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#820156 - 09/21/07 02:10 PM Return Mail Audit
msboo Offline
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Does anyone have procedures for auditing return mail you'd be willing to share?

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Audit
#820306 - 09/21/07 03:14 PM Re: Return Mail Audit msboo
Hoosierland Offline
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I don't know the size of your institution, so this may not work for you, but I am the auditor of a small community bank, and the way we "audit" returned mail is that every piece of returned mail is initially sent to me. I view all of it and then distribute it to branches, etc. accordingly. I don't do any sort of audit report on this process, but I do view all returned mail.
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#820344 - 09/21/07 03:29 PM Re: Return Mail Audit Hoosierland
msboo Offline
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Thanks for your input. We are a small community bank also, $93M.

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#822143 - 09/25/07 08:58 AM Re: Return Mail Audit msboo
rlcarey Offline
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Outside of noting the CIF system that contact with the customer has been lost and then shredding any mail that can be easily reproduced - I don't think there is much to audit.
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#822217 - 09/25/07 01:43 PM Re: Return Mail Audit rlcarey
Kathleen O. Blanchard Offline

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Some banks send "thank you" letters to new customers as a thank you and as part of the CIP process to confirm addresses. The return mail in those situations is part of the CIP process and that mail needs to get to the right places and action taken. That process needs to be part of an audit, BSA or a separate audit that is noted in the BSA audit.
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#822374 - 09/25/07 03:22 PM Re: Return Mail Audit Kathleen O. Blanchard
Jokerman Offline
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From a risk management standpoint, I think the biggest issue here is seeing that the person who can learn that a bank statement has been returned can't post transactions to that account, and that the account itself is placed on a restricted status.

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#824095 - 09/26/07 08:14 PM Re: Return Mail Audit Jokerman
seas78 Offline
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Another portion of return mail audit should to be make sure that when return mail includes a forwarding address, that the address isn't simply updated on the system. Our procedures state that a letter is to be mailed to the new address asking that we recieve an in-person, phone or written request for us to change the address. We need to determine that the customers wants the address changed and it isn't someone doing something fraudulent in an attempt to obtain personal information. Our return mail is all forwarded to one person, who is responsible for sending the letters, adding a "lost contact date" and filing the returned mail.

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#827609 - 10/02/07 08:42 PM Re: Return Mail Audit seas78
Andy_Z Offline
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