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#51295 - 12/31/02 05:09 PM Held Mail
wlavoie Offline
Gold Star
wlavoie
Joined: Jul 2002
Posts: 338
Hell's Canyon
I have been looking at our held mail. SAF has a form the customer can sign to request their mail to be held but it is only for savings accounts. Does anyone know why it wouldn't cover checking accounts? It is very specific. I would think if someone was going on an extended vacation, say 1-2 months, and wanted their statement held - we should be able to do it. Am I missing something?
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Wendy LaVoie

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General Discussion
#51296 - 12/31/02 06:14 PM Re: Held Mail
Neytiri Offline
Platinum Poster
Neytiri
Joined: Jul 2002
Posts: 645
Pandora
Ours are predominately checking. We have a form the customer signs to request this service, and we change the address to the bank's PO Box in case it gets mailed accidentally. If the customer does not pick up the statement within 30 days then it gets mailed. You cannot hold the statement indefinately because the customer needs to reconcile the statement, check for forgeries, etc.

We have quite a few seniors who winter over in Florida but they simply change their address to their Florida address while they are away
Last edited by Donna Banker; 12/31/02 06:22 PM.
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#51297 - 12/31/02 07:37 PM Re: Held Mail
DawgFan Offline
Diamond Poster
DawgFan
Joined: Jul 2002
Posts: 1,678
United States
Donna, I like the idea of having the PO box serve as a "safety net" for the statements. One thing to consider is the impact that the held statements could have on your Reg. E error resolution procedures. The Reg E. commentary says:

Statement held for consumer. When a consumer has arranged for periodic statements to be held until picked up, the statement for a particular cycle is deemed to have been transmitted on the date the financial institution first makes the statement available to the consumer.

The way I read this, the day that the statements arrive at wherever the customer can pick them up, the 60 day clock starts running. If your customer is going on said extended vacation, you may want to inform him/her of this. If anyone sees this differently, please say so.
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Opinions expressed are solely my own.

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