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#933963 - 04/01/08 06:42 PM E-sign
mzachau, CRCM Offline
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mzachau, CRCM
Joined: Oct 2006
Posts: 470
San Francisco
We are starting the process of allowing customers to enroll for electronic statements on our website. We will not be sending the statements to the customer (push system), for the customer to access their statement they must login to our homebanker site and view their statement there (pull system). Using the pull system do we still have to provide a sample statement to ensure the customer can view their statements. We are assuming that becasue the customer can login to homebanker and view there account history they must be able to view their statements.

Is this correct or do we need to provide a "dummy" statement and have the customer reply with a passcode included within the dummy statement?

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eBanking / Technology
#934131 - 04/01/08 08:20 PM Re: E-sign mzachau, CRCM
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
You have to follow the steps required in section 101(c) of the ESIGN Act. One of the requirements is that the consumer must
Quote:

consent electronically, in a manner that reasonably
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; ....


That's what's meant by "demonstrable consent." You can't assume that the consumer is able to view statements just because he or she can access your homebanker system. And viewing account history on homebanker isn't the same as viewing (and being able to retain) account statements. If the statements are in pdf format, how will you know the consumer can open, read and save pdf files?

Having your customer include a "passcode" from the sample statement in the customer's consent for receipt of electronic statements is one way to demonstrate that the consumer can get, open and save those statements.

While you're in the neighborhood (the ESIGN neighborhood), consider including within the list of disclosures you'll ask for consent to receive electronically any of the other disclosures the you might want to deliver this way. Think about "subsequent disclosure requirements" in each of the applicable regulations -- E, CC, DD -- and things like error resolution notices, etc.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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