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#282385 - 12/01/04 02:54 PM Change of Address
A_G Online
10K Club
Joined: Jul 2004
Posts: 18,960
Hi all,
I was just wondering if someone could share some of their 'Change of Address' policy and procedures. Do you require a signature from the customer for ALL address changes? Do you do them over the phone? Does anyone send a 'change of notice' to the old address to verify authenticity (does the USPS return it as such)? Any help is appreciated. Thanks!

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Operations Compliance
#282386 - 12/01/04 03:43 PM Re: Change of Address
PMH Offline
100 Club
Joined: Jul 2004
Posts: 107
Buffalo, NY
We require changes to be made in writing with a signature, so that the signature may be checked against the sig card. Most people come right in to the branch to update their records, so no confirmation is mailed.

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#282387 - 12/01/04 03:52 PM Re: Change of Address
Wore Out Offline
Platinum Poster
Wore Out
Joined: Dec 2003
Posts: 543
Kentucky
We basically do the same thing. We do require signature in all circumstances. If the customer is living out of town or has a circumstance (hospital/disability, etc.) that would prevent them from coming in, we will accept the request by fax or mail. We do not change the address in those instances until the signature card or loan documents have been pulled and the signature verified.
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#282388 - 12/02/04 02:45 PM Re: Change of Address
Anonymous
Unregistered

If the person can't physically get to the bank we require a notarized signed request that we keep on file.

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#282389 - 12/02/04 04:25 PM Re: Change of Address
Control Guy Offline
Junior Member
Control Guy
Joined: Jun 2003
Posts: 40
Texas
We require all address changes to be done in writing, either via fax or in person. We have run into instances where customers have stated that they did not receive their statements because they had the wrong address (new account rep had taken address change over phone and wrote down new address wrong). The customer asserted that there were forgeries that were not caught timely and the bank was left holding the bag.

Also, we do send confirmation letters to both the old and new addresses.

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#282390 - 12/02/04 06:07 PM Re: Change of Address
bamccull Offline
Member
bamccull
Joined: Jan 2004
Posts: 50
Hurricane Country
We require all address changes to be in writing with a signature. No faxes. We verify to the signature card and then send confirmations to old and new addresses.
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Ours is not to reason why -
Ours is to do or be penalized.

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#282391 - 12/02/04 10:09 PM Re: Change of Address
RBanker Offline
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RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
Here's a twist - what if you have in-house collections and in the process of contacting a delinquent customer, the collector is given a 'new' address - how should that be handled? Over the phone OK? Or should we hold out for the sig on file?
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#282392 - 12/03/04 01:03 PM Re: Change of Address
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,459
Florida
I would send a confirmation letter to both addresses.

In addition, based on the delinquency, loan balance and if it's reasonably identifiable collateral, (also if it's local) you might consider a drive-by. This would confirm the address and the collateral both.
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Integrity. With it, nothing else matters. Without it, nothing else matters.

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#282393 - 12/04/04 05:51 AM Re: Change of Address
Banker Boy Offline
Member
Banker Boy
Joined: Oct 2003
Posts: 69
Florida
We accept a change of address in-person, by telephone, internet, fax, mail, etc. It's done this way for convenience. However, I have seen problems arise because of these procedures (especially when done by telephone).

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#282394 - 12/07/04 04:38 PM Re: Change of Address
Anonymous
Unregistered

sending a confirmation letter is the only way to help prevent fraud

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#282395 - 12/07/04 04:45 PM Re: Change of Address
RVFlyboy Offline
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RVFlyboy
Joined: Oct 2000
Posts: 5,984
Soaring over Georgia
Having just been victimized by identity theft, let me offer a perspective. Please do not allow address changes by telephone regardless of convenience. While it does make it convenient, it makes it very easy to victimize someone, also. My identity thief used my information to attempt to change the address on my credit card account and then used the credit card number to charge over $2,000 worth of merchandise. Fortunately, my card provider did have backup security features that even though they accepted the address change, they did not process it until further identity verification steps could be taken.
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#282396 - 12/07/04 04:46 PM Re: Change of Address
Jokerman Offline
10K Club
Joined: Nov 2003
Posts: 12,846
Quote:

sending a confirmation letter is the only way to help prevent fraud




Well, no. It may very well be a good way, or the best way, but it isn't the only way.

