Customer Notification to Deactivate Online Account

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Question:

We have a few customers that signed up for internet banking but haven’t used the services for over a year. We would like to deactivate their Online Banking accounts. Are there any regulatory requirements that we must follow prior to deactivating these online accounts, including customer notice?

Answer:

Assuming this is a free service and there is no contract where you have agreed to provide this or to substitute (think ESIGN) electronic disclosures for paper, this is purely a customer service issue. I would send one letter reminding them of the benefits and that it is a use or lose offer within X days.

First published on BankersOnline.com 10/09/06