When a consumer completes an on-line application to open a deposit account, is the application considered made when the consumer selects the "send" button, or is the application considered made when the bank opens the application?

For a deposit account, why is timing important?

Should account disclosures be given as part of the on-line application process, or can they be mailed to the consumer after the application is received.

Someone can feel free to correct me but they should be a part of the online application process.

As far as the timing of the application being "made", I would make sure and define that myself as part of the application process. State something to the effect that "we consider your application received when it is opened by us....blah blah.

230.4(a)(1)(ii) Electronic communication. If a consumer who is not present at the institution uses electronic communication (as defined in § 230.10) to open an account or request a service, the disclosures required under paragraph (a)(1) of this section must be provided before an account is opened or a service is provided.

So it really depends on what happens with the "application" and when. When does the acount get opened?