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#1652212 - 01/18/12 06:07 PM Joint and ESIGN
mll Offline
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Joined: May 2010
Posts: 131
If we open accounts online how can we be compliant with ESIGN with the joint?

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eBanking / Technology
#1652244 - 01/18/12 06:28 PM Re: Joint and ESIGN mll
Richard Insley Online
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Richard Insley
Joined: Oct 2000
Posts: 10,179
Toano, VA
ESIGN is never a primary concern. It simply gives you permission to substitute electrons for paper--but the all-important issue is what is printed on the paper. If the paper contains federal disclosures and the laws/regs that require these disclosures mandate that they must be delivered to the consumer "in writing", then you must use paper OR ESIGN-enabled electronic documents.

Assuming the account opening process includes delivery of contract documents, you would be wise to consult with local counsel. If they are involved in litigation, contract documents will be judged under state law. Many of the states have enacted some form of the UETA. If your electronic contract documents do not conform with this state law, a judge could throw them out as unenforceable.

I assume that "the joint" means joint account holders and not a prison. The same regs that tell you what to disclose (and when) will also tell you to whom the disclosure(s) must be delivered. If all parties must be given a separate set of the disclosures in question, then you will need consent from each party before substituting electrons for paper.
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#1652253 - 01/18/12 06:38 PM Re: Joint and ESIGN Richard Insley
mll Offline
100 Club
Joined: May 2010
Posts: 131
Thank you-

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#1653360 - 01/20/12 10:58 AM Re: Joint and ESIGN mll
Andy_Z Offline
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Andy_Z
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There should also be a consent/approve box for each owner. Do you know that A clicked his box and B clicked hers? No. But each was given an opportunity and you have to assume each responded accordingly, based on your e-CIP.
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