Notification by agreement; alternative forms and times of notification.

CFR · 2024-01-01 · US · Title 12

A national bank may elect to use the following notification procedures as an alternative to complying with § 12.4: (a) (b) (c) (2) If requested by the customer, the bank shall give or send written notification to the customer pursuant to § 12.4 (a) or (b) within a reasonable time. (d) (e) (i) The customer's funds and securities in the custody or possession of the bank; (ii) All service charges and commissions paid by the customer in connection with the transaction; and (iii) All other debits and credits of the customer's account involved in the transaction. (2) A national bank effecting a securities transaction for a cash management sweep service or other periodic plan as defined in § 12.2(j)(2) shall give or send its customer a written statement, in the same form as under paragraph (e)(1) of this section, for each month in which a purchase or sale of a security takes place in a deposit account and not less than once every three months if there are no securities transactions in the account, subject to any other applicable laws and regulations. (3) Upon written request of the customer, the bank shall give or send the information described in § 12.4 (a) or (b), except that the bank need not provide to the customer any information relating to remuneration paid in connection with the transaction when the remuneration is paid by a source other than the customer.

official document · source cfr-2024 · id 12:§ 12.5