Is there a requirement to provide a Reg E Disclosure to customers, once they initially sign up for online banking or mobile banking? The customers get a Reg E Disclosure at account opening, 100 percent of the time. Our previous system use to provide a Reg E Disclosure (same exact one from account opening) when they customer signed up for online or mobile banking. We changed systems and the new one does not and it is being questioned.

I copied this from Regulation E:

(c) Addition of electronic fund transfer services. If an electronic fund transfer service is added to a consumer's account and is subject to terms and conditions different from those described in the initial disclosures, disclosures for the new service are required.

Do you have access (I don't know about unregistered users) to the Regulations tab above?

The commentary also says this:

"1. Early disclosures. Disclosures given by a financial institution earlier than the regulation requires (for example, when the consumer opens a checking account) need not be repeated when the consumer later enters into an agreement with a third party to initiate preauthorized transfers to or from the consumer's account, unless the terms and conditions differ from those that the institution previously disclosed. This interpretation also applies to any notice provided about one-time EFTs from a consumer's account initiated using information from the consumer's check. On the other hand, if an agreement for EFT services to be provided by an account- holding institution is directly between the consumer and the account-holding institution, disclosures must be given in close proximity to the event requiring disclosure, for example, when the consumer contracts for a new service."

Skittles: FYI, unregistered users can access the regulations.

I can tell you based on experience, that the wording Adam bolded (and colored) is very subjective. I recommend providing a new EFT disclosure EVERY TIME someone signs up for a new EFT service. Don't rely up on the "Close proximity" wording as it is too difficult to argue with an examiner that may have a different opinion.

After attending your webinar we are moving to disclosing every time someone signs up for a new service. With that said, we are trying to determine, if and how, ESIGN plays into this. We can put the Reg E disclosure as part of the Online Banking Agreement when they sign up and agree but do we need to obtain E-consent? Additionally, if we are our system is limited and we would have to include ESIGN with Reg E and Online Banking Agreement which just does not seem right. Any insight on how to achieve this or what other banks are doing?