Personal Finance

Bank account statement end dates - am I the only one that hates this?

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  • Aug 23rd, 2021 8:24 pm
[OP]
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Nov 11, 2006
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Bank account statement end dates - am I the only one that hates this?

I might be in the minority here but it drives me nuts getting monthly statements that do NOT end on the last day of the month.

For example: RBC and HSBC's banks account statements are similar to credit statements in that the statement end dates depend on when you open the account. (i.e. if you open the account on the 20th of the month, your monthly statements will end on the 20th or 19th of the month (can't remember).

TD's bank account statements end on the last day of the month, which I prefer.

Does anyone know how CIBC and BMO bank statements work? (month end like TD, or account opening dependent like RBC and HSBC?)

I am looking to open a BMO family bundle but won't do it if statements are mid-month.

TIA.
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Sep 14, 2012
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CanRulez wrote: I might be in the minority here but it drives me nuts getting monthly statements that do NOT end on the last day of the month.

For example: RBC and HSBC's banks account statements are similar to credit statements in that the statement end dates depend on when you open the account. (i.e. if you open the account on the 20th of the month, your monthly statements will end on the 20th or 19th of the month (can't remember).

TD's bank account statements end on the last day of the month, which I prefer.

Does anyone know how CIBC and BMO bank statements work? (month end like TD, or account opening dependent like RBC and HSBC?)

I am looking to open a BMO family bundle but won't do it if statements are mid-month.

TIA.
A "simple" solution for you is just go online and you can see the month's transactions and print that out or save it as PDF as your "statement"

I'm not sure what you mean when you say that TD statements are based on month end. It might depend on the account but my chequing account with TD Canada Trust doesn't "end" at the end of the month. Mine ends roughly on the 20th of each month where I get the monthly service charge and get the credit back for it because of my account having the minimum balance for the package time.
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Jul 28, 2012
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CanRulez wrote: I might be in the minority here but it drives me nuts getting monthly statements that do NOT end on the last day of the month.

For example: RBC and HSBC's banks account statements are similar to credit statements in that the statement end dates depend on when you open the account. (i.e. if you open the account on the 20th of the month, your monthly statements will end on the 20th or 19th of the month (can't remember).
Actually, RBC bank account statements cut off date depends on the last name of the main account holder.
https://www.rbcroyalbank.com/onlinebank ... ooklet.pdf (page 13)

I used to work at RBC back when paper statements were printed and mailed monthly to clients. When clients complained, the best way I found to explain this was that we couldn't mail all statements at month's end because it would be too much volume to handle for Canada Post at one time. Most clients understood. (RBC already does this for business clients but that's another story.)
[OP]
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lmcjipo wrote: A "simple" solution for you is just go online and you can see the month's transactions and print that out or save it as PDF as your "statement"

I'm not sure what you mean when you say that TD statements are based on month end. It might depend on the account but my chequing account with TD Canada Trust doesn't "end" at the end of the month. Mine ends roughly on the 20th of each month where I get the monthly service charge and get the credit back for it because of my account having the minimum balance for the package time.
Interesting. I wonder if they changed recently then. I have two bank accounts with TD:

1) TD Preferred Chequing - a very old account that was migrated to TD (opened in 1991)
2) TD All-Inclusive - opened in early 2017

Both accounts' statements always end on the last business day of the month, for me at least.
[OP]
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airodyssey wrote: Actually, RBC bank account statements cut off date depends on the last name of the main account holder.
https://www.rbcroyalbank.com/onlinebank ... ooklet.pdf (page 13)

I used to work at RBC back when paper statements were printed and mailed monthly to clients. When clients complained, the best way I found to explain this was that we couldn't mail all statements at month's end because it would be too much volume to handle for Canada Post at one time. Most clients understood. (RBC already does this for business clients but that's another story.)
Thanks for that. It looks like mine will always end on the 20th with RBC then.

With everything electronic nowadays, you would think the banks would rather do one big month end batch run instead. Sigh...
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Nov 28, 2017
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You still check monthly statements?

BMO does the same, but i have estatements and never check them. I just use the transaction history, which you can set to calendar months, and which is in table format so easy to copy and paste to a spreadsheet
[OP]
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nevyn1234 wrote: You still check monthly statements?

BMO does the same, but i have estatements and never check them. I just use the transaction history, which you can set to calendar months, and which is in table format so easy to copy and paste to a spreadsheet
I use both. Thankfully investment statements are done month end.
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CanRulez wrote: Interesting. I wonder if they changed recently then. I have two bank accounts with TD:

1) TD Preferred Chequing - a very old account that was migrated to TD (opened in 1991)
2) TD All-Inclusive - opened in early 2017

Both accounts' statements always end on the last business day of the month, for me at least.
With TD Canada Trust, only my savings accounts with them (except for my RRSP account) statement date is the end of the month.
Capture.JPG
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nevyn1234 wrote: You still check monthly statements?

