We are in the beginning stages of implementing online account opening. We are working with the vendor regarding E-SIGN acknowledgment. Currently, the test environment is configured so that the customer receives a validation code in an email. All of the required disclosures are attached to this email as a pdf. I am of the opinion this does not comply with E-SIGN's demonstrable
Their response to my concern is as follows:
Our other clients have concluded that by obtaining consumer consent to E-SIGN and confirming the consumer received the email (using the verification code) reasonably demonstrates that the consumer can access the information in the electronic form. The disclosures in the email are PDF files. PDF format is an ISO standard that enable users to exchange and view electronic documents, independent of the environment in which they were created or the environment in which they are viewed or printed, while preserving content and visual appearance. Adobe relinquished control of the PDF format in July 2008 to the International Organization for Standardization to encourage the propagation and dissemination of this common technology. Today all modern operating systems, including mobile, support display of PDF files. Adobe Acrobat Reader is not a requirement to open and view PDF files.
Thus, my question is would you deem this configuration to meet E-SIGN consent requirements?
We currently provide the Reg. E disclosures on the back of our card carriers. All disclosures are provided at account opening but the disclosures on the card carriers were added as an extra step. Is this a common practice for other banks?
What forms per regulations/laws, besides disclosures, are required for a new customer opening deposit accounts, including IRAs?
How can we automate the tracking of disclosures?
Is a Notice Regarding Overdraft Fees disclosure required to be posted on an ATM? A question was recently asked about required ATM signage (https://www.bankersonline.com/qa/required-signage-atm) however I did not see mention of this Notice. Could this be a CA specific notice or one that may have been required in the past? The notice reads “If you do not have sufficient funds in your account for the withdrawal amount requested,completing the transaction may result in overdraft fees if you have given us prior permission to complete such transaction….”
Our Retail Division is getting very creative in coming up with fees that we have not charged in the past. I understand that dormant/inactivity fees are defined at the State level and are allowed on accounts advertised as "free." Would the same hold true for debit card inactivity and/or online banking inactivity fees? Would these fees be allowed on "free" accounts if properly disclosed? I have the same question for return mail fees.
Where would I find the currency conversion language/rates that are required in the initial EFT Disclosure? Does it have to include specific fees that will be charged (for example a .9% Cross Border fee) or is the general information that a fee will be charged sufficient?
Are there any disclosure requirements on a customer's receipt for a deposit at a teller window.
We will be sending letters to our customers with grandfathered NOW accounts informing them that accounts will be switched to Super NOW accounts,
regular checking accounts, etc. What information is required in the letter we provide to the customer, and is there a timing issue?
When an advance is made on an overdraft line of protection is a notice (advance notice) required to be sent to the Borrower? If so, which regulation does this fall under?