Q: I like to keep meticulous records of my checking and savings accounts, but my bank is making it difficult. They cut my savings account statements back to quarterly, and now they charge a fee for getting paper statements. Also, the tellers no longer give me a receipt when I make a withdrawal. Can they do this?
A: The short answer is yes, but the question should not be limited to what the bank can do. You might find that the more satisfying question is what you can do about it.
What the bank can do. According to the Office of the Comptroller of the Currency, banks are permitted to do the things you mention. Banks do not have to provide statements more frequently than quarterly, unless there have been electronic funds transfers in or out of the account during the period. In addition, tellers are not obligated to provide paper receipts when you make a withdrawal.
What you are experiencing in this regard is a symptom of the ongoing cost-cutting the banking industry has conducted since the 2008 financial crisis. First, the collapse of the housing market sharply curtailed the mortgage lending business. Then, a spate of financial regulations squeezed profits on things like overdraft fees, debit card transaction fees from merchants and credit card rates. In particular, those overdraft and debit card fees were used by banks to help subsidize checking accounts, so banks were left to re-evaluate their strategies for those accounts.
In response, banks have been trying to make up for it by raising fees and cutting services. It sounds as though you have been on the short end of both of those responses.
What you can do. So, banks are doing what they can do to cut costs. What can you do to get the service you want?
Regarding withdrawals, you might consider starting to make them at an ATM rather than from a teller at a bank branch. ATMs are required to produce receipts when you make a withdrawal. Given that ATM locations are typically more convenient than bank branches, theoretically the only reason for continuing to walk into the branch is to get more personal service. However, if the result is that you are getting less of the service you want rather than more, you might want to just cut the teller out of your life altogether.
As for statement frequency, you might want to start monitoring your bank records online. This is especially helpful for the up-to-date information needed to keep close track of checking accounts, but for savings accounts it can let you check the status at any time and help you avoid statement fees.
Finally though, the ultimate response might be to shop around. Not all banks are responding as drastically to the need to cut costs, and you might find one that still provides the documentation you want without extra charges. Just remember, though, that those policies are subject to change at any time, so ultimately going online might be the longest-lasting solution.
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