E-Sign compliance

Posted By: Southern gal

E-Sign compliance - 03/04/11 08:29 PM

We beginning to offer E-statements. Starting this month, we will run this statement message for the next 30 days.. "Stop waiting for mail delivery, simply complete a sign-up form and provide us with your e-mail address."

Customer must then come to bank to complete the form, which includes providing e-mail address, password, and signature.
Employee taking the application must also sign the app, then send a test e-mail to the address provided on the application.
Then the completed application is sent to bank's IT dept, to be processed and maintained.

Required Reg E disclosuore will be sent with customer statements.

Will these procedures comply with ESign?
Posted By: rlcarey

Re: E-Sign compliance - 03/04/11 09:39 PM

No - where is your demonstrable consent?
Posted By: Richard Insley

Re: E-Sign compliance - 03/05/11 12:12 PM

How does the test email demonstrate the depositor's ability to access a test document of the type to be used for "live" statements?
Posted By: Andy_Z

Re: E-Sign compliance - 03/07/11 12:54 AM

I will be discussing some E-SIGN basics in this webinar. http://calendar.bollearningconnect.com/main.php?view=event&eventid=1297119175003

Suffice it to say that no, this absolutely is not sufficient. In the first place you'll be surprised how many customers give you a bad email address.

If you're not interested in the webinar go back through these threads and you'll find some great information.
Posted By: Southern gal

Re: E-Sign compliance - 03/07/11 02:10 PM

Thanks guys, I appreciate the info, & was what I was thinking all along, but needed some advice to back me up. What would be some examples of demonstrable consent?
Posted By: Southern gal

Re: E-Sign compliance - 03/07/11 03:43 PM

Andy, I just saw this Q&A in your webinar info,

Q: If we are still delivering disclosures and statements in paper form, do we have to be concerned with E-SIGN and UETA?

A: Not really. You have added a delivery channel, not replaced it. So long as you are not sending conflicting information, you are fine. But if you have the infrastructure in place, you might examine using e-delivery as a means to make more timely disclosures and in a more cost effective manner.

Now, I'm getting more confused. If we still mail paper statements, why should I be concerned with ESign and demonstratable consent?
Posted By: rlcarey

Re: E-Sign compliance - 03/08/11 12:30 AM

So, is this e-mail delivery in addition to the delivery of paper statements. If so, e-sign is not an issue.

If you are sending these statements unencrypted, I would think that present a real issue however.
Posted By: Southern gal

Re: E-Sign compliance - 03/08/11 10:53 PM

E- statements offering is not in addition to snail mail, but once customer signs up for e-statement they will no longer receive statements in mail.
Posted By: rlcarey

Re: E-Sign compliance - 03/09/11 01:56 AM

Then you will have to comply with all the e-sign requirements. Andy was addressing if you were doing both for the same customer.
Posted By: Southern gal

Re: E-Sign compliance - 03/09/11 02:07 PM

Thanks for clearing all this up for me