If a business or personal account holder does not look at their checking account e-statement, what are the bank's requirements in mailing the statement?
We are starting the process leading up to electronic statements. I asked that marketing offers be optional links. I would like compliance issues, such as notices of change, to be prominent either at the top of the statement page and/or appear automatically and require action on the part of the customer to move past the notice. I don't know yet what I will get. If we have the technology to obtain customer consent to receive electronic statements, I would think this would be a piece of cake. Of course, I am not a programmer. How are others handling this?
We are going to start converting customers to an e-statement program. From what I can tell the only compliance issue is with the disclosure of e-statement viewing procedures and notification. When contacting our customers by phone we are verifying identity and signing them up for electronic statements. Do we need an actual signature on file?
Will the bank be in compliance with the privacy act if we send our annual notices with customer DDA/savings statements? I say no because the delivery rules state banks must provide a notice so that a customer can retain or subsequently access the notice. I suggest we do a separate mailing. Am I wrong?
I have received several requests from customers to have their periodic statements discontinued, stating, they prefer to view the account online. We do not offer electronic statements for our customers at this time. Can you clarify on demand deposit accounts if a periodic statement is required? I have read under Reg E that a statement is required if an EFT occurs, yet; if an EFT does not occur, is the bank required to send a periodic statement?