Can we accept a faxed copy of a customer signed deposit agreement (signature card) without requiring the original? What issues/regulations must we consider and what are the risks? None of our new account disclosures or the deposit agreement itself references faxed signatures.

I'm not a fan of faxed documents to open new accounts, unless it is an existing known customer just opening another. Otherwise, they need to come in and originals are best. I'm not aware of any regulatory requirement that says it must be an original, and there have been several court rulings (not just banking related) where a facsimile signature was considered legally binding. If it is any consolation or direction, the Federal Reserve Bank will accept faxes for new services on everything except savings bond accounts.

Thanks for your input HappyGilmore! I'd prefer to not deal with faxed documents when opening new accounts, but I'm being asked why we couldn't accept it in this one instance.

i'd also say look at your account opening policy and procedures and see if it is an option