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Customer Follow-Up and Verfication of Requests

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For customer-initiated requests (auto debit setup, removal, name/address changes, due day changes, etc.), is there anything in the regs pertaining to follow-up letters that should be sent to the customer? Some banks send letters reiterating the request/changes made, whereas others don't.

You won't find anything in regulations specifically on this topic, but a lot of this is closely related to your bank's protection of customer financial information. After all, one of the goals of a fraudulent address change scheme is to obtain access to customer account information.

Verification of changes to these important pieces of customer information is a long-established control that is seeing a bit of a well-deserved renaissance.

First published on 9/20/04

First published on 09/20/2004

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