No, we do not believe that it violates Regulation DD to fail to send out a final periodic statement for a closed account. However, you may be required to send a periodic statement under Regulation E or the terms of your account agreement.

Regulation DD does not require banks to provide periodic statements; it only sets forth the specific information that must be included in a periodic statement when a bank does decide to provide them. However, for any account that allows electronic fund transfer (EFT) activity, Regulation E does require periodic statements — it requires monthly periodic statements for each month in which an EFT occurred and quarterly periodic statements for each quarter in which no EFT has occurred, until the account is “inactive as defined by the institution.” If Regulation E does apply, and your bank has failed to send a required periodic statement (whether termed the “final” periodic statement or not) while the account remained active, then that would violate Regulation E’s periodic statement requirements.

In addition, we recommend reviewing your bank’s account agreement, which might include provisions regarding when your bank would provide statements, such as at account closing.

For resources related to our guidance, please see:

• Regulation DD, 12 CFR 1030.6(a) (“General rule. If a depository institution mails or delivers a periodic statement, the statement shall include the following disclosures: . . . .”)

• FDIC Compliance Examination Manual — Truth in Savings Act (“Regulation DD does not require institutions to provide periodic statements. However, for institutions that mail or deliver periodic statements, section 230.6 sets forth specific information that must be included in a periodic statement.”)

• Regulation E, 12 CFR 1005.9(b) (“For an account to or from which electronic fund transfers can be made, a financial institution shall send a periodic statement for each monthly cycle in which an electronic fund transfer has occurred; and shall send a periodic statement at least quarterly if no transfer has occurred. The statement shall set forth the following information, as applicable: . . .”)

• Regulation E, Official Interpretations, Paragraph 9(b), Comment 3 (“A financial institution need not send statements to consumers whose accounts are inactive as defined by the institution.”)