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2023 Statement Cycle Changes

December 16, 2022

To improve our customer's experience, Peoples Bank is making enhancements to all consumer and business deposit account statement cycles. Below are some commonly asked questions about the process. If you have any other questions or concerns please reach out to us at your local branch or call the customer contact center.

FAQs

What is happening?

Effective January 2023, all checking and money market account statement cycles will transition to a month-end cycle, reflecting transactions, interest, and fees posted from the 1st to the last business day of each month. This change will make it easier for you to look up past transactions and monitor and track your monthly spending.

How will this impact me as a customer?

To make this transition, you may receive two statements in December. The first statement will be generated on your regularly scheduled statement cycle date. The second will be generated on December 31st, reflecting a partial month. Statements will be delivered by mail or electronically based on your existing preference. To ensure a smooth transition, we have waived all applicable monthly service charges on the December 31st statement. Transactional fees, such as ATM withdrawals or other miscellaneous fees may still apply and will be reflected in both statements for the applicable period.

Why is this change being made?

Peoples Bank is making this change for a couple of reasons. First and foremost, we want to improve our customer's experience. Month-end statement cycles allow for easier transaction research and look-up. It also better aligns with most personal and business bookkeeping. Second, nearly half of all customers now receive their statements electronically rather than in the mail. This is safer and is our recommended best practice. Month-end cycles allow for more convenient access to digital record retrieval when looking for transaction verification or other records.

What about combined statements?

If you have combined statements, they will remain a combined statement, and convert to a month-end cycle as outlined above.

What about quarterly savings account statements?

Savings accounts are already generated at quarter end. Individual savings account statements will continue to follow this schedule. Statements included with a combined statement will generate at month-end as described above.

What about CDs?

Certificate of Deposit accounts will remain annual at the end of the year. If they are included in a combined statement that will remain the same.

What if your account statement cycle is already month-end?

If you receive month-end statements now, that will remain the same. This change will not impact account statements currently on month-end cycles. 


Peoples Bank is committed to providing a higher level of service. If we can answer any questions about these upcoming changes, please contact your local branch or call us at (800) 584-8859.

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