11/11/2018
We have had an internet banking platform for several years and are preparing to roll out the mobile banking interface to internet banking customers. Through both the online platform and the mobile platform, customers are able to access account statements. We currently also provide paper statements to all customers, including those who are enrolled in internet banking. Customers are not able to choose between paper statements and electronic statements in the internet banking platforms (i.e. internet banking customers with access to electronic statements also receive a paper statement).
Are we required to be compliant with E-SIGN due to the internet banking customers being able to access account statements electronically, even though they are receiving paper statements?
05/06/2018
We like having customers sign up for Internet banking when they open their accounts. Is this acceptable for E-SIGN, or is more needed?
03/18/2018
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
consent requirement.
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?
02/25/2018
Is there an FDIC requirement that the "Member FDIC" logo be on all our pages and link to the FDIC website?
02/11/2018
Who gets what disclosures?
08/27/2017
A father and son wanted to open an account today where two signatures would be required on each check. It’s extra work for them, but does it really matter to us?
05/29/2016
If we send e-statements are we required to monitor whether they are being read, and if the customer is not opening them, do we have to revert back to paper?
05/15/2016
We like having customers sign up for Internet banking when they open their accounts. Is this acceptable for E-SIGN, or is more needed?
09/13/2015
Are electronic notices permitted for NSF and overdraft protection communication as well as CD maturity and renewals? Customers signing up for e-statements would automatically get these via e-notice, with an e-mail being issued to advise the customer of the e-notice. The customer would then log on to view it.
05/26/2014
If a business or personal account holder does not look at their checking account e-statement, what are the bank's requirements in mailing the statement?
