Why is First National Bank offering statement savings instead of passbook savings accounts?
A. With all of the electronic banking options (billpay, transfers, preauthorized debits, ACH, ATM cards) available to use, banks are required by law to give the consumer a monthy statement. When a deposit or withdrawal is made to the account in person, you receive a printed teller receipt. Receipts for electronic transactions are not always provided. First National Bank must provide a statement or a combined statement showing each transaction.
