Electronic Acceptance of Ebanking Agreement

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Question:

Currently, our ebanking customers must sign a printed online access agreement for ebanking service that we must keep in their file. If we were to make the ebanking agreement available online for the customer to view and select 'I agree' upon their initial logon to ebanking, would regulators still require us to keep a signed hard copy in the customer's file?

Answer:

If this agreement is executed in accordance with ESIGN, then regulators cannot require you to use a paper document.

First published on BankersOnline.com 7/01/02