Answer:
The OSC states: 205.11(c) - 1. Notice to consumer. Unless otherwise indicated in this section, the financial institution may provide the required notices to the consumer either orally or in writing.
The only place where it mandates written notice is where the bank determines that an error did NOT occur or different error occurred. If bank determines error DID occur, oral notice via phone is acceptable, from a regulatory standpoint. Procedurally, it may be a good risk-management practice to still document in writing. I'd have a discussion with your management and internal auditors for this.
First published on BankersOnline.com 11/20/06
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