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.