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Can we send annual statement to low activity accounts?

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What rules/regs apply to only mailing customer bank statements annually if there has been no customer generated activity? Can we do this?

205.9(b) of Reg. E will require a statement quarterly or more often if the account has the ability to incur an EFT. If your state laws allow, after a period of inactivity you may deem the account inactive or dormant and preclude any EFTs to or from it without first reactivating the account. Your state laws will have a lot to do with this. It may be under escheatment procedures.

First published on 5/07/01

First published on 05/07/2001

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