An Act Concerning the Closing of Accounts at Financial Institutions

This became effective October 1, 2022 see notice requirements below. Wondering how others are handing the accounts that are voluntarily closed where a letter still appears to be needed? Are you keeping a log? Do you have reporting that would show your accounts closed? Do you have insight that letters will not need to be sent on voluntarily closed accounts?

• Notice Requirements:
o “Upon the closing of a deposit account” a bank must mail written notice of the closing of
the account to the depositor at the address the bank has on record for the depositor (or,
at the bank’s option, via email if the customer has consented to electronic notices/records
in accordance with the ESIGN Act):
o The notice must be sent not later than 10 business days after the bank closes the account;
a notice prior to closing the account may be acceptable.
o The notice must include “the reason for closing the deposit account”

I heard that the CT DOB expects the notice to go out even for voluntarily closed accounts.