Converting to Self Enrollment Online Banking

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Question:

We are in the process of converting to a self enrollment process for online banking. If our customer clicks "I agree" to accept the agreement and the wording to allow transfers is included in that agreement, do we need to send them a separate form which includes their signature for the transfer authorizations?

Answer:

Separate agreements with a traditional pen and ink signature of one or all account owners is a common requirement among banks. It is more a safeguard than a requirement. Banks recognize that transfer capabilities increase their liability and they want the customer to be aware of what can happen, because the customer shares some liability. The bank wants the customer to know that they must safeguard access to their internet banking account.

First published on BankersOnline.com 2/11/08