Are Periodic Mail Statements Required?

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Question:

We are considering e-statements. Is there a regulation that requires a customer to receive a statement or notice by mail periodically? My concern is the loss of contact. The customer might obtain statements on the internet, but we might not know the physical location of the customer.

Answer:

Electronic statements replace the written statement, that is their purpose. If you want to periodically verify their physical address you may do so, but this is not a requirement.

First published on BankersOnline.com 2/20/06