Form if Customer Does Not Want eStatement

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Question:

We are mailing out our statements and also provide eStatements for our customers, but if a customer does not want their statement at all can the customer elect not to receive a statement if we provide them with a form to have them elect not to receive a statement?

Answer:

Answer Randy Carey: Can you, maybe. However without delivering statements, the bank is taking a huge risk. The bank's liability for unauthorized transaction would for example, become unlimited without the delivery of a periodic statement as the time frame for error notification would never start, regardless of any waiver in hand.

Answer:

Answer Richard Insley: We're assuming that "statements" refer to deposit accounts covered by Reg. E. As written, this question could apply to credit cards, HELOCs, closed end credit, trust, or commercial accounts of various types.

First published on BankersOnline.com 5/21/12.