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#2034268 - 08/18/15 04:32 PM Uniform Acct Select form - SB 1791 - online acct
CalifDreamin Offline
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CalifDreamin
Joined: Mar 2002
Posts: 2,262
Far from Calif
How are your online account opening programs handling the SB 1791 requirement for the Uniform single party or multiple-party account selection form to have initials to the left of the type the customer chose and initials to the right of every paragraph?
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#2034291 - 08/18/15 05:32 PM Re: Uniform Acct Select form - SB 1791 - online acct CalifDreamin
trout22 Offline
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Joined: Nov 2004
Posts: 313
I was wondering the same thing! We were just discussing those requirements here today. I'm curious to see what others are planning to do.

It seems as though the form could have had some improvements for ease of use.

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#2034405 - 08/18/15 09:26 PM Re: Uniform Acct Select form - SB 1791 - online acct CalifDreamin
twana Offline
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Joined: Feb 2004
Posts: 20
Our forms vendor is Wolters Kluwer and I am not excited about the fact that they changed the "format" of the form. This change will require us to comply with the additional requirements (the way I read the code);
"(b) If a financial institution varies the format of the form provided by Section 113.052, the financial institution may make disclosures in the account agreement or in any other form that discloses the information provided by this subchapter. Disclosures under this subsection must:
(1) be given separately from other account
information;
(2) be provided before account selection or
modification;
(3) be printed in 14-point boldfaced type; and
(4) if the discussions that precede the account opening or modification are conducted primarily in a language other than English, be in that language."

Therefore, I am considering creating a custom form (following the supplied format) for our new account platform so that we only have to comply with the following:
"Sec. 113.053. REQUIRED DISCLOSURE; USE OF FORM[;
DISCLOSURE]. (a) A financial institution shall disclose the information provided in this subchapter to a customer at the time the customer selects or modifies an account. A financial
institution is considered to have [adequately] disclosed the
information provided in this subchapter if:
(1) the financial institution uses the form provided by Section 113.052; and
(2) the customer places the customer's initials to the right of each paragraph of the form."
Would love some feedback if I am overthinking this!

Thanks!

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#2034496 - 08/19/15 02:23 PM Re: Uniform Acct Select form - SB 1791 - online acct CalifDreamin
Will Golf 4 Food Offline
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Joined: Jan 2004
Posts: 30
Texas
Our vendor is WKFS as well. I'm not seeing the changed "format" as you describe. It looks like the model to me. What format change do you see causing a problem?

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#2034547 - 08/19/15 04:40 PM Re: Uniform Acct Select form - SB 1791 - online acct CalifDreamin
The OG Zaibatsu Offline
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The OG Zaibatsu
Joined: Dec 2007
Posts: 1,713
Texas
Someone described WK "changes" to me. I don't think they substantively change the form.
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#2034585 - 08/19/15 06:09 PM Re: Uniform Acct Select form - SB 1791 - online acct CalifDreamin
*W*W* Offline
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I haven't seen the WKFS form yet, but the requirement says the disclosure is supposed to be provided prior to account selection and that each paragraph must be initialed to the right of the paragraph. I guess this is supposed to indicate the consumer actually read it. Is everyone else reading this the same way? The model language from the statute has a line to the left of each paragraph.
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#2034927 - 08/20/15 05:58 PM Re: Uniform Acct Select form - SB 1791 - online acct CalifDreamin
SoftballMom33 Offline
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SoftballMom33
Joined: May 2014
Posts: 18
Our bank uses Deposit Pro for our new accounts documents. The TX Uniform Single/Multiple Party Account Selection form appears to be in the same required format. Does anyone use Deposit Pro and if so, what do you think about their form? Is this acceptable?

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#2034970 - 08/20/15 07:39 PM Re: Uniform Acct Select form - SB 1791 - online acct SoftballMom33
CalifDreamin Offline
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CalifDreamin
Joined: Mar 2002
Posts: 2,262
Far from Calif
We, too, use Deposit Pro and it looks like the one in the draft release notes matches the model form. We received a draft of the release notes, but also this message from them in answer to some specific questions we had:

Quote:
A: I have attached DRAFT Release Notes applicable to the Texas Uniform Account Selection Form for your review. DepositPro plans to make the four changes listed below in the August release: 1) Deposit Pro uses a forward slash where the word “OR” should be. The following is from the Model Form…UNIFORM SINGLE-PARTY OR MULTIPLE-PARTY ACCOUNT SELECTION FORM NOTICE: 2) Some of the other words vary from the Model Form…for example, the Model Form uses the word “beneficiaries” where our Form uses the variation of “beneficiary(ies)…see highlighted below. 3) In some instances, Deposit Pro has left out words altogether…Where the word “name(s)” is highlighted below, it should read as name or names as shown on the Model Form. 4) Lastly, the Model Form uses numbers in front of each account Category. Deposit Pro Form does not. Our Texas counsel recommended that we make the four changes listed above identified. He recommended that we not add initial lines to the right-hand side of the form as the form would then definitely vary from the statutory form. He also indicated orally that he felt that would confuse the account selection purpose of the form. He indicated that, with these changes, that there should be no need to make the change to 14-point bold font for forms that vary from the statutory form. We have entered the following change request to make those changes: 194890. Form will be available in English only.


