How are you handling notification to existing customers, that the funds. avail will change for the above? Are you sending out a statement stuffer? Are you sending the notice but with the chang highlighted?

Statement message.

Same here, statement message

statement message

Statement message as well.

We are doing a statement stuffer, but only because we have other changes that are being implemented as well.

Statement stuffer I think since we are either cleaning a few other items up, or possibly changing our overall hold position.

Also using a statement message.

I have the same question.
Our vendor who handles our statements has requested us to notify them as to whether we would want to place the notice onto a periodic statement or as a separate stuffer.

However, I would assume that the change will require the bank to revise our EFAA disclose, which we will do. But, are we require to send new disclosures to all of our current customers or can we simply place a short notice of change onto our monthly notifying them of the $100 to $200 availability change?

Please help.
Thank you

You must (1) update your disclosures, if necessary, to include the new $200 amount, as of the date you implement the change; and (2) notify affected consumer depositors of the change within 30 days after implementation. Existing customers don't need to get a full new disclosure.

Thank you John

For those using a note on the customers statement: We have limited space on the statements to insert comments. What specifically are you saying? If you are willing to share your statement verbiage, I would appreciate it.

I found the previous thread that answered my question.

CO 4 now
You probably found the same one I found. ha ha
Hey, that's what makes BOL so Marvelous

CO 4 now
You probably found the same one I found. ha ha
Hey, that's what makes BOL so Marvelous

You are correct! Love this website!

Are you saying that business customer's would not need to be notified? That is my understanding since the reg specifies that you must notify holders of consumer accounts within a certain timeframe but just to be clear, Reg CC does apply to commercial customers in general, right?

Reg CC does apply to businesses, however, alot of times the notice requirements are consumer only. This is one of those cases, no notice required for businesses of the $100 to $200 change.

The regulation generally applies to all transaction accounts. Portions of the regulation (notices for changes in availability policy, for example) don't apply to business accounts.

That said, you should consider whether (1) selective notification is more aggravation than it's worth; (2) whether it's still a good idea to notify business accounts.

Many thanks!

We're putting a statement message on all checking account statements to notify customers of the change.

What thread did you find that helped with the statement message for the $200 change? Thank you in advance.

Related thread.

Thank you Ken.