E-statements - Signature for Affirmative Consent

Answered by:

Question:

In order to offer our customers electronic statements, do we need their signature for affirmative consent?

Answer:

Take a look at section 101(c)(1) of the E-SIGN Act: (available here on BOL in PDF format). You will see that you need a lot more than merely the consumer's affirmative consent. You need to provide information about the hardware and software needed to obtain and read the statements, a list of the other disclosures you intend to be covered by the consumer's consent, etc. You also have to help the consumer demonstrate that he or she can access and read a document delivered in the manner and format that you will use to deliver the actual statement and disclosures. Then the consumer must electronically provide consent or confirm consent given earlier. In other words, a signature is not nearly enough.

First published on BankersOnline.com 10/01/07