We are in the process of implementing e-statements and I am concerned if the process our vendor will use to comply with ESIGN's demonstrable consent is adequate. The e-statement will be delivered to the customer via an email with a PDF attachment to their current address. Customers will enroll for e-statements on our website. During the enrollment process at the bottom of our e-statement agreement there is a box for them to click that reads "I agree to the listed terms". Further down and to the right of this is the statement "Click here to see a sample document". Our vendor does not track each customer’s request to see that sample document; however they do track the customer's acceptance of the listed terms. There is a blurb in the agreement that states by clicking the "I agree to the listed terms" you certify that you have clicked on the sample document and you are able to open, read and print the sample E-statement. Is this process enough to prove demonstrable consent under ESIGN given that we are delivering the statement via an email in a PDF attachment?
Our debit cards have the Visa logo. On the Visa website they advertise zero liability. Does this mean our customers are excluded from the $50.00 and $500.00 liability?
Are financial institutions required to send provisional and/or final credit notices to customers with ACH disputes under Regulation E? I'm asking because I have noticed that several banks are merely just crediting the customer's account without sending any type of notice to the customer. Also, when a customer disputes an ACH transaction under Regulation E, is the customer required to fill out an Affidavit Under Penalty of Perjury or is just a letter from the customer okay to dispute the ACH transaction?
Terence Cornelius, CISSP
We are looking at implementing E-Statements for business and retail customers but our internet banking provider does not have a method in which to notify the customer that their periodic statement is ready for viewing each month. Is there a regulation that mandates the bank to notify the customer each month (or statement cycle) that the electronic statement is available for viewing?