Dormant Accounts - Privacy Notices Required?

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Question:

Is it a requirement to send privacy notices to dormant DDA accounts?

Answer:

No. XXX.5(b)(1) Termination of customer relationship. You are not required to provide an annual notice to a former customer.

(2) Examples. Your customer becomes a former customer when:

(i) In the case of a deposit account, the account is inactive under your policies.

First published on BankersOnline.com 10/01/07