When a consumer has activity on a line of credit, not secured by real property, is the bank required to mail them a notice of the transaction? For example, a line of credit that advances to cover an overdraft - is it required to mail the consumer a notice the transaction occurred or is it sufficient to post it on the line of credit periodic statement and the deposit account periodic statement?
Also, where in Reg Z will I find that it is a requirement to mail/electronically deliver a periodic statement for an open end line of credit, not secured by real property?
Thank you