Online Account Opening Emails

Posted By: Bankwoman1

Online Account Opening Emails - 02/23/21 02:46 PM

Should Member FDIC be included in any emails being sent to a customer opening an account online? For example: an email of disclosures sent after application has been submitted or an email being sent stating more information is needed.

Thanks
Posted By: Richard Insley

Re: Online Account Opening Emails - 02/23/21 03:10 PM

Someone can probably cite an FDIC pronouncement on this type of customer contact, but unless the script relates to NDIP, the membership statement is always a good business decision. There's zero downside risk and nothing beats government insurance as a reason why a person would decide to entrust his/her/corporate hard-earned savings/capital with you, rather than someone who can't guarantee the principal.
Posted By: BrianC

Re: Online Account Opening Emails - 02/23/21 03:14 PM

Sending disclosures or asking for more information in connection with a transaction the customer initiated would not meet the definition of an advertisement I don't see that it is a requirement. As long as the communication does not involve establishing an account for non-deposit investment products, there is no harm in including it.
Posted By: Bankwoman1

Re: Online Account Opening Emails - 02/23/21 03:17 PM

Thanks Richard and Brian! While I kept thinking it wasn't a requirement, I always feel like it's just a good idea to add it. I appreciate all of the input!
Posted By: Richard Insley

Re: Online Account Opening Emails - 02/23/21 05:53 PM

Originally Posted by Bankwoman1
I always feel like it's just a good idea to add it.
Exactly! FDIC insurance is the single best marketing message a bank can use. Product features and pricing are interesting, but ONLY if a potential depositor's money is safe. As Brian says, not all communications are advertisements, but it's always good to reassure existing depositors.
Posted By: Andy_Z

Re: Online Account Opening Emails - 03/05/21 05:24 PM

Actual case on point for this. "Back in the day" not all banks had websites or internet banking. To market internet banking they showed screenshots of the program using dummy account info. These screenshots did not show "Member FDIC" because the program doesn't have that on the pages - these were (simulated) existing customers with existing account information. The problem was, when you use that screenshot to sell the product with new accounts, it is an ad and the disclosure was required.

As Richard noted, no NDIPs, no downside. And to the OP, it's not a violation to not have it but things sometime get repurposed and that's when each needs to be reviewed, as in my example.