Our institution will be changing companies for our internet banking system. The transition process will cause customers' re-occurring payments and transfers to be lost. We are wanting to send letters to our internet banker users to inform them that they will need to set up the re-occurring payment or transfer once the transition is complete along with possibly making other arrangements to their accounts in the mean time to accommodate the situation.

Should we be doing anything else? We are wanting to give at least a 30 day notice if not 60.

Thanks

You will also want to inform customers if their statements and any other documents will no longer be available in the system being replaced so they can save them as well as know how to request copies going forward. Also, let them know that account alerts will need to be set up in the new system, if applicable.

You should also check to see if there are any changes in hardware or software requirements for customers to access the new system.

...because you will need to do a new ESIGN informed-demonstrable-consent if
1. you're e-delivering statements (or any other Reg. E disclosures), and
2. the revision in your hardware/software requirements "creates a material risk that the consumer will not be able to access or retain a subsequent (disclosure e-document."

(ref: Section 7001(c)(1)(D))

Thank you both for the additional tips for this process.

I just went through a similar process, although it was the same company, it was a different product. One of the things that didn't come over was auto-transfers & payments. I will tell you that 90% of customers did not either understand our materials or didn't completely read them with respect to the auto-transfers. And actually the same for the employees - I felt like I said it a million times, but as customers would call they acted like they'd never heard about it. I feel like we did a really good job communicating the changes and most of it, but the auto transfers were completely overlooked by them or not emphasized enough by us. I'd see if you can get a list of the auto-transfers and depending on how many you have, maybe send a separate communication to them that only outlines this - special emphasis on loan payments as that ticks the customer off the most. Or, again depending on how many you have, find a way to manually add them - at least loan payment ones.

Good luck - I know it's a lot of work.

ItNeverEnds, sounds like good advice that could save a lot of customer service issues after the change.

I like the idea of the notice and would indicate in a conspicuous way to look at the auto-payments in this statement and make notes to reapply them after X date. I'd personally try a stand alone attachment with pictures, as well as a pop-up notice when they logon to internet banking. The problem with customers today is "statements, we don't need no stinking statements." Statements aren't read, balances and transactions are viewed online and who needs more?

We are in the late stages of an acquisition / conversion and were just notified that the scheduled transfers set up in the old acquired online banking system will not convert and that they will all have to be reestablished after conversion. We are scrambling to get communication to these customers.

Knowing that the more lead time the better, is this something that requires a 21 day change in terms notice?

This isn't a change that would trigger a 21-day notice, but it certainly is a development that will tick a lot of customers off, and a lot more of them if you don't notify them right away.