§ 12.102 - National bank use of electronic communications as customer notifications.

§ 12.102 National bank use of electronic communications as customer notifications.

Cross Reference

Link to an amendment published at 82 FR 8107, Jan. 23, 2017.

(a) In appropriate situations, a national bank may satisfy the “written” notification requirement under §§ 12.4 and 12.5 through electronic communications. Where a customer has a facsimile machine, a national bank may fulfill its notification delivery requirement by sending the notification by facsimile transmission. Similarly, a bank may satisfy the notification delivery requirement by other electronic communications when:

(1) The parties agree to use electronic instead of hard-copy notifications;

(2) The parties have the ability to print or download the notification;

(3) The recipient affirms or rejects the trade through electronic notification;

(4) The system cannot automatically delete the electronic notification; and

(5) Both parties have the capacity to receive electronic messages.

(b) The OCC would consider the permissibility of other situations using electronic notifications on a case-by-case basis.