Retention of Electronic Applications

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Question:

What are the record retention requirements for internet banking documents such as applications? What about record retention for atm/debit card applications?

Answer:

The only additional record retention requirement that might apply to e-docs is evidence of compliance with ESIGN's informed consent rules. Although ESIGN has no specific rule about record retention, you will need to be in a position to prove that (when necessary) you obtained proper (binding) consent before substituting electrons for paper.

First published on BankersOnline.com 4/18/05