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#12058 - 10/02/01 07:11 PM ESIGN
Richard Insley Online
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Richard Insley
Joined: Oct 2000
Posts: 10,007
Toano, VA
It's now been a year and a day since ESIGN gave us permission to deliver disclosures electronically. Conversations with bankers, however, indicate very low usage. How many BOLers are using ESIGN's permission for e-delivery of required disclosures?
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eBanking / Technology
#12059 - 10/04/01 04:50 AM Re: ESIGN
Atilla Offline
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Atilla
Joined: Nov 2001
Posts: 15
MO
Before our bank will utilize electronic delivery of disclosures, we are going to have to get comfortable with opening accounts on-line. We're looking and planning to go forward--but we're not there yet. (And I, for one, am in no hurry. I envision an internet revolving door. Money coming in the front door and going out the back.)

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#12060 - 10/03/01 06:15 PM Re: ESIGN
BankerMama Offline
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BankerMama
Joined: Jun 2001
Posts: 1,543
I don't think everyone is really confortable with electronic signatures and internet accounts for that matter. We are getting ready to implement electronic signatures for one particular product but it is not a consumer product so disclosures are not such an issue.

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#12061 - 10/03/01 08:31 PM Re: ESIGN
Andy_Z Offline
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Andy_Z
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I believe a lot more people are using e-sign than realize it. "Click here" to accept the terms of this Internet Banking Agreement is a form of e-sign.

I too believe that extremely low use is occurring on the high-end, requiring digital signatures and actually opening accounts and doing loans that way.

Is it a technological hesitation on our part, a customer security/trust issue, both or neither?

In my case, I don't drive this train but we're so busy doing other things with greater demand that I don't know when we'll get to this.

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Andy Zavoina
Opinions stated are not necessarily that of my employer.

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#12062 - 10/06/01 12:21 PM Re: ESIGN
Richard Insley Online
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Richard Insley
Joined: Oct 2000
Posts: 10,007
Toano, VA
e-Signatures and online account openings are high risk activities at the moment. Nevertheless, there's a wonderful opportunity to save money by switching existing customers from paper to e-delivery of periodic disclosures for credit cards, HELOCs, and deposit accounts. It would seem that banks would start with these disclosures because significant cost savings are likely and the risk of providing a new option to seasoned customers is low. Thoughts?
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#12063 - 10/06/01 08:57 PM Re: ESIGN
Andy_Z Offline
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Andy_Z
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Absolutely. We're working now on e-statement delivery. This will be encrypted statements sent with e-mail.

While that is being done on the mainframe side we'll soon be working on the solicitation messages and e-sign compliance steps.

This will prove even more valuable as postage rates seem to be going up at least once per year.

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Andy Zavoina
Opinions stated are not necessarily that of my employer.

_________________________
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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#12064 - 10/10/01 08:11 PM Re: ESIGN
Anonymous
Unregistered

We offer a "e-checking" account that earns interest if the customer agrees to receive their periodic statements electronically.

The customer must first come in to any location and open a regular checking account. Then they must go to our web site and request their account to be converted to this e-checking. At the time of their request, they must go through all of the hoops of the E-sign act. We're willing to pay interest on these accounts to reward these customers for our cost savings from not having to send periodic statements. Seems to be a good account.


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