E-Receipt

Has anyone written a form for customers to sign to receive e-disclosures(e-receipt) or know of a sample copy? What language is included in one? Does it include e-mails and/or statements? How about the disclaimer regarding e-mails?

Visit a bank's Web site that offers Internet banking. Likely their agreement will have e-sign language. Consent/approval on the customer's part will likely be via a click-through agreement, not a traditional written request.

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Andy Zavoina
Opinions stated are not necessarily that of my employer.

[This message has been edited by Andy Z (edited 05-18-2001).]

Paper opt-in agreements and online "click-through" agreements will not suffice unless the consumer-

"...consents electronically, or confirms his or her 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...."

Acceptable ESIGN opt-ins will necessarily involve a sample electronic communication to the consumer followed by a consumer reaction that demonstrates successful receipt.

Opt-ins are inadequate if they simply ask consumers to state that they can access a sample communication in the required format. ESIGN requires "demonstration", not confirmation.

I agree. An analogy may be that if I give you a piece of paper that says, "Sign here if you read this" and you sign it, you have demonstrated that you read and understood what was provided.

In the e-world, if you have to progress through several steps to get from point A to D and you do so successfully, you should be able to demonstrate that you can "sign here".

At that point the customer will consent that they can meet the hardware and software requirements. What the bank can't verify, is that they can actually retain on a medium (electronic or paper)the disclosures. We can't refill their print cartridges or provide harddrive space.

These are interesting times. I believe our kids will look back on this years from now and say "Sheeesh, why did they make it so hard on themselves, why didn't they just...". Technology is progressing so fast that we are now at the equivilent of writing on cave walls.

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Andy Zavoina
Opinions stated are not necessarily that of my employer.