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Good Address Change Procedures

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Our last Deposit Controls audit cited us for not following a good procedure for address changes. Our system produces a report that shows if anyone has accessed a customer's file. Employees are also required to fill out a form any time they make a change to the customer's file. To your knowledge, are we required to have a customer sign a form to show that any of their info was changed? If so, do they sign for address changes only or should they sign for any type of change (address, phone, employment...maybe date of birth or Social) to their Customer Information file?

My understanding is that the Fed recommends that the customer sign any request for a change of address, but that is a recommendation, not a requirement. Reliance solely on the USPS notice is not reasonable. If you search Bankers Threads using "address change" you will find a number of discussions on best practices and suggestions.

First published on 08/4/03

First published on 08/04/2003

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