Hi all,
I was just wondering if someone could share some of their 'Change of Address' policy and procedures. Do you require a signature from the customer for ALL address changes? Do you do them over the phone? Does anyone send a 'change of notice' to the old address to verify authenticity (does the USPS return it as such)? Any help is appreciated. Thanks!

We require changes to be made in writing with a signature, so that the signature may be checked against the sig card. Most people come right in to the branch to update their records, so no confirmation is mailed.

We basically do the same thing. We do require signature in all circumstances. If the customer is living out of town or has a circumstance (hospital/disability, etc.) that would prevent them from coming in, we will accept the request by fax or mail. We do not change the address in those instances until the signature card or loan documents have been pulled and the signature verified.

If the person can't physically get to the bank we require a notarized signed request that we keep on file.

We require all address changes to be done in writing, either via fax or in person. We have run into instances where customers have stated that they did not receive their statements because they had the wrong address (new account rep had taken address change over phone and wrote down new address wrong). The customer asserted that there were forgeries that were not caught timely and the bank was left holding the bag.

Also, we do send confirmation letters to both the old and new addresses.

We require all address changes to be in writing with a signature. No faxes. We verify to the signature card and then send confirmations to old and new addresses.

Here's a twist - what if you have in-house collections and in the process of contacting a delinquent customer, the collector is given a 'new' address - how should that be handled? Over the phone OK? Or should we hold out for the sig on file?

I would send a confirmation letter to both addresses.

In addition, based on the delinquency, loan balance and if it's reasonably identifiable collateral, (also if it's local) you might consider a drive-by. This would confirm the address and the collateral both.

We accept a change of address in-person, by telephone, internet, fax, mail, etc. It's done this way for convenience. However, I have seen problems arise because of these procedures (especially when done by telephone).

sending a confirmation letter is the only way to help prevent fraud

Having just been victimized by identity theft, let me offer a perspective. Please do not allow address changes by telephone regardless of convenience. While it does make it convenient, it makes it very easy to victimize someone, also. My identity thief used my information to attempt to change the address on my credit card account and then used the credit card number to charge over $2,000 worth of merchandise. Fortunately, my card provider did have backup security features that even though they accepted the address change, they did not process it until further identity verification steps could be taken.

Any thoughts on whether a policy can/should vary depending on the product? Just thinking that there probably isn't nearly the risk with dealer motor vehicle installment contracts as there is with credit cards, for example.

The problem with that here would be that addresses are keyed off the CIF, not the product.

Does anyone use the notification from the USPS showing the forwarding address?

We were allowing the customer to change his address over the phone but now because of the identity theft stuff they must come into the bank to change their address. We always before had a form they needed to sign but when the bank that we are now took us over they didnt require that.

The post office doesn't require ID when changing your mailing address. So we don't use it.

I have been fighting this practice since I arrived with little success. Apparently, the volume of changes is huge. I have proposed sending confirmation letters to both the old and new address; however, if someone fraudulently filled out a change of address card, would the real customer ever get the confirmation letter at the old address? I must be missing something. BTW, I have had more success in stopping fax requests since we received a fraudulent request with a signature that was very close to that of our customer. The quality of faxes is generally so poor, that it's much harder to detect a forged signature. It is also impossible to verify the sender of the fax even if it's from a logical place (e.g. the customer's place of business).

Does anyone have sample confirmation letter they are willing to post regarding change of address notification from Post Office?

Only if you register and we are sure it's a bank we're e-mailing.

I'm registered now. Do you need any other info?

I need some clarification...
If a statement is returned by the postal service with the forwarding address, would the bank mail to the new address an address change request form (requiring a customer signature) to the new address and wait on the form to be returned to the bank for verification before changing the address of the account? If so, is the bank allowed to hold the customers statement until this new address is verified?

Our policy requires that change of addresses be made in person or notarized. We do not re-send the mail, even if the post office comes back with a new forwarding address. Our disclosure to the customer says they will keep us informed of any changes of address and that we will send mail to them based on our most recent address on file.