Hey kids, happy Wed. to all...
So my burning question today ( I hear there is a cream for that) is...does anyone have an e-statement disclosure at their finger tips? We are plunging into the 20th century...and offering e-statements...My thoughts? No reason to re-invent the wheel and I thought one of my pals out there in thread land may already have one...just poking around!

When you say "e-statement disclosure" are you referring to the disclosures that must be provided pursuant to E-SIGN to enable your customer to authorize you to deliver future disclosures electronically rather than on paper? Or are you talking about the disclosures that would accompany each e-statement that would provide the information previously provided in paper form (such as the short-form EFT error notice, the short form billing rights notice, APY earned, new NSF fee disclosures if your institution is promoting ODP programs, etc.)?

The disclosure that would be provided on the website when the customer opts for e-statement...is that clear as mud? The first one you spoke of in your response? thank you by the way, for the response.

Because some elements of the required content of such a disclosure is unique to your institution, you'll definitely need to do some customization. Here are the required elements for E-SIGN compliance:
• The consumer has to affirmatively consent to receive the disclosures electronically, and have not withdrawn that consent
• The consumer, prior to consenting, must be provided with a clear and conspicuous statement that:
• informs the consumer of any right or option to have the document provided in paper format (if such option exists)
• informs the consumer of their right to withdraw their consent to receive the document electronically and of any consequences (which may include termination of the relationship) or fees in the event of such withdrawal
• informs the consumer of whether the consent applies only to the particular transaction which gave rise to the obligation to provide the document or to all identified categories of documents that may be provided during the course of the account relationship
• informs the consumer of the procedures that must be followed to withdraw consent as stipulated above and of procedures to update information needed to contact the consumer electronically
• informs the consumer of how, after the consent, the consumer may, upon request, obtain a paper copy of an electronic document and whether any fee will be charged for such copy
• The consumer, prior to consenting, is provided with a statement of the hardware and software requirements for access to and retention of the electronic disclosures
• The consumer consents electronically, or confirms his or her consent electronically, in a manner that demonstrates that the consumer can access information in the electronic form that will be used to provide the information that is the subject of the consent.
• After the consent of a consumer, if a material change in the hardware or software requirements needed to access or retain electronic disclosures:
• informs the consumer of the new requirements
• provides an opportunity to withdraw consent without the imposition of fees and without the imposition of any condition or consequence of such withdrawal not previously disclosed
• the consumer, again, consents electronically, or confirms his or her consent electronically, in a manner that demonstrates that the consumer can access information in the electronic form that will be used to provide the information that is the subject of the consent
• The timing of the provision of the electronic disclosures complies with applicable timing requirements for written disclosures

thanks guys I really appreciate the help!

We are also planning to roll out e-statements later this year. My question is in regards the error resolution notice that we currently include on the last page of the paper statements. Do we have to inlcude this page within the estatement or would a link to this page be sufficient?

Also Richard stated:

Quote:

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Quote:
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...The consumer consents electronically, or confirms his or her consent electronically, in a manner that demonstrates that the consumer can access information in the electronic form that will be used to provide the information that is the subject of the consent....


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Don't underestimate the impact of this requirement. "Demonstrate" means a lot more than "declare" (by clicking an "I agree" link or button.) It involves an interactive exchange with the customer that will later hold up in the face of complaints like "I didn't understand that I wouldn't get a paper statement and can't access the electronic file you claim you provided."

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An article that I read on another website stated that If the bank provides e-statements on its Web site, the fact that customers can access the Web site, review the enrollment agreement, and click on the consent button should demonstrate that such customers can access statements in the same form they'll be provided.

Is that not true? Should we do a test drive where we email the customer a link to a sample statement to ensure that they are able to access the information in the electronic form.

Go back up to read Richard Insley's comment a few posts above.

Hope you don't mind another question, prompted by CesnaFlyboy's detailed summary on e-sign requirements.

Is it possible for a financial institution to require employees receive their personal statements electronically? We frequently discuss the amount of unnecessary cost related to sending these statements through the mail -- and the problems associated with inter-office distribution. I don't see a way to require e-statements other than to provide some incentive for the employees to sign up.

Well, I assume you give your employees a free account. If you don't have a lot of other free account offerings, you might consider making e-statements mandatory on the employee accounts, and if the employee opts out of e-statements, the employee will have to choose another (presumably non-free) account type.

I think that stands up to the requirements of e-sign.

OK, here I am beggging again. I was mis-informed as to the document I actually needed. I am now looking for an online agreement and a security agreement to add to our new-fangeled, high-tech weby site. Into the universe of bankers I fling this request with high hope my response will be quick...