Internet Disclosures & Notifications

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Question:

I need to locate a good source on the disclosure requirements for account statement delivery via the internet. What disclosures need to be made at account opening? What disclosures need to be provided to existing customers? Are there notifications requirements for the statements available online?

Answer:

I recently wrote an article on this very topic that was published both in the Jan/Feb 2007 issue of ABA Bank Compliance Magazine and in the Winter 2006 issue of the SC Bankers Association's Palmetto Banker magazine. The Palmetto Banker issue is available online; my article starts on page 6. You should find that this answers many of the questions you might have on disclosure requirements related to e-statements.

First published on BankersOnline.com 4/09/07