Statement dates

[Ima saver]

I just opened a new money market account on July 3. On July 6th, they paid the interest on the account. I have another money market account at the same bank. That statement date is around the 22nd of every month.
How do banks come up with their statement dates? Does anyone know? I understand regular savings are paid the end of the month, or quarter, but why are there so many dates for checking and money market accounts?

[MonkeyMama]

You know, I don't know, but it bugs me.

If you prefer a month-end date usually you can just ask. It makes life at work hard sometime with these random dates, and usually we can get them changed easily.

Beyond that, no idea why. It may be good for them to not have to generate everyone's statements on the same day.

[Ima saver]

That is what I thought monkeymama, that is was just more convenient for the bank. I was hoping someone who had worked in banking on this forum could answer me.
I do know that the social security office change the dates on the s.s. checks because the banks were complaining that they were all issued on the same day of the month, every month. Now they are staggered by the week.

[minnie1928]

I work for a bank. We do business accounts at the end of the month. Other than that, I believe we cut statements in groups according to zip code in order to get cheaper postal rates. Staggering them also helps even out the workload across the month instead of backlogging our mail room. Having said that, I'm sure that we would honor a customer's request for a particular time frame.