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#2249563 - 02/23/21 02:46 PM Online Account Opening Emails
Bankwoman1 Offline
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Midwest
Should Member FDIC be included in any emails being sent to a customer opening an account online? For example: an email of disclosures sent after application has been submitted or an email being sent stating more information is needed.

Thanks

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#2249564 - 02/23/21 03:10 PM Re: Online Account Opening Emails Bankwoman1
Richard Insley Offline
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Someone can probably cite an FDIC pronouncement on this type of customer contact, but unless the script relates to NDIP, the membership statement is always a good business decision. There's zero downside risk and nothing beats government insurance as a reason why a person would decide to entrust his/her/corporate hard-earned savings/capital with you, rather than someone who can't guarantee the principal.
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#2249565 - 02/23/21 03:14 PM Re: Online Account Opening Emails Bankwoman1
BrianC Offline
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Sending disclosures or asking for more information in connection with a transaction the customer initiated would not meet the definition of an advertisement I don't see that it is a requirement. As long as the communication does not involve establishing an account for non-deposit investment products, there is no harm in including it.
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#2249566 - 02/23/21 03:17 PM Re: Online Account Opening Emails Bankwoman1
Bankwoman1 Offline
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Midwest
Thanks Richard and Brian! While I kept thinking it wasn't a requirement, I always feel like it's just a good idea to add it. I appreciate all of the input!

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#2249589 - 02/23/21 05:53 PM Re: Online Account Opening Emails Bankwoman1
Richard Insley Offline
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Richard Insley
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Originally Posted by Bankwoman1
I always feel like it's just a good idea to add it.
Exactly! FDIC insurance is the single best marketing message a bank can use. Product features and pricing are interesting, but ONLY if a potential depositor's money is safe. As Brian says, not all communications are advertisements, but it's always good to reassure existing depositors.
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#2250133 - 03/05/21 05:24 PM Re: Online Account Opening Emails Bankwoman1
Andy_Z Offline
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Actual case on point for this. "Back in the day" not all banks had websites or internet banking. To market internet banking they showed screenshots of the program using dummy account info. These screenshots did not show "Member FDIC" because the program doesn't have that on the pages - these were (simulated) existing customers with existing account information. The problem was, when you use that screenshot to sell the product with new accounts, it is an ad and the disclosure was required.

As Richard noted, no NDIPs, no downside. And to the OP, it's not a violation to not have it but things sometime get repurposed and that's when each needs to be reviewed, as in my example.
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