E-Statement Error Resolution

Posted By: t0dd

E-Statement Error Resolution - 06/25/21 04:27 PM

When we implemented e-statements our third party provided was able to include our Abbreviated Error-Resolution notice which is the same as our paper statements. Through a recent system upgrade the error resolution is no longer available for our e-statement customers. We do have a link on our website however, I do not believe this will cover us. I understand that we can disclose our complete error resolution notice to our customer on an annual basis. Is this something that can be done electronically assuming the customer provides us with consent via e-sign? Thinking it might be easier to just send the paper copy annually. Curious as to what other financial institutions are doing to maintain compliance with this section of the regulation.

Thank you in advance for your knowledge and answers.
Posted By: Richard Insley

Re: E-Statement Error Resolution - 06/25/21 04:48 PM

I can't help with industry practices, but e-delivery (with proper ESIGN consent) is certainly an option for delivering the long-form notice annually. Whatever you decide, be sure all customer contact employees know that the familiar old notice is going away, and that change could increase the number of one-on-one questions from customers. I might also be a good idea to remind them of what it takes to start the error resolution countdown. More conversations = more opportunities to get it wrong.