Skip to content
Thread Options Tools
#1917044 - 04/23/14 09:25 PM Safe Deposit Box Payments
CSB98 Offline
Diamond Poster
Joined: Dec 2003
Posts: 1,256
If a customer has signed up for automatic payments for safe deposit box rent (on an annual basis), do we need to send a notice to the customer informing them that the payment will be made on X date?

Return to Top
General Discussion
#1917141 - 04/24/14 02:09 PM Re: Safe Deposit Box Payments CSB98
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,700
Cape Cod
There's no requirement that you do so, unless you agreed to in the contract or authorization form for the automatic payments. I know that my bank does not send a notice of the impending payment. However, given the fact that there's a full year between those payments, a notice might be helpful to customers, especially those who might keep low balances.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top