Today, I received a second letter from HSBC, claiming once again that they sent me a Statement Available Alert on January 13, despite my twice providing proof that they did not.
They also claimed that they were not in violation of the Truth in Lending Act because the Act only requires them to make statements available on their Web site at least 21 days before the payment due date. I.e., the law does not actually require them to notify customers that their statements are available and they have a payment due.
It turns out they’re right… I also received today a letter from the Office of the Comptroller of the Currency confirming that the law does not require banks to send electronic statement notifications to customers who agree to receive their statements on-line.
In short, customers who agree to save the bank money and help the environment by not receiving statements on paper, lose the protection of the law when it comes to requiring the bank (or not) to notify them about payment due dates.
Here is the letter that I would send back to HSBC were I willing to waste paper, an envelope and a stamp on it (the HSBC “Executive Liaison” with whom I have been corresponding has not provided either an email address or a fax number, and I refuse to waste my time conducting business of this sort in telephone conversations):