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Correspondence File: Drop Electronic Emails?

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Question: 
To comply with the regulations, we log customer's conversation in a conversation log sheet inside the credit file. This includes telephone conversation and emails printout. Is it necessary to also drop the electronic emails to the correspondence file of the customer?
Answer: 

There are only a few circumstances when email must be preserved and these generally apply to SOX banks and securities. All email retained must be indexed in some way for discovery, if required in court.

But I would not recommend logging emails as a log is not a complete record of the "conversation." It may later be important to know what IP address the email originated from, to review the signature, and to be able to see what was said exactly and in response to what questions. If you print them, ensure you get all the headers and all the content. Notes in the file, supported by the e-retention would be my recommendation for anything worth keeping.

First published on BankersOnline.com 2/18/13.

First published on 02/18/2013

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