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When to Revert from eStatements to Paper Statement

We offer eStatements to customers, and send an email when the statement is available. Do we need to revert to paper statements in either of the two following situations? (1) If the email bounces back, (2) the customer does not access the e-statement? Do we increase our liability in any way if we do not monitor for either of these scenarios?

Answer by Richard Insley: Follow the terms of the e-delivery agreement you established with these customers. If it calls for you to take a particular course of action when emails bounce or statements are not accessed, take that action. If it is not specific, you may wish to contact by telephone or mail those customers whose messages bounce. These contacts will add time and cost to affected accounts and should be the basis for revising your e-delivery agreement if it does not lay out a steps and fees that will apply when customers become unreachable by electronic means.

Naturally, you want depositors to review their statements and report irregularities immediately, but you will be no more successful reaching that goal in the electronic world than you have been in the paper-based world.


Answer by Andy Zavoina: I believe many customers look at internet banking screens regularly and believe that negates the need to review the periodic statement. To a large extent that statement is a recap of the daily activity they have seen. They know the transfers that were made were their's, they are aware of fees and the balance is what they expect. So why get statements?

You can't make them open e-statements any more than you can make them open paper statements. So as Richard noted, unless your terms call for a change, it isn't necessary. The bad email does bother me just as a bad street address does. You do want contact. I'd also look and see how active the account is, and if they are accessing internet banking and looking at their account. This will help you understand if the account is used or essentially abandoned.

First published on 9/10/12.

First published on 09/10/2012

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