Answer:
You can provide a list of incentives in your marketing pieces. Most often I see the "go green" theme, but there are several good reasons. The best incentive in my opinion is pricing. Charging an additional fee (disclosed of course) for those wanting paper is acceptable. Here are some ideas:
- helps them avoid the paper statement delivery fee that starts X date
- good for the environment
- reduces the risk of ID theft due to dumpster diving
- faster delivery
- you'll archive the statements for x period of time making them available
- easily searchable
- copies of items available on request and are accepted by the legal system (unless for some reason that isn't true in your area.)
You are correct that you can't require E-SIGN as a means of delivery. There can periodically be problems that simply inhibit delivery and electronic communication. Recently, I had issues where email I sent showed it was sent, but wasn't being delivered. A co-worker had the same problems, and while we use the same ISP, we are states apart from one another. If I was emailing my bank about a problem, this would have been a real issue. The consumer should have a choice.
First published on BankersOnline.com 1/04/10
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