In our online banking system, all customers have access to their statements whether or not they have opted-in to e-statements, so they still get printed statements also. We would like to change this so if a customer wants to view their statement online, they must opt-in to e-statements. The only place our E-statement product is disclosed as being available to all internet banking users is in our Internet Banking Agreement and Disclosure. Is a change in terms notification required? If so, under Reg E, Reg DD or both? And must it be in writing? We know customers need to be notified in advance from a customer service/courtesy issue, but not clear on regulatory notice.

The issue is not one for Regulation E or DD. It's a question of E-SIGN Act compliance. Your current legal situation is that you must prepare and deliver a written (ink on paper) statement under Regulation E. In order to make an e-statement the legal equivalent of the required written statement, you must (1) make certain that the e-statement conforms to the requirements of Regulations E and DD, and (2) obtain demonstrable consent from your customer. The demonstrable consent has to be preceded by the list of things in section 101(c)(1)(B) of E-SIGN (Click HERE for a copy of the law).