We have started overdraft lines of credit. There is no fee associated with this, but I'm wondering if we are required to send the customer a notice each time the line is accessed to cover an overdraft. Believe it or not, we have some customers who do not want to receive these notices, so management has decided to not send any of them. I want to make sure we're not violating anything.

There is no requirement to send individual transfer notices. All transfers are required to be shown on their periodic statement.

So, does the bank have to send notice to the customer if the customer does a telephone transfer?