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

1026.5(b)(2) Periodic statements. (i) Statement required. The creditor shall mail or deliver a periodic statement as required by §1026.7 for each billing cycle at the end of which an account has a debit or credit balance of more than $1 or on which a finance charge has been imposed. A periodic statement need not be sent for an account if the creditor deems it uncollectible, if delinquency collection proceedings have been instituted, if the creditor has charged off the account in accordance with loan-loss provisions and will not charge any additional fees or interest on the account, or if furnishing the statement would violate Federal law.

There is no requirement to notify on individual transactions unless you have contracted to do so.

Read the Official Interpretation - Paragraph 5(a)(1)(ii)(A) for E-Sign requirements.

Thank you, Randy!