Notification by agreement; alternative forms and times of notification.

CFR · 2024-01-01 · US · Title 12

An FDIC-supervised institution may elect to use the following alternative notification procedures if the transaction is effected for: (a) (b) (c) (1) The FDIC-supervised institution shall give or send to each customer not less frequently than once every three months an itemized statement which shall specify the funds and securities in the custody or possession of the FDIC-supervised institution at the end of such period and all debits, credits and transactions in the customer's accounts during such period; and (2) If requested by the customer, the FDIC-supervised institution shall give or send to each customer within a reasonable time the written notification described in § 344.5. The FDIC-supervised institution may charge a reasonable fee for providing the information described in § 344.5. (d) (e) (f) (1) The funds and securities in the custody or possession of the FDIC-supervised institution; (2) All service charges and commissions paid by the customer in connection with the transaction; and (3) All other debits and credits of the customer's account involved in the transaction; provided that upon written request of the customer, the FDIC-supervised institution shall give or send the information described in § 344.5, except that any such information relating to remuneration paid in connection with the transaction need not be provided to the customer when the remuneration is paid by a source other than the customer. The FDIC-supervised institution may charge a reasonable fee

official document · source cfr-2024 · id 12:§ 344.6