As a side bar - I've received differing legal opinions regarding the "other language" requirement. Some say if you use the model form, you don't need to worry about it being in another language even if the discussions are in another language. Some say you do. It's all in how you read/interpret the Act, and there's no additional guidance at this point. What I gather, though, from that information we got from DepositPro is that they feel their form meets the model, so it only needs to be in English.

The challenge we are having is how to make this form work with our online account opening format. We use Andera for online account opening, but it uses our Deposit Pro products. So, how do we essentially get that in a format where the customer "initials" on the left for just one paragraph, and then "initials" on the right for every paragraph?

What's been suggested to me at this point, is basically a radial button for the customer to choose the type, then a place where they check a box stating that they've read/reviewed the entire document, but that just doesn't seem to really match the requirement. I think there's a reason they wanted each separate paragraph initialed vs allowing a blanket statement of agreement. What I'm being told is it is going to be very costly if we have to work with D + H to get this to actually do initials in all the spots necessary.
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#2034977 - 08/20/15 08:09 PM Re: Uniform Acct Select form - SB 1791 - online acct CalifDreamin
SoftballMom33 Offline
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Joined: May 2014
Posts: 18
Thank you so much! This has helped put my mind at ease tremendously! smile

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#2035004 - 08/20/15 10:05 PM Re: Uniform Acct Select form - SB 1791 - online acct CalifDreamin
The OG Zaibatsu Offline
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The OG Zaibatsu
Joined: Dec 2007
Posts: 1,713
Texas
CalifDreamin' -- There's no built in liability in the statute, but let's think about this:

It sure reads like you don't have to provide it in other languages if you don't change it. But let me give you a warning. Do you really want to go to court on any issue and explain to a jury that you conducted the entire account opening in Spanish, then had them sign and initial an English language form? Regardless of how it is written, I think the intent was to require that a transaction in another language use a form in that language.
Last edited by -Z-; 08/20/15 10:06 PM.
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#2035038 - 08/21/15 01:28 PM Re: Uniform Acct Select form - SB 1791 - online acct Will Golf 4 Food
twana Offline
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Joined: Feb 2004
Posts: 20
The format change is where I'm afraid I am overthinking this...the WK form has added signature lines at the bottom. All of the language is identical but the actual "look" of the form is different. If everyone else thinks this addition is a non-issue then I'm going to call it good.
Thanks for all the comments!
--Twana

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#2035042 - 08/21/15 01:36 PM Re: Uniform Acct Select form - SB 1791 - online acct CalifDreamin
twana Offline
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Joined: Feb 2004
Posts: 20
This is where I'm afraid I am overthinking this...the format change I see is the addition of signature lines at the bottom. The language is identical to the sample provided. If everyone else feels this format change is a non-issue then I'm going to use the form and move on to the next project. Thank you for your comments!
--Twana

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#2035050 - 08/21/15 01:46 PM Re: Uniform Acct Select form - SB 1791 - online acct CalifDreamin
The OG Zaibatsu Offline
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Joined: Dec 2007
Posts: 1,713
Texas
Non-issue.
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#2035810 - 08/26/15 07:57 PM Re: Uniform Acct Select form - SB 1791 - online acct CalifDreamin
BSA_in_depth Offline
Member
Joined: Jun 2006
Posts: 99
Texas
CalifDreamin - how did you decide to get the form initialed for your online account opening? Are you going to just send out a paper version and have the customer return it after they initial it?

Thanks!

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#2035835 - 08/26/15 08:32 PM Re: Uniform Acct Select form - SB 1791 - online acct The OG Zaibatsu
*W*W* Offline
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Posts: 835
-Z-,
I agree with your "other language" comment, but that opens up another can of worms. Our TIS disclosures are all in English. We currently have a new account rep that is bilingual, therefore she is able to communicate with a customer base that we wouldn't normally attract. We don't market ourselves as being bilingual so we haven't gone the extra step to have disclosures in another language. I'm leery of providing 1 disclosure in another language and providing all others in English to the same customer.

Everyone else,
Does WKFS have this disclosure in multiple languages? My deposit platform is telling me they haven't seen the English version of this disclosures yet.
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#2035836 - 08/26/15 08:34 PM Re: Uniform Acct Select form - SB 1791 - online acct BSA_in_depth
CalifDreamin Offline
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Joined: Mar 2002
Posts: 2,262
Far from Calif
No - I want paper to be an absolute last resort because to me the online process should be completely online - we create inefficiencies and lose customer value of the product when we resort to paper. Not to mention the likelihood of a customer returning the paper is probably pretty low.

