Skip to content

eStatement Service

Answered by: 

We are in the process of developing an eStatement service. Are we required to send Email notifications each month to the customers that have consented to receive eStatements, even though all of our statements cycle month end/quarter end? Does the consistency of the one cycle month end statement still necessitate monthly notification via email?

If your e-statements contain Reg DD and Reg E disclosures (which they likely do), you should look at the interim rules within those two regulations regarding electronic communications. While compliance with the interim rules is not mandatory (see 66 FR 41439, 8/8/2001), it does provide a safe harbor so that your electronic communications will not be later deemed to be in violation of Reg DD and Reg E. Those interim rules do require an e-mail notice for each statement. They also require you to take certain re-delivery steps to a different e-mail or physical address if the e-mail is returned as undelivered.

First published on 10/23/06

First published on 10/23/2006

Filed under: 
Filed under compliance as: 
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