Regulatory Alerts2013-08-05
Added · Updated
Providing Information Through Electronic Means
The Superintendent of Banks amends the General Banking Management Instructions to allow banks to send customer notifications via electronic means (internet banking or email) instead of postal mail, provided the customer has explicitly requested this method. The regulation specifies mandatory scenarios where postal mail must still be sent alongside electronic notifications, such as legal proceedings, fee increases, or credit card termination. It establishes a default opt-out mechanism requiring banks to send postal reminders if a customer fails to access their account or receive electronic service for nine months, with service suspension after an additional three months if access is not restored. The amendment also mandates that electronic notifications include descriptive subject lines, ensures continued access to historical electronic communications during and after legal proceedings or contractual relationships, and requires disclosure of electronic information delivery terms in customer agreements.
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