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Signed Form for Online Banking Required

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Question: 
Is there anything in the regulations that says we must have a customer sign a form stating they want to sign up for online banking? We currently allow our customers to sign up online and our Reps then verify the information given and approve the request online. We then mail their ID and password separately to them. The customer must accept the online disclosure before submitting the request.
Answer: 

There is no requirement that you get a written authorization. Many banks do so because if there is a fraudulent transaction, you first want to know that e-banking was at least requested. If you're delivering disclosures with this as a primary method under ESIGN you need an electronic verification, not one on paper. If you search BOL for "demonstrable consent" you'll find associated information.

First published on BankersOnline.com 10/16/06

First published on 10/16/2006

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