Answer:
If the customer is not a consumer, the customer may opt out.
However, if the account is a consumer account that may have electronic fund transfers covered by Regulation E post to it, the consumer's right to any required periodic statements may not be waived. The consumer holding such an account may elect to receive statements electronically if he or she does so in a way that conforms to the E-SIGN Act, or the consumer may elect to have statements held at the bank for pickup. If the consumer elects the latter option, I recommend the bank should permit it only with the condition that it will mail any statement not picked up within 30 days.
First published on BankersOnline.com 3/21/11
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