We are in the process of working with our online account opening vendor (Andera) on a solution. They don't provide any of our docs - that is through Deposit Pro. However, they are trying to work with us to create something using the format needed - perhaps a popup of each paragraph where the customer types their initials once read, and then a place to mark which one they choose. They are just in the development/testing stage, so I'll let you know how this goes. (Yes, I realize it probably won't make the 9/1/15 effective date.)
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#2035839 - 08/26/15 08:38 PM Re: Uniform Acct Select form - SB 1791 - online acct *W*W*
CalifDreamin Offline
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CalifDreamin
Joined: Mar 2002
Posts: 2,262
Far from Calif
Exactly *W*W*! I get concerned we may start entering into a UDAAP concern if we only have that one disclosure in Spanish and not all the others. Although, I guess you could also say you already have UDAAP risk if the entire conversation is in Spanish and all the signed disclosures and documents are in English. But, that is the reality - very few of us community banks have the resources to provide all of the disclosures in Spanish, although we do have employees who are able to offer great customer service and fill a need for our Spanish speaking customers by conversing with them in Spanish. I guess we just have to find the way to operate as best we can with the least amount of risk (or at the level of risk the bank is willing to take).
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A.S.A.P.
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#2035868 - 08/26/15 09:49 PM Re: Uniform Acct Select form - SB 1791 - online acct CalifDreamin
BSA_in_depth Offline
Member
Joined: Jun 2006
Posts: 99
Texas
Thank you!

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#2035875 - 08/26/15 10:23 PM Re: Uniform Acct Select form - SB 1791 - online acct CalifDreamin
*W*W* Offline
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Posts: 835
CalifDreamin,
Please keep up posted on your online account product solution. We're about to go live with our online account opening with Andera as well.
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Opinions expressed are my own and do not reflect the views of my employer.

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#2036024 - 08/27/15 05:36 PM Re: Uniform Acct Select form - SB 1791 - online acct *W*W*
trout22 Offline
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Joined: Nov 2004
Posts: 313
We just heard back from our vendor on the issue of a line/blank to initial off to the right which is especially pertinent to online account opening. They do not have any modifications in the works, as they explained that they were going for compliance with section (b) of the statute "where it seems all attempts to comply with the statue must ultimately fall". Initial to the right is only addressed under section (a). So it sounds like they're saying the form is in compliance without collecting any initials on the right to confirm understanding - that only the left for selection purposes is required.

Not sure I'm comfortable with this explanation. We will continue to collect initials on every option to the right (no online account opening) until this can be resolved.

FYI - for IBAT members, Shannon Phillips is hosting a webinar next Thursday to address common questions. Hopefully we can better understand at that time.

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#2036430 - 08/31/15 03:16 PM Re: Uniform Acct Select form - SB 1791 - online acct CalifDreamin
ahanna Offline
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Joined: Aug 2008
Posts: 380
Texas
We are in the same boat. We finally got the update for our deposit platform this weekend (which uses Wolters Kluwer forms) and they used the model form but with no ability to initial to the right of each paragraph.

I agree initialing to the right is only required if using "option a" for compliance, but "option b" is NOT appealing because of the "other language" requirement. However, it is better than adding paper back to a paperless process so we will go with it as best as we can.

Incidentally, we will still have to have at least 1 paper version of the form (laminated) at each desk so the customer can read it before making their selection. Adding a separate computer monitor or turning one around to let them read it on the screen is just not practical (in our opinion) because of the ridiculous length of the form.
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#2036644 - 09/01/15 04:26 PM Re: Uniform Acct Select form - SB 1791 - online acct CalifDreamin
*W*W* Offline
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Joined: Feb 2010
Posts: 835
If we're modifying an existing multi party consumer account, do both parties need to acknowledge the form prior to revising the signature card (assuming both will remain on the account)?

Or, opening a joint account, both owners need to acknowledge the form prior to making signature card revisions?
Last edited by *W*W*; 09/01/15 08:22 PM.
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Opinions expressed are my own and do not reflect the views of my employer.

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#2036833 - 09/02/15 03:38 PM Re: Uniform Acct Select form - SB 1791 - online acct CalifDreamin
Always In Training Offline
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Where the Green Grass Grows
Tagging on here. Those using D+H/Deposit Pro -- is it just me, or is that NOT 14 point bold font? I called it in to discuss with customer support.

WW -- it was my understanding the the form needed to be done prior to all sig card revisions going forward AND for new accounts.

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#2036865 - 09/02/15 04:49 PM Re: Uniform Acct Select form - SB 1791 - online acct CalifDreamin
The OG Zaibatsu Offline
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The OG Zaibatsu
Joined: Dec 2007
Posts: 1,713
Texas
Karen Neeley is presenting a webinar for IBAT on the new account form tomorrow morning at 10AM: http://www.ibat.org/events/2015-09-03-15...closure-webinar
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#2037191 - 09/03/15 07:32 PM Re: Uniform Acct Select form - SB 1791 - online acct CalifDreamin
scout mom Offline
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Joined: May 2006
Posts: 21
If you do not allow convenience signers on accounts, are you leaving the form as is or are you removing the language regarding convenience signers?

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