E-Statements to Minors

Answered by:

Question:

Are there any problems or risks in allowing a minor to consent to receive e-statements?

Answer:

COPPA compliance will be required if a minor is 12 or younger. Most banks avoid any data collection that would trigger the costs and risks associated with COPPA. From 13 to 18, you will need to determine what risks you are taking by entering into a contractual agreement with someone against whom the contract cannot be enforced.

First published on BankersOnline.com 04/5/04