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#478243 - 01/04/06 04:34 PM Signature for Online banking - OTS Banks
ETH Offline
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Joined: Aug 2005
Posts: 88
Does your bank require a physical signature for your online banking, or an e-signature or no signature at all? (if you are an OTS bank)

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#478244 - 01/04/06 05:13 PM Re: Signature for Online banking - OTS Banks
Andy_Z Offline
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We were not OTS. We allowed the first phase of internet banking to be allowed w/o a signature. When transfer capabilities came about and real money was at risk, instead of just confidential information, pen & ink signatures were required and security practices enhanced.

That said, I just spent a few minutes looking but didn't see it. I thought there was a post recently where the OTS did have additional restrictions apart from other agencies, but I think it was notice to them that you'd have a web site. I could be wrong and am not a guru on OTS rules. Still, some authorization you can trace back is always wise.
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#478245 - 01/04/06 06:16 PM Re: Signature for Online banking - OTS Banks
ETH Offline
Member
Joined: Aug 2005
Posts: 88
Thanks Andy! We are in Massachusetts and it seems the state regs are much more restrictive.

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#478246 - 01/06/06 02:03 PM Re: Signature for Online banking - OTS Banks
etm614 Offline
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etm614
Joined: Jan 2003
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Massachusetts
I believe that state regs also require the signatures of all account owners for electronic transactions (i.e. Internet banking, debit and ATM cards). Doesn't make sense in light of the fact that any joint owner has full and independent rights to do anything with the funds in the account.

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#478247 - 01/06/06 02:28 PM Re: Signature for Online banking - OTS Banks
John Burnett Offline
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John Burnett
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Cape Cod
Quote:

I believe that state regs also require the signatures of all account owners for electronic transactions (i.e. Internet banking, debit and ATM cards). Doesn't make sense in light of the fact that any joint owner has full and independent rights to do anything with the funds in the account.




To clarify, the state rules alluded to apply to Massachusetts accounts. There may be similar rules in other states, but these particular ones are found in Massachusetts General Laws, chapter 167B.
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