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#124906 - 10/23/03 04:49 PM E-sign disclosures?
Anonymous
Unregistered

Our institution is planning to offer a full blown Internet banking site (acct 2 acct transfers, EFTs, bill pay, statement imaging- not sure yet if push or pull, etc.). I know the E-Sign Act says that there s/b general disclosures, hard/soft ware disclosures, agree to recieve e-disclosures, the consumer CAN access the disclosures, and we will re-disclose as the tech requirements change.

My questions are:
1. Where on our website do these need to be available?
2. When do they need to be available? Meaning when during the process of our customer's on-line experience should they be met with these disclosures?
3. At the end of the disclosures listed above, we need options for "I agree" and "I disagree." The selection of one of those options is the electronic signature. Is my statement correct?
4. Any other disclosures required
5. If a customer wishes to change the electronic delivery options, snail mail address, email address, etc. can these processes be explained in an FAQ? Or do these processes need to be in the initial disclosure?

Thanks for your help,
jp

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eBanking / Technology
#124907 - 10/23/03 09:11 PM Re: E-sign disclosures?
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,752
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Quote:

My questions are:
1. Where on our website do these need to be available?
2. When do they need to be available? Meaning when during the process of our customer's on-line experience should they be met with these disclosures?
3. At the end of the disclosures listed above, we need options for "I agree" and "I disagree." The selection of one of those options is the electronic signature. Is my statement correct?
4. Any other disclosures required
5. If a customer wishes to change the electronic delivery options, snail mail address, email address, etc. can these processes be explained in an FAQ? Or do these processes need to be in the initial disclosure?
quote]

I'll take a stab at starting this.

1) In the beginning of the process. See 2 for additional.

2) If you are using E-Sign to enter into a new contract you need these items from 101(c) up front. These contract requirements must be met before the Internet Banking contract can be entered into. As an example, you must have demonstrable consent before you enter into a contract. Without it, you can't say they could read the contract terms you say they agreed to.

3) Something to that effect as needed and either "Disagree" should be the default or some other option. Don't let them hit "Return" and agree to terms they may not have had to scroll through, much less read.

4) A big question partially dependent on whether this hinges on the existing deposit agreement and disclosures made in the traditional bank, or if this is totally new. What you did in the real world needs duplication here. As to specific "e-disclosures", look at the regulations effected in what you offer.

5) These need not be contracted for, but the contract should state that they need to provide current addresses, etc. just as is done today. The other thing you may add is that if you get returned e-mail, the contract terms default to XYZ as you do now. That isn't required, but it helps in redelivery requirements.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#124908 - 10/23/03 09:19 PM Re: E-sign disclosures?
Anonymous
Unregistered

Thank you- it was tackled very well because I fully understand your response. Now I am researching UETA because our state has adopted the Act.

Thanks again,
jp

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