Skip to content

Sending Out Privacy Notices in Statements

Will the bank be in compliance with the privacy act if we send our annual notices with customer DDA/savings statements? I say no because the delivery rules state banks must provide a notice so that a customer can retain or subsequently access the notice. I suggest we do a separate mailing. Am I wrong?

Answer by Jim Bedsole: I would presume your statements are either paper or if electronic, they are compliant with E-SIGN requirements. If paper, there is no problem with sending the Privacy Annual Notice with the statements. You should be aware of the requirement that the notice be such that it calls attention to the importance of the information. If you are sending electronic statements that are compliant with E-SIGN, whether you can also send the Privacy Annual Notice electronically depends on what you disclosed in your initial E-SIGN disclosures about the types of disclosures that would be delivered electronically and that the customer affirmatively requested be delivered electronically. If this disclosure included Privacy Notices, then you can certainly send it electronically. To be compliant with E-SIGN, you have to provide a means for the customer to print or otherwise retain the electronic disclosures.


Answer by John Burnett: If you want to deliver your Privacy Notice electronically, review the requirements of Regulation P, section 216.9 and look at subsection 216.9(c) in particular. Because the regulation permits electronic delivery, with customer permission, you don't need to step through the E-SIGN demonstrable consent hoops (although if you do it for statements, you might as well include the Privacy Notice).

First published on 8/25/08

First published on 08/25/2008

Filed under: 

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