Section 16. If a bank as a consequence of a default of a debt owed to said bank by a depositor or shareholder, makes a transfer of funds of such depositor or shareholder to reduce or extinguish said debt, such depositor or shareholder shall be notified forthwith of such transfer by written notice sent by first class mail directed to the last known address of such depositor; provided, however, that if the debt is the result of consumer credit granted under the federal Truth in Lending Act, 15 U.S.C. § 1601 et. seq., any required notice shall be made in compliance with federal law and the regulations promulgated thereunder. A depositor or shareholder to whom such notice has not been sent shall be entitled to recover the amount of any actual damages.