Disclosures and Tollfree Phone Numbers

Answered by:

Question:

If the bank has a toll free number must that number be used in disclosures where a number is required to be furnished to a customer? Or may we use our "regular" number?

Answer:

There are requirements and references to provide tollfree numbers in Regs:

M, advertising, Required
Z, openend credit card disclosures,Required
HUD homeownership counseling notices, RESPA servicing notices (collect calls may also be acceptable),
E, allows local or tollfree numbers to verify preauthorized transfers, but it isn't a requirement,
P Your Privacy policy may refer to a tollfree number to obtain a notice or optout, although this isn't necessarily a requirement.

This list may not be exhaustive and won't address any state requirements for complaints, inquiries, etc.

First published on BankersOnline.com 3/11/02