Answer:
There is no such requirement in the law. Attempting to resend the statement after getting a new email address or sending a paper copy to the last mailing address of record are both prudent ways to maintain contact with your customer, however. In most cases, the law is on the bank's side if the bank can show that it produced a statement and attempted to deliver it in the mode agreed to by the customer. For example, if paper statements are held at a branch for pick-up, the law recognizes the date the statement arrived at the branch as the date of delivery. Similar rules apply to e-statements. Consider what your bank does with returned paper bank statements. It would make sense to try to emulate that process for e-statement returns.
First published on BankersOnline.com 8/04/08
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