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#273477 - 11/10/04 02:31 PM Hold Statement Procedures
amr31 Offline
New Poster
Joined: Jan 2002
Posts: 16
Does anyone have good procedures for Account Statements that are held at a branch for customer pickup? I don't like this practice but the bank i'm now working at allows this. I want to make sure we atleast have some procedures to follow though.

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Operations Compliance
#273478 - 11/10/04 02:55 PM Re: Hold Statement Procedures
LoisLane Offline
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LoisLane
Joined: Oct 2001
Posts: 1,570
Wisteria Lane..
I can't put my hands on the procedure right now but I believe our procedures state that the customer must sign for the statement (kept under dual control) and that if it is not picked up within a certain time (maybe a month) it is destroyed.
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#273479 - 11/10/04 02:59 PM Re: Hold Statement Procedures
Jokerman Offline
10K Club
Joined: Nov 2003
Posts: 12,846
Ours is to have the customer sign an agreement that indicates they have requested the statements be held at the branch where they will pick them up, to have the customer sign a log when they pick them up, and to mail them (the agreement includes this provision) after X days.

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#273480 - 11/10/04 02:59 PM Re: Hold Statement Procedures
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Some thoughts --
  • Have a written request/authorization form signed by the customer before holding statements for him/her/it.
  • State in the agreement the period for which you will hold the statement. It should be fairly short (no more than 90 days).
  • State in the agreement that the statement will be either mailed to the address of record or shredded if not picked up within the stated period.
  • State in the agreement that, if the statement is shredded or mailed and lost, the customer agrees to pay your customary fee for statement (and item) reproduction (as appropriate).
  • Do not mail held statements to another address based on a telephone call. Use only the address of record.
  • Require some form of signature at pickup, particular for business accounts.
  • Keep the held statements under lock and key. Consider dual control.

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BankersOnline.com
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#273481 - 11/10/04 07:00 PM Re: Hold Statement Procedures
amr31 Offline
New Poster
Joined: Jan 2002
Posts: 16
Thanks for the good feedback. Would you be willing to share a copy of the agreement that you have the customer sign when requesting statements be held? I looked to our forms provider but can't find one.

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