Opting Out of Paper Statements

Answered by:

Question:

We have a form available for customers to sign, who have access to Internet banking and online statements, if they wish to discontinue receiving paper statements in the mail. Is it necessary to have signatures of all signers, if it is a joint account? Can one account owner opt out of paper statements for a joint account?

Answer:

The agreement to move the delivery of statements from paper to electronic means will have to comply with the E-Sign Act, which is a little more complex than a customer just signing a form. You can refer to this link for the law.

First published on BankersOnline.com 6/14/10