On-line deposit statements

Posted By: Gardenlady

On-line deposit statements - 03/19/07 03:00 PM

Are there any specific regulatory requiments or suggested wording for the notice to customers who chose to opt-out of receiving an online monthly statment?
Posted By: tomlokey

Re: On-line deposit statements - 03/19/07 07:28 PM

Where statements are required by regulation, customers must opt-in under eSign to receive them electronically rather than by paper/mail. You can't just make online statements available and turn off the paper without meeting eSign requirements. That being said, you can offer certain products that only offer electronic statements, provided you make all the disclosures and the customer agrees. If you're not making statements available online under eSign and continue to provide paper statements, then the online documents are "information only" and there are no regulatory requirements for opt-out.