Skip to content

Stop Email & Paper Statements Per Customer Request

Answered by: 

Question: 
We have e-banking customers who do not want to get a paper or email statement because they view their account history online. Are we out of compliance if we stop sending email or printed statements?
Answer: 

Yes, you could be out of compliance. Statements are a required disclosure under Regulation E for accounts with EFT access and what transaction account is not EFT accessible these days? There's no requirement that you notify your customers when "pull" style delivery is available for a statement. If you use "pull" delivery, you and the customer could agree that you won't send an announcement of each statement's availability. Any ESIGN-covered disclosures that are not periodic such as a change in terms notice or anything having to do with section 205.11 should be delivered or announced. If you can't do "pull" delivery, you'll just have to explain that the statements must be delivered under the law and that the bank and customer are doing "the green thing" by using electronic delivery.

First published on BankersOnline.com 1/19/09

First published on 01/19/2009

Filed under: 
Filed under compliance as: 
Filed under technology as: 

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