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#1517934 - 03/04/11 08:29 PM E-Sign compliance
Southern gal Offline
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TN
We beginning to offer E-statements. Starting this month, we will run this statement message for the next 30 days.. "Stop waiting for mail delivery, simply complete a sign-up form and provide us with your e-mail address."

Customer must then come to bank to complete the form, which includes providing e-mail address, password, and signature.
Employee taking the application must also sign the app, then send a test e-mail to the address provided on the application.
Then the completed application is sent to bank's IT dept, to be processed and maintained.

Required Reg E disclosuore will be sent with customer statements.

Will these procedures comply with ESign?

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#1517983 - 03/04/11 09:39 PM Re: E-Sign compliance Southern gal
rlcarey Offline
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No - where is your demonstrable consent?
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#1518050 - 03/05/11 12:12 PM Re: E-Sign compliance rlcarey
Richard Insley Offline
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How does the test email demonstrate the depositor's ability to access a test document of the type to be used for "live" statements?
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#1518090 - 03/07/11 12:54 AM Re: E-Sign compliance Richard Insley
Andy_Z Offline
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I will be discussing some E-SIGN basics in this webinar. http://calendar.bollearningconnect.com/main.php?view=event&eventid=1297119175003

Suffice it to say that no, this absolutely is not sufficient. In the first place you'll be surprised how many customers give you a bad email address.

If you're not interested in the webinar go back through these threads and you'll find some great information.
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#1518120 - 03/07/11 02:10 PM Re: E-Sign compliance Andy_Z
Southern gal Offline
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TN
Thanks guys, I appreciate the info, & was what I was thinking all along, but needed some advice to back me up. What would be some examples of demonstrable consent?
Last edited by Southern gal; 03/07/11 02:12 PM.
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#1518186 - 03/07/11 03:43 PM Re: E-Sign compliance Andy_Z
Southern gal Offline
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TN
Andy, I just saw this Q&A in your webinar info,

Q: If we are still delivering disclosures and statements in paper form, do we have to be concerned with E-SIGN and UETA?

A: Not really. You have added a delivery channel, not replaced it. So long as you are not sending conflicting information, you are fine. But if you have the infrastructure in place, you might examine using e-delivery as a means to make more timely disclosures and in a more cost effective manner.

Now, I'm getting more confused. If we still mail paper statements, why should I be concerned with ESign and demonstratable consent?

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#1518522 - 03/08/11 12:30 AM Re: E-Sign compliance Southern gal
rlcarey Offline
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So, is this e-mail delivery in addition to the delivery of paper statements. If so, e-sign is not an issue.

If you are sending these statements unencrypted, I would think that present a real issue however.
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#1519086 - 03/08/11 10:53 PM Re: E-Sign compliance rlcarey
Southern gal Offline
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TN
E- statements offering is not in addition to snail mail, but once customer signs up for e-statement they will no longer receive statements in mail.

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#1519113 - 03/09/11 01:56 AM Re: E-Sign compliance Southern gal
rlcarey Offline
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Galveston, TX
Then you will have to comply with all the e-sign requirements. Andy was addressing if you were doing both for the same customer.
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#1519174 - 03/09/11 02:07 PM Re: E-Sign compliance rlcarey
Southern gal Offline
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Posts: 504
TN
Thanks for clearing all this up for me

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