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E-statement Availability Notification

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Question: 
We provide e-statements via our web site. We e-mail the member when the statement is available. We have a member that does not want the e-mail notification. Are we required to send notification that the statement is available?
Answer: 

205.17(c) is going to require notifications. You could snail mail it but that erodes the cost efficiencies.

The customer should be able to live with the notification and could, depending on their software, establish a rule to handle your message to them. This could store it for them, without their having to acknowledge it. But it is important for you to know if their e-mail is not correct and they are not able to receive communications from you.

First published on BankersOnline.com 10/21/02

First published on 10/21/2002

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Filed under technology as: 

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