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Sign Up for E-Statements Here
Answer by Andy Zavoina and John Burnett, BOL Gurus
Guru Bios
Question: When we open new accounts, we like having customers sign up for online banking at that time. Marketing created a form where the customer waives the requirements for demonstrable consent and certifies they meet the hardware and software requirements we have to get our e-statements. Is this satisfactory?
Answer by Andy Zavoina: Having them sign up for internet banking would be fine. The point needing clarification is what is included with internet banking. If e-delivery is included (you mentioned e-statements) you have to ask if you have met all the E-sign requirements. The hoop you must jump through for a consumer is one of demonstrable consent if you plan on making your disclosures to them electronically. Delivery of disclosures in an electronic form, as your primary means of delivery, will require E-sign compliance including demonstrable consent. That cannot be completed while they are in your lobby unless they have their own computer there. While possible, it isn't probable and wouldn't be the norm.
Answer by John Burnett: The demonstrable consent requirement is integral to E-sign with regard to consumers. It's not a right that a consumer can waive. It's a requirement that needs to be met. So your process fails both because it takes place in your bank lobby and because the consumer is waiving something that isn't his to waive.
First published on BankersOnline.com 5/05/08
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