HOT TIPS

Northwestern Financial Review, Sep 15-Sep 30, 2004

* On January 1, 2005, it will become unlawful for anyone to send unsolicited fax advertisements (including rate sheets) to anyone without first receiving their express written permission. This will be true even between parties that have an established business relationship. Therefore, if you have business relationships, such as relationships with mortgage brokers, that involve sending faxes that may be advertising, include a consent in your contracts with these business partners or obtain their separate written consent to continue receiving faxes. The consent must include the specific fax number that can be used. In addition, by January 1, 2005, develop a method to ensure that parties who have not consented do not receive unsolicited fax advertisements.

* If you are going to begin to impose check cashing charges on non-account holders for checks drawn on accounts at your institution, notify account holders that such a charge will be imposed. Litigation was recently brought in California alleging that by imposing a fee without notifying account holders, financial institutions forced employers into unwitting violations of California labor laws.