic fund transfer service allowed is a preauthorized credit to the account, it is not required to send a periodic statement for each cycle in which an electronic fund transfer has occurred. However, for passbook accounts, the bank must update the passbook upon presentation by the account holder. For non-passbook accounts, the bank is required to provide a statement at least quarterly.