You should get a copy when you open an account, but if you don't read it, it could come back to haunt you. If the customer doesn't make a claim in that time frame, they waive their right to make a claim regarding that problem. In a letter to Cathy, the bank reminded her of the terms and agreements and also noted that the Uniform Commercial Code allows a customer up to one year to notify the bank of any errors. While the time it took Cathy to find the alleged error is probably extreme, even people who find errors in a more timely fashion could make a costly mistake if they think the national UCC gives them a year to make a claim. The UCC, which focuses on commercial law, is a guideline.
Banks are free to set stricter rules as long as the customer knows and agrees.
The point of the UCC is that it sets up a uniform system of liability. It's not like consumer protection statutes where you can't vary. Scott Clark, assistant commissioner at the Illinois Office of Banks and Real Estate, says the 30 days allowed by Cathy's bank is a reasonable amount of time. Certainly, banks make mistakes as do customers and that's why it's important for consumers to make sure no unauthorized charges have been made and all deposits are credited. Consumers should review their account balances as soon as they get the statement and contact the bank as soon as they discover any errors or discrepancies.