E-Statements - Customer Notification

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Question:

We are looking at implementing E-Statements for business and retail customers but our internet banking provider does not have a method in which to notify the customer that their periodic statement is ready for viewing each month. Is there a regulation that mandates the bank to notify the customer each month (or statement cycle) that the electronic statement is available for viewing?

Answer:

There used to be an interim rule in Regs B, E, M, Z, and DD that did, but that interim rule never had a mandatory compliance date. And now, that interim rule is no more. It was replaced with new final rules in November, 2007 and mandatory compliance in October, 2008 that no longer require e-mail notification. The only other place where it may be mandated could be state law.

First published on BankersOnline.com 6/08/09