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E-Statement Agreement - Signature Card

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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?

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 10/26/09

First published on 10/26/2009

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