My mother has a credit union savings account into which her monthly social security payment is directly deposited. But she only receives a quarterly statement on the account. Aren't credit unions subject to the same statement requirements under Regulation E that my bank has to follow?
For checking monthly statements, if a customer agrees to accept electronic delivery of these, do we need to monitor if the statements are retreived and provide paper if they are not?
What are some of the ways that the imaging technologies that are developing as a result of the Check 21 law will help us provide better customer service?
Currently we generate periodic (monthly) statement on any passbook account that has had an EFT credit (debits are not allowed) during the month. Is this necessary? Secondly, do we need to send an annual error resolution notice to those passbook account holders who have not had any EFTs to the account during the year?I am confused by the language in 205.8(b) which states "any account to or from".
In order to begin sending e-mail statements, we must first send a test e-mail with an attachment that the customer must be able to open successfully and respond back to the bank. Currently, our e-mail statement system can only send an actual statement as the attachment instead of a test PDF file. Will this suffice?
Are there any average figures for the cost of monthly paper statements versus e-statements? I am looking for a savings per month amount.
If my bank offers electronic account statements but also sends paper statements, do I need to worry about ESIGN and the Fed's e-Regs?
Our bank has several Christmas Club accounts that accept payroll deduction direct deposit credits from one of our significant business customers. Many of their employees have no other deposit relationship with our bank. Do we have to issue a statement on these club accounts under Regulation E?
Do you have any information regarding discontinuing printed and mailed bank statements in favor of electronic delivery of bank statements? We have online bank statements and a customer has asked us to discontiue mailing them out to her. What do we have to do?
Can a customer waive his Reg E rights? We have customers who do not want to receive a monthly statement, even though they have electronic transactions that are subject to Reg E. The customer is able to view their account history via our Online Banking product. Must we send them a paper statement?