Skip to content
BOL Conferences
Thread Options
#470436 - 12/14/05 11:23 PM switching products - required timing of notice?
M. Radcliffe Offline
100 Club
Joined: May 2005
Posts: 131
We had an overdraft protection program where the customer could tie their VISA to their DDA for O/D protection. Due to security issues we are stopping this program and offering the customer several options. If they do nothing, they will automatically be enrolled in our Bounce Protection program. Is there a required number of days before this happens that the customer must be notified????? The letter from Marketing is setting Jan 1, 06 as the switch date, but I am concerned we're not giving our customers enough notice.

As always, I appreciate everyone's input!!!

thanks

Return to Top
Lending Compliance
#470437 - 12/14/05 11:41 PM Re: switching products - required timing of notice?
flaire Offline
100 Club
flaire
Joined: Sep 2005
Posts: 228
sw us
Customers need 30 days to make a choice. So if you send out letters 12/15 and assume 10 days for all of the customers to get their letters (just my estimate), you could not stop the program until 1/25.
_________________________
Hello, triple a? I got locked out of my mind...

Return to Top
#470438 - 12/15/05 03:34 PM Re: switching products - required timing of notice?
M. Radcliffe Offline
100 Club
Joined: May 2005
Posts: 131
Can you point me to a particular reg to cite when I respond to Marketing? I know I will be asked to back up what I am stating!

Thanks for your help.

Return to Top
#470439 - 12/15/05 03:53 PM Re: switching products - required timing of notice?
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,748
On the Net
You may have a mix of ยงยง226.9 and 230.5 for a credit and a deposit product, change notices. This may depend on how your products work.

While I believe you can cancel the open-end credit, I don't think you can force them into bounce protection by default.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top
#470440 - 12/15/05 03:54 PM Re: switching products - required timing of notice?
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,748
On the Net
Quote:

Customers need 30 days to make a choice. So if you send out letters 12/15 and assume 10 days for all of the customers to get their letters (just my estimate), you could not stop the program until 1/25.




You don't have to allow for mail/delivery time in the 30 day periods.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top

Moderator:  Andy_Z