We are thinking about mailing our dormant account statements to the customers. We have not mailed them in the past. Two reasons for mailing: 1.Customer will be able to monitor any activity and 2.We are implementing a dormant fee and the customer will be aware of the fees. Does anyone have any input into why we should not mail these statements.
Thank you

Second part first. Many states do not allow fees on dormant account, so check that before you implement the fee.

Also, implementing the fee is probably a change in terms requiring customer notification.

Finally, the customer has a specified period of time to review the statement and report any discrepancies. Not mailing the statement extends your risk of fraud on the account.

I will check about KY law on this fee. We did send out a notification on implementing the new fee. Thanks for your input.