I've been questioned by management as to whether we need to continue keeping a log and obtain customer signatures when periodic account statements are picked up at a branch rather than mailed. It seems like this has been considered an internal control for many years. I'm looking for solid reasons to provide to management as to why we should continue doing this.

Here are the few I have so far. Let me know if you have any other reasons. Also if you feel keeping a log is unnecessary, voice your reasons.

1. Shows the bank provided the customer with a monthly statement as required under Reg E
2. Shows that an authorized person received the statement via their signature
3. Control log for what statements should be waiting for pick-up at any given point in time
4. May indicate a problem if a statement goes for an extended period of time without pick-up

Most banks have just eliminated this altogether. It creates way too much work and clouds Reg E and other issues.

Your reasons are valid. As Randy mentioned, banks have tended toward discontinuing this as it creates issues, including opening up opportunities for internal fraud. Make sure anyone who is assigned to manage the account is NOT allowed access to statements. It is similar to the risk of dormant accounts.

Eliminating "branch hold" statements is made easier as banks start offering -- with ESIGN-compliant demonstrable consent for consumer accounts -- electronic statement delivery. These statement take up no physical filing space and can be made secure from insider compromise.

In our last audit, we were informed that we needed to create a log for any statements that are being held at the branch. The customer needs to pick the statement up within 3 business days or we send the statement to the address on file. The customer also signs an agreement indicating this.