2

When I look at when I get my bank statements, I have a hard time finding any bank that is consistent.
Bank of America is a particularly good example of how erratic these can be:

Statement until 2016-05-05, notification email sent on 2016-05-07
Statement until 2016-06-07, notification email sent on 2016-06-09
Statement until 2016-07-06, notification email sent on 2016-07-08
Statement until 2016-08-08, notification email sent on 2016-08-10
Statement until 2016-09-07, notification email sent on 2016-09-09
Statement until 2016-10-05, notification email sent on 2016-10-07
Statement until 2016-11-03, notification email sent on 2016-11-05
Statement until 2016-12-06, notification email sent on 2016-12-08

And the weirder thing is, this is after I called about a year ago to request that the statements end on the 3rd banking day of the month (they let me choose between the 3rd-18th, or the last banking day).

For the life of me, I cannot comprehend why it's so hard for them to have any kind of consistency.

Why in the world do banks seem to be so random about when they end their statements?
Isn't it just a computer doing the work? Or is it some dude sitting there processing these by hand, getting tired, and putting it off until the next day? Or are they pulling accounting tricks of some sort?

7

Looking at your dates, I think I see a pattern. It appears that your statement closing date is always 17 business days before the last business day of the month. For example, if you start at May 31 and start counting backwards, skipping Saturdays, Sundays, and May 30 (Memorial Day), you'll see that May 5 is 17 business days before May 31. I cannot explain why Bank of America would do this. If you ask them, let us know what they say.

If it bothers you, find another bank.

I do most of my banking (checking, savings, etc.) with a local credit union. Their statements end on the last day of the month, every month without fail. (Very nice, in my opinion.)

I have two credit cards with nationally known banks, and although those statements end in the middle of the month, they are consistently on the same date every month. (One of them is on the 13th; the other date I can't recall right now.)

You are right, a computer does the work, and your statement date should be able to fall on a weekend without trouble. Even when these were assembled by hand, the statement date could still be on a weekend, and they just wouldn't write it up until the following Monday.

You should be able to find another bank or credit union that does this.

  • Same here, except it's half a dozen credit cards, one of which (and a mortgage) is with BoA. Go figure... – jamesqf Dec 25 '16 at 18:54
  • 1
    You seriously think this is a reason to change banks?? I couldn't care less which day they print the paper, and I find it hard to see why anyone would care. It sounds like changing the bank because the print their statements in Arial font instead of the much nicer Tahoma, or such? – Aganju Dec 25 '16 at 19:28
  • Ben, how is a span from the 3rd to the 8th explainable by a "weekend"? I would understand if it was 5th to 7th, but 3rd to 8th?? – Mehrdad Dec 25 '16 at 20:50
  • 1
    I also don't understand why both of you are focusing on why it "bothers" me. Whether or how it is bothering me is irrelevant to the question. I'm trying to understand what's going on, simple as that. If you don't know then just don't answer... – Mehrdad Dec 25 '16 at 20:51
  • 1
    @BenMiller: Yeah, that list looks better. It doesn't seem like I need to count Friday though -- it's 19 - 1 (Veterans' Day) - 1 (Thanksgiving) = 17. – Mehrdad Dec 26 '16 at 21:03
3

They need to spread the work for all customers over the whole month, and they don't work on weekends.
Combine the two, and the rule becomes clear - if months have minimum of N working days, 1/N of all customers gets set on each day. You seem to be on day 5:
If the month starts with a Monday, the fifth working day is the 5. (Friday); if there is a Sat or Sun in between, it will be the 6th, and if there is both a Sat and a Sun in there, it will be the 7th.

However, the statement itself is not very important at all. It is just the day where they print it on paper (or even only on a PDF). You can see your bank account activity every day 24/7 by checking online, and nothing keeps you from printing it on every 1st of the month if you want (or every day, or whenever you prefer).

  • But there are only 19 working days in February in the US, except in a leap year. There are 20 week days, but one of them is Presidents' Day, which is a federal bank holiday. – Mike Scott Dec 25 '16 at 13:50
  • 1
    This answer doesn't make sense to me unfortunately. (a) What work is there to be done in the first place? Isn't the data already online like you said? I'm not even receiving these by mail; I'm only getting PDFs! (b) Even if there is work to be done, isn't it done by a computer? (c) If I'm on day 5, weekends explain the 6th and 7th, but how can it vary from the 3rd to the 8th? Why would it ever end earlier, and why would it be delayed by 3 days rather than 2? Nothing here actually makes sense! (As for your last point: whether/why I should/do care is irrelevant and not my question.) – Mehrdad Dec 25 '16 at 13:51
  • What work: printing and mailing. If you think printing and mailing 50000 statements is no work, think again. There are whole supplier chaines living from this. You are right that it does not explain the rest. They must just not take it very serious, or they start their 'months' on the 15th. – Aganju Dec 25 '16 at 19:23
  • @Aganju: I thought I just said there is nothing to be printed or mailed. – Mehrdad Dec 25 '16 at 20:48
  • @Mehrdad Even when computers do the work, the capacity [server sizing] etc, makes it more prudent for Bank to spread out the statements over month. Not knowing how BOA works, I can say most Banks try to a) even out the load over month, i.e. dispatch statements on different days like card companies. b) Inherent data transfers between multiple IT systems that adds to delays. – Dheer Dec 26 '16 at 6:26

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.