BMO does the same, but i have estatements and never check them. I just use the transaction history, which you can set to calendar months, and which is in table format so easy to copy and paste to a spreadsheet
The actual statements sometimes contain important messages, such as fee increases or changes to the agreement. That's why I check them once in a while to avoid finding out much later.
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Jun 30, 2020
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I prefer my bank statements posting at the end of the month as well.

Here are my experiences:

HSBC - No (But I was able to change it to the end of the month by requesting it through my Account Relationship Manager)
RBC - No (Mentioned earlier @airodyssey's post. Cannot change it. Their system sets the date by the letter of your last name)

BMO - Yes
CIBC - Yes
TD Canada Trust - Yes

Scotiabank - ??? (Never banked with them)
[OP]
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Coffeebeanz wrote: I prefer my bank statements posting at the end of the month as well.

Here are my experiences:

HSBC - No (But I was able to change it to the end of the month by requesting it through my Account Relationship Manager)
RBC - No (Mentioned earlier @airodyssey's post. Cannot change it. Their system sets the date by the letter of your last name)

BMO - Yes
CIBC - Yes
TD Canada Trust - Yes

Scotiabank - ??? (Never banked with them)
Thanks - I confirmed with 2 people who work at BMO that their statements are not end of month. I am not sure if their statements depend on when you open the account or whether it's codified like RBC.
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airodyssey wrote: I used to work at RBC back when paper statements were printed and mailed monthly to clients. When clients complained, the best way I found to explain this was that we couldn't mail all statements at month's end because it would be too much volume to handle for Canada Post at one time. Most clients understood. (RBC already does this for business clients but that's another story.)
That's a cop-out and likely not the real reason RBC does this. CIBC, Desjardins and ING/Tangerine have always done it this way and Canada Post seems to have managed it just fine. Canada Post's work load is cyclical (just like the banking sector). They obviously know this and they can plan accordingly. My guess is it probably has something to do with staffing. But with e-statements, I don't understand why any of this is an issue anymore and I wish RBC would change this. It's one of the things that annoy me about them.
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Jul 24, 2016
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CanRulez wrote: Thanks - I confirmed with 2 people who work at BMO that their statements are not end of month. I am not sure if their statements depend on when you open the account or whether it's codified like RBC.
I don't really care about statement closing dates, but I can also confirm that BMO statements are NOT at end of month. Mine are on the 9th of each month for both chequing and savings, however monthly fees are charged the last day of each month.
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Coffeebeanz wrote: I prefer my bank statements posting at the end of the month as well.

Here are my experiences:

HSBC - No (But I was able to change it to the end of the month by requesting it through my Account Relationship Manager)
RBC - No (Mentioned earlier @airodyssey's post. Cannot change it. Their system sets the date by the letter of your last name)

BMO - Yes
CIBC - Yes
TD Canada Trust - Yes

Scotiabank - ??? (Never banked with them)
TD Canada Trust doesn't use the end of the month in my parents' case as well as my case as shown in my screenshot from bank-account-statement-end-dates-am-i-o ... #p34876193 (the only accounts that I have with TD Canada Trust where the statement date ends at the end of the month is for my savings accounts)
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airodyssey wrote: I used to work at RBC back when paper statements were printed and mailed monthly to clients. When clients complained, the best way I found to explain this was that we couldn't mail all statements at month's end because it would be too much volume to handle for Canada Post at one time. Most clients understood. (RBC already does this for business clients but that's another story.)
Thanks, I always wondered about this! Astonished Face
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lmcjipo wrote: With TD Canada Trust, only my savings accounts with them (except for my RRSP account) statement date is the end of the month.

Capture.JPG
That's interesting. It appears that many TD accounts have statement dates that are always at the end of the month, but some don't. My USD Daily Interest Chequing Account and Every Day Savings Account both have statement dates on the last day of the month. Perhaps only TD's credit cards and CAD chequing accounts have odd statement dates.
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airodyssey wrote: Actually, RBC bank account statements cut off date depends on the last name of the main account holder.
https://www.rbcroyalbank.com/onlinebank ... ooklet.pdf (page 13)

I used to work at RBC back when paper statements were printed and mailed monthly to clients. When clients complained, the best way I found to explain this was that we couldn't mail all statements at month's end because it would be too much volume to handle for Canada Post at one time. Most clients understood. (RBC already does this for business clients but that's another story.)
Do you happen to remember if transaction limits (ex: N free withdrawal transactions per month) were counted based on calendar months (ex: Jan 1 - Jan 31), or statement cycles (ex: Mar 4 - Apr 3)?
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Akitakara wrote: Do you happen to remember if transaction limits (ex: N free withdrawal transactions per month) were counted based on calendar months (ex: Jan 1 - Jan 31), or statement cycles (ex: Mar 4 - Apr 3)?
Statement cycles. Per the document I quoted earlier, the word "month" refers to "monthly cycle".
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airodyssey wrote: Statement cycles. Per the document I quoted earlier, the word "month" refers to "monthly cycle".
Thank you for the clarification :)

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