Skip to content

E-Statement Agreement - Signature Card

Answered by: 

Question: 
Our signature card currently states, "The undersigned also acknowledge the receipt of a copy and agree to the terms of the following disclosure(s): Funds Availability, Truth in Savings, EFT, and Privacy." For certain products we require e-statements. We are considering modifying the signature card to include "e-statement agreement" as part of the list of disclosures they agree to and not require the customer to sign a separate e-statement agreement. Do you see any concerns with this?
Answer: 

Yes, this practice evidences a fundamental misunderstanding of ESIGN. Although you are free to require e-statements as a condition of a new product, you can not require existing product-holders to relinquish paper statements and accept e-delivery.

ESIGN requires a series of disclosures as the initial step in the electronic process of obtaining the consent of customers who are willing to receive e-documents in place of paper. ESIGN requires no acknowledgment of receipt of these disclosures, but does require an online affirmative response from each e-delivery customer before any "e-statement agreement" becomes legal and binding. Bottom line: ESIGN cannot be handled like any other boilerplate.

First published on BankersOnline.com 10/26/09

First published on 10/26/2009

Filed under: 
Filed under technology as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics