I have a couple of questions to post. I hope that someone out there can share their bank's practice for online banking.
First let me give you an overview......We are just beginning to put together our Online Banking package and gather information and as for now, the only thing that the customer is going to be able to do online is make transfers to/from their account and review account activity.
Here are my questions:
1) Reg E states that the customer must consent to electronic delivery of disclosures. We have our disclosures built into the Online Banking Agreement where the customer must accept the terms of the agreement before continuing with online banking enrollment. Does this suffice for consent to electronic delivery of disclosures?
2) Reg E also states that you need customer authentication for preauthorized transfers (such as use of a security code). Also, once you obtain authorization, you must provide a copy of the terms of the authorization to the consumer either electronically or by paper. I just wanted to know how others are handling this on their site.