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Answer by Jim Bedsole: The E-SIGN act itself sets out disclosure and acceptance requirements for consusmers agreeing to accept electronic disclosures in place of required paper disclosures. In the case of eStatements, it's not so much the statement itself as the various regulatory disclosures on the statement (Reg E, Reg DD) that the consumer is agreeing to accept electronically. For business customers, it's purely a legal decision. I suggest you involve qualified bank legal counsel in the process. I'll also refer you to an article I wrote a few years back for ABA Bank Compliance Magazine on this topic. Some aspects of the article are now a little out of date, but the main points are still accurate. You can find the article here.
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Answer by Richard Insley: You will also find MUCH discussion of this topic in threads going back to the beginning of BOL. You can review these discussions using an "advanced search". Enter my name in the "Display Name Search" field, the search term "consent", and a date range of at least 5 years.
First published on BankersOnline.com 3/25/13.
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