Banks offer electronic banking.
Electronic banking is also known as EFT, or Electronic Funds Transfer. This electronic technology is used as a substitute for checks and paper transactions. When you have an account at a financial institution and use the EFT system, you are entitled to receive a periodic statement whenever you conduct a financial transaction, according to the Federal Trade Commission (FTC) website.
Monthly Statements
You are entitled to receive a monthly banking statement if any electronic transactions took place during the financial institution's monthly cycle. The statement should include the amount of all your transactions, the dates they were debited or credited and the type of account it was transferred to or from. The statement should also provide the telephone number and address of an electronic debit should you need to make an inquiry. If you do not conduct transactions over an extended period of time, you are entitled to receive a quarterly bank statement (see Reference 2).
Transaction Types
The electronic banking statement you receive should include the types of transactions debited or credited to your account. This includes Automatic Teller Machine (ATM) transactions, even though you receive a receipt for ATM transactions when you use an ATM machine. The statement should also list automatic payroll deposits, including Social Security checks and debit card purchases. All pre-authorized withdrawals should also be included, such as mortgage payments and utility bills.
Errors
If your statement contains an error, you have 60 days from the date the statement was sent to you to contact your financial institution to request a correction. The financial institution has 10 business days to investigate and respond. If you fail to act, you may have little or no recourse. Under federal law, your financial institution is not obligated to investigate an error if you have missed the 60-day deadline, according to the FTC website.
Special Rights
The federal Electronic Fund Transfer Act (or EFT Act) covers your electronic banking statement rights. You also have two other special rights. A financial institution cannot require you to pay a loan through the use of an electronic banking transfer. Additionally, if you are required to receive your salary or any type of government benefit check, you have the right to pick your own financial institution (see Reference 1).
