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E-SIGN Requirement for Accessing Acct Statements

Answered by: 
Jim Bedsole
Richard Insley | Guru Emeritus

Question: 
We have had an internet banking platform for several years and are preparing to roll out the mobile banking interface to internet banking customers. Through both the online platform and the mobile platform, customers are able to access account statements. We currently also provide paper statements to all customers, including those who are enrolled in internet banking. Customers are not able to choose between paper statements and electronic statements in the internet banking platforms (i.e. internet banking customers with access to electronic statements also receive a paper statement). Are we required to be compliant with E-SIGN due to the internet banking customers being able to access account statements electronically, even though they are receiving paper statements?
Answer: 

by Jim Bedsole: You would only need to comply with E-SIGN if you were substituting the paper statements with electronic statements. If you are just supplementing them with electronic, no E-SIGN opt-in is required.

Answer: 

by Richard Insley: You are required to be compliant with Regs. E, DD, and any other regulation of your products.

These product regulations require you to disclose certain aspects of the product or service before and during the time your customer uses each product. Some of these before/during disclosures must be "in writing" (because Regs. E, DD, etc. say so)--including most deposit account (consumer only) statements. As Jim advises, you only need to use ESIGN to satisfy one of these "in writing" rules when you offer and your customer consents to e-delivery as an alternative to paper.

First published on 11/11/2018

Filed under: 
Operations
Filed under operations as: 
E-Sign
eBanking/Email

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