Our marketing team wants to send a text to customers shortly after opening a new account giving them a link that will take them to a landing page that tells them about other products and services our bank offers. I cannot think of a reason why this would be an issue as long as they also include a way to opt-out/do not contact, and maybe include in an account opening disclosure something that tells them they will be contacted via text. Our privacy policy does state that we will share their information for our marketing purposes, but since this is a third party should we determine if this third party is an affiliate? Are there any other compliance issues I should be looking for here?

How do you plan to address the customer who didn't ask for this text and for whatever reason doesn't have unlimited texting as part of their plan and will now be charged by their provider for an unwanted text message?

They've discussed including a disclosure at account opening stating they would be sent a text message for marketing purposes, I think we should give them the option to opt out of text solicitations at that point.

I concur, at account opening.

Text messages are covered under the TCPA. Opting out is not good enough - they have to opt-in for marketing messages.

There are plenty of lawyers out there searching for this stuff as with civil damages at $1,500 a text, it adds up quickly.

Regarding text messages to new account holders....If the account has been opened and disclosures provided, would that be considered an "established business relationship" and therefore an opt-in for marketing/cross-sell text messages is not required?

Bump

As far as I know the requirements to specifically opt-in to marketing text messages has not changed whether there is a business relationship or not.

I believe an existing relationship qualifies as you describe it, but that isn't the approval you must have for this. I've read that that with your customers consent you could converse with then via text and provide information and transactional messages (you have an appointment, there was a large withdrawal). But marketing messages require separate written approval to text them and you need to offer an opt-out. Your written authorization could be electronic the same as "text STOP to have these messages stop being sent" could be. Different uses of the text require different levels of approval from your customer.