Hello I was hoping others could share their current returned mail procedures. We have been getting quite a lot of returned mail recently and it has become quite a chore to stay on top of it and reach out the customers and requires many back and forth phone calls. I understand the need for a procedure to be in place from a fraud/red flags standpoint, however what about customer's that just choose not to update their address or return calls? What is the expectation? Can anyone else share how they handle returned mail at their FI?

Thank you

Hello and welcome to BOL! I recommend you take a look at your account disclosures and see what it says in there. Usually the responsibility to update the address falls on the customer although we do make an effort to contact when we get returned mail. We turn off paper statements and save them electronically.

you also need to look to Red Flag guidelines if you are going to use a 3rd party change of address system for forwarding mail, such as US Postal National Change of Address (NCOA) database, which has some stipulations to follow to help detect fraudulent change of address processes.

as far as relying on the client, that is tough. one thing our contact center does is validates with every caller that we have their correct address, not an easy task. you would be surprised the number of clients that balk at confirming their address.