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Paper Statements for E-statement Customers

Question: 
Are we required to send paper statements at the end of the year to members who are signed up for e-statements?
Answer: 

Answer by Jim Bedsole:Not unless you've contracted to do so or if there are disclosures in the annual statement that the customer has not agreed to accept electronically.

Answer: 

Answer by John Burnett:A good example of a disclosure requirement is the Reg E error resolution rights notice and the analogous notice regarding billing errors under Reg Z. If your customer's consent to receive e-statements did not include other disclosure requirements, such as those I listed, you would have to send them on paper at least once each year, even if they were included electronically with the statements.

First published on BankersOnline.com 3/17/08

First published on 03/17/2008

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