For example, requiring a signed request that is compared to the signature card is a good way to help prevent fraud, isn't it?

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#282397 - 12/07/04 04:50 PM Re: Change of Address
JJohns Offline
Platinum Poster
JJohns
Joined: Jun 2003
Posts: 682
IL
Any thoughts on whether a policy can/should vary depending on the product? Just thinking that there probably isn't nearly the risk with dealer motor vehicle installment contracts as there is with credit cards, for example.
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#282398 - 12/07/04 05:15 PM Re: Change of Address
Jokerman Offline
10K Club
Joined: Nov 2003
Posts: 12,846
The problem with that here would be that addresses are keyed off the CIF, not the product.

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#282399 - 12/07/04 09:08 PM Re: Change of Address
OkieOps Offline
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OkieOps
Joined: May 2001
Posts: 752
OK
Does anyone use the notification from the USPS showing the forwarding address?

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#282400 - 12/08/04 12:06 AM Re: Change of Address
GuitarDude Offline
Power Poster
GuitarDude
Joined: Nov 2004
Posts: 5,924
So Cal
Quote:

Does anyone use the notification from the USPS showing the forwarding address?




My bank does not. There is no way to proove that the customer is the one who actually completed the change of address at the post office.
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I've just writed a wrong.

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#282401 - 12/08/04 11:50 AM Re: Change of Address
TB Offline
Member
Joined: Aug 2004
Posts: 92
Pennsylvania
We were allowing the customer to change his address over the phone but now because of the identity theft stuff they must come into the bank to change their address. We always before had a form they needed to sign but when the bank that we are now took us over they didnt require that.

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#282402 - 12/08/04 02:39 PM Re: Change of Address
waldensouth Offline
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waldensouth
Joined: Nov 2001
Posts: 7,981
FINALLY ABOVE the gnat line
The post office doesn't require ID when changing your mailing address. So we don't use it.
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#282403 - 01/07/05 05:43 PM Re: Change of Address
etm614 Offline
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etm614
Joined: Jan 2003
Posts: 695
Massachusetts
I have been fighting this practice since I arrived with little success. Apparently, the volume of changes is huge. I have proposed sending confirmation letters to both the old and new address; however, if someone fraudulently filled out a change of address card, would the real customer ever get the confirmation letter at the old address? I must be missing something. BTW, I have had more success in stopping fax requests since we received a fraudulent request with a signature that was very close to that of our customer. The quality of faxes is generally so poor, that it's much harder to detect a forged signature. It is also impossible to verify the sender of the fax even if it's from a logical place (e.g. the customer's place of business).

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#282404 - 01/26/05 04:44 PM Re: Change of Address
Anonymous
Unregistered

Does anyone have sample confirmation letter they are willing to post regarding change of address notification from Post Office?

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#282405 - 01/26/05 08:11 PM Re: Change of Address
Just Jean Offline
Platinum Poster
Joined: Feb 2002
Posts: 582
USA
Only if you register and we are sure it's a bank we're e-mailing.

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#282406 - 01/27/05 04:13 PM Re: Change of Address
bankerbabe Offline
New Poster
Joined: Jan 2005
Posts: 2
Lancaster, NY
I'm registered now. Do you need any other info?

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#282407 - 01/28/05 07:26 PM Re: Change of Address
Anonymous
Unregistered

Quote:

Quote:

Does anyone use the notification from the USPS showing the forwarding address?




My bank does not. There is no way to proove that the customer is the one who actually completed the change of address at the post office.




We did until this week. A customer's address was changed fraudulently. We are changing our policy. We do require change in writing, which is verified against the signature card.

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#282408 - 02/11/05 05:02 PM Re: Change of Address
BjK Offline
100 Club
BjK
Joined: Mar 2003
Posts: 151
Mid USA
I need some clarification...
If a statement is returned by the postal service with the forwarding address, would the bank mail to the new address an address change request form (requiring a customer signature) to the new address and wait on the form to be returned to the bank for verification before changing the address of the account? If so, is the bank allowed to hold the customers statement until this new address is verified?

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#282409 - 02/11/05 07:11 PM Re: Change of Address
Anonymous
Unregistered

Our policy requires that change of addresses be made in person or notarized. We do not re-send the mail, even if the post office comes back with a new forwarding address. Our disclosure to the customer says they will keep us informed of any changes of address and that we will send mail to them based on our most recent address on file.

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