If our Bank is adopting an account closing survey and they want to send it to closed account customers by text and email, does this fall under the
CAN-SPAM rules? They are only requesting feedback, there is no promotional material.
When mailing statements, notices, etc. for a custodial account, would the mailing address be the address of the minor or the custodian? Can a mail "in
care of" be set up so that the mail goes to the custodian or does it have to be mailed to the minor?
We occasionally have customers that have passed away and have no beneficiaries on the account. Do we have to continue to print their account
statements monthly or can we change it to print annually?
Under Regulation E, section 1005.9(b), Banks are required to include the type of transfer and the type of account to or from which the
transfer was made. The commentary doesn't specify how you disclose the type of account under this section (however, it does specify how to disclose this
for terminal receipts under 9(a)). So, my question is, is it OK that our periodic statements just state "transfer from account XXXX" instead of
specifying the account type or should it be stating transfer from checking/savings?
Does the bank have to include dates in a deposit account periodic statement?
We had a statement error due to an acquisition. Statements from the
old bank cut on 05/25 so the statement date was XX to 05/25. We sent a new
statement dated 05/29-05/31. The time between was the weekend plus a holiday. The customer was paid interest and EFT transactions posted on one of the two statements. The question is: Will what appears to be a gap of 3 days between statements, be a Reg E issue?
Do we have to send a monthly statement to passbook savings customers who have external deposits to the account?
What disclosures are required on an annual IRA statement?
I was wanting to know if it is required to mail a monthly bank statement if there is no activity on the account? We have several customers who basically just use their account to cash checks and generally don't have any activity. Currently we mail the statement with no activity but I wasn't sure if it is required.
We are a core processor for several banks. One of our banks has a rate on a time deposit that goes out to three decimal points 2.345. We show that rate in our online system the bank sees, but when we do the calculation and render the statement it shows as 2.35 on the statement to the customer.
The customer wants to see the full rate on the statement. Is there any requirement addressing the number of decimal places for a rate on a statement?