Can We Require E-Statements or None?

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Question:

We have accounts that have debit cards. Can we still make a requirement that restricts paper statements from being delivered? Can we make it a requirement to have e-statement or none?

Answer:

You can certainly have a product that does not have an option for paper statements. You have to make that fact clear in your pre-consent E-SIGN disclosures that paper statements are not available and that if the customer wants paper statements, he will have to switch to a different account type. You cannot, however, have an account that has electronic transfers and not have any statement at all.

First published on BankersOnline.com 1/03/11