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.

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A periodic statement is not required for an account where the only EFT allowed is a preauthorized transfer to another account. However, the bank is required to update the passbook on presentation or at least quarterly for non-passbook accounts. Change in terms notice, unauthorized transfers, and error resolution notice are not relevant to this situation.

It Is Not Required for Accounts Where the Only EFT