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No Signature Cards for Online Accounts?

Answered by: 
John Burnett

Question: 
Our internet banking crew wants to allow on-line accounts to be opened without requiring the signature card. At this time, we have been sending the account documents to the customers and requiring them to send back a signed card. I'm not comfortable with this concept without having an agreement with a customer we have never seen.
Answer: 

If you have set up your online banking properly, your contract is signed electronically using e-sign standards. You can still obtain a physical signature for comparison purposes if you wish. Some banks will take a sample signature from the first check processed, assuming the account is a dda, NOW or money market account. It is a risk decision a bank offering online enrollment must make.

First published on BankersOnline.com 10/04/10

First published on 10/04/2010

Filed under: 
Technology
Filed under technology as: 
Internet
IT
Online Banking

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