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#171003 - 03/18/04 08:17 PM Check 21/Financial Privacy
Ginlyn, CRCM Offline
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Ginlyn, CRCM
Joined: Nov 2003
Posts: 300
Oklahoma
We presently have over 600 commercial accounts that receive their original checks back in their statements. We would like to do a mass mailing introducing them to Check 21 and Imaging. One of our marketing personnel has suggested saving money by sending out a post card to the customers making it as generic as possible. My question is: Does this come under the rules of Financial Privacy as it will, in a sense, disclose the fact that they bank with us?
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#171004 - 03/18/04 08:41 PM Re: Check 21/Financial Privacy
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
You have a VERY creative marketing group if they can put what needs to be discussed about Check 21 for commercial accounts on a postcard.

Business accounts are not protected by GLBA.
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BankersOnline.com
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#171005 - 03/22/04 04:22 PM Re: Check 21/Financial Privacy
Matt1 Offline
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Matt1
Joined: Apr 2003
Posts: 129
Check 21 is pretty complicated, especially for those that are used to getting their checks back each month. While GLBA does not govern these accounts, addressing the changes created by the law on a small postcard will inevitably be more costly for your company than providing the Check 21 information in a sealed envelope. Customers will call and/or write to express their concerns and confusion if you simply advise them that checks will appear in an imaged format. There's a reason that these customers retained their returned checks.

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#171006 - 03/22/04 08:22 PM Re: Check 21/Financial Privacy
Ginlyn, CRCM Offline
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Ginlyn, CRCM
Joined: Nov 2003
Posts: 300
Oklahoma
I guess I was not specific enough in my first post. The post card to commercial accounts will be generic, i.e. "We will be contacting you soon about Check 21." There was never any intention to try to explain it on the postcard -- just to let them know they would be contacted soon by one of our representatives (we are a small community bank). We will, however, be sending out more specific information by letter to each of our consumer accounts. My question was regarding financial privacy and a very generic postcard.

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