Sending “Transaction Statements” and “Balance Confirmation Certificates” to Customers

 

Banking Regulation and Policy Department
Bangladesh Bank
Head Office, Dhaka
Website: Bangladesh Bank

Date: 07 June 2022
BRPD Circular Letter No. 22

To:
Managing Directors/Chief Executive Officers
All Scheduled Banks Operating in Bangladesh

Subject:

Sending “Transaction Statements” and “Balance Confirmation Certificates” to Customers

Dear Sir/Madam,

Reference is invited to BRPD Circular No. 04 dated 22 February 2001 and BRPD Circular No. 11 dated 10 June 2021 regarding the above-mentioned matter.

2. Through BRPD Circular No. 04/2001, instructions were issued for scheduled banks to regularly send half-yearly “Transaction Statements” to account holders in order to prevent fraud and forgery. Subsequently, through letter no. BRPD(P-1)/661/13/2013-2405 dated 22 May 2013, banks were again instructed to send “Transaction Statements” to all deposit and loan account holders through e-mail/post/courier services on a half-yearly basis for fraud prevention purposes.

Further, paragraph 03(N)(1) of BRPD Circular No. 11/2021 instructed that banks must provide “Balance Confirmation Certificates” (including account statements) twice a year — half-yearly and annually — to all deposit and loan account holders without charging any fee or charge.

Despite these instructions, it has been observed that some banks are still not providing customers with “Transaction Statements” and “Balance Confirmation Certificates” as required, which constitutes non-compliance with the aforesaid instructions.

3. Accordingly, for ensuring customer interest protection, preventing fraud and forgery in scheduled banks, and implementing environmentally friendly banking policies, the following instructions are hereby reiterated regarding the sending of “Transaction Statements” and “Balance Confirmation Certificates” to customers:

a) Banks must send “Transaction Statements” and “Balance Confirmation Certificates” twice yearly — half-yearly and annually — to all deposit and loan account holders through e-mail/post/courier services. Additionally, customers must be informed via SMS regarding the dispatch of such statements and certificates without imposing any charge. Customers may also personally collect such statements/certificates from the concerned branch. No fee/charge shall be imposed in either case.

b) Banks must verify the accuracy of customers’ mailing addresses and mobile numbers provided during account opening and update the same at least annually.

c) Appropriate arrangements must be made, subject to customer consent, to instantly notify customers of every account-related transaction through SMS services.

d) Banks may provide information and services to customers through their own internet banking platforms and mobile applications. However, except for the bank’s own internet banking and mobile apps, no other medium including social media may be used for information dissemination.

e) Copies of the “Transaction Statements” and “Balance Confirmation Certificates” sent to customers may be preserved electronically instead of maintaining hard copies.

f) Banks must adopt necessary measures to ensure overall information security.

4. These instructions are issued under the authority conferred by Section 45 of the Bank Company Act, 1991. These instructions shall come into force immediately.

Yours faithfully,

(Maksuda Begum)
Director (BRPD)
Phone: 9530252