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#23364 - 07/10/02 07:29 PM Auto debit advance notice for loan payment
BKB Offline
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Joined: May 2002
Posts: 120
Is a bank required to provide a periodic loan payment notice to customers who have signed an authorization to have their payment debited from their checking account. Assume a level monthly loan payment on a closed-end loan product (i.e, car note or fixed mortgage). I can't seem to think of a reason on the lending side to send the payment advise month after month, especially since the customer will be getting a periodic statement on their checking account. Thanks for your help.

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Lending Compliance
#23365 - 07/10/02 07:45 PM Re: Auto debit advance notice for loan payment
Andy_Z Offline
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Joined: Oct 2000
Posts: 27,715
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I am aware of no requirement and that sounds like a very costly process. Get some credit and recommend it be stopped unless you have some state requirements. It isn't a Federal one.
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