Sending Notices Electronically

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Question:

Do we need E-SIGN agreements to send notices such as overdraft notices, late loan payment advisories or loan maturity notices electronically?

Answer:

Unless your state law requires them, I don't know of any requirement that says a bank must send an overdraft notice. Unless it is a required written notice, E-SIGN compliance is not necessary. You can choose to send them electronically, on paper or not at all. The same holds true for loan payment notices and loan maturity notices.

First published on BankersOnline.com 4/13/09