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?
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?
In order for an account to be classified as "Free", does there need to be an option to receive a paper statement for free?
We would like to start charging our customers who want a paper checking account statement as opposed to an electronic one $1 a month. Can we still advertise a "free" checking account product if we do this?
We are currently offering FREE E-statements to our customers enabling them to receive their statements on line. There is no charge to do this; however, if they want to receive a paper statement as well it will cost them $2.95 and an additional email address will cost $1.50. We do have an agreement drawn up that spells that out clearly. My question has to do with the advertising associated with this offer... If we advertise it as free, and it is, but when you sign up for E-statements you will stop getting paper statements unless you agree to pay $2.95 a month, what will be the requirements regarding verbiage in our advertisements in order to be in compliance?