Hello, There's some internal discussion about whether this is permissible or not. We're hoping to avoid providing printed account disclosures for accounts opened in the branch and are looking for an electronic alternative.

Would it be allowable to email the account disclosures to the new customer while they are in the middle of the account opening process with a branch rep instead of providing a paper copy? Aren't there esign rules that require the customer to agree to receive electronic documents that need to be considered?

Looking to think outside the box and save a tree.

Deposit accounts?

1030.3 General disclosure requirements.

(a) Form. Depository institutions shall make the disclosures required by §§ 1030.4 through 1030.6 of this part, as applicable, clearly and conspicuously, in writing, and in a form the consumer may keep. The disclosures required by this part may be provided to the consumer in electronic form, subject to compliance with the consumer consent and other applicable provisions of the Electronic Signatures in Global and National Commerce Act (E-Sign Act) (15 U.S.C. 7001 et seq.). The disclosures required by §§ 1030.4(a)(2) and 1030.8 may be provided to the consumer in electronic form without regard to the consumer consent or other provisions of the E-Sign Act in the circumstances set forth in those sections. Disclosures for each account offered by an institution may be presented separately or combined with disclosures for the institution's other accounts, as long as it is clear which disclosures are applicable to the consumer's account.

Yes deposit accounts. Thanks.

I was hoping to avoid preprinted disclosures when opening in person. Is anyone starting the e-sign process while in person? Like maybe emailing the customer the disclosure while they are sitting at the desk or in queue and having them demonstrate capability and consent at that moment?

E-Sign requires that consent be demonstrated prior to disclosures being provided. This process puts the cart before the horse.

I guess if the customer could receive emails on their cell phone, pull them up, review the documents and respond that consent would be considered. It would have to be on their device - not the bank's

This subject has been pretty much beat to death in the past. I am not sure how you get demonstrable consent by sending an e-mail and all before someone signs on the dotted line.

This was the idea that I had. Most people in our offices have cell phones but since we aren't offering online account opening, have no choice but to come in person. As we roll-out online account opening, I'm looking for a temporary method to bridge the gap and stay in compliance. But it seems as though it won't be easy and may be messy for those that don't give consent and we have to provide paper anyways.

Now that email and e-statements are decades old, it seems to e-sign act needs an update.