by Jimmy Sawyers, BOL Guru
Director of Consulting
Reynolds, Bone & Griesbeck PLC
We currently mail overdraft and insufficient funds notices to customers. Is it permissible to send these via e-mail if agreeable with the customer? If so, are there specific parameters governing this?
Twenty financial institutions and technology companies announced that they have chosen to support the Financial Services Technology Consortium in its work on a method to move forward on securing co
We have online banking but do not have online statements. Since customers have access to transactions, images, and balances 24/7/365 can we elect not to send them a paper statement? Isn't posting online a periodic statement? If not, then at cycle time, when we "drop" statements then send them to archive, but do not print them, isn't this the same as having their statement accessible should they request a printed statement?
We are looking to implement email notification of receipt of deposit instead of mailing paper back. I have seen comments on e-statements and E-sign and disclosure requirements but don't think any of that applies to receipts. Can you refer me to the regulation that states we are required to provide a receipt and the corresponding rules?
When opening an account on the internet, what disclosures should be given to the applicant at time of application? This would be for checking, money market and CDs only.
What is the required verbage that should be contained in an agreement with a customer regarding sending information via secured e-mail?
Currently, the bank I work for, [removed for purposes of confidentiality], does not mail a hard copy Online Banking Agreement and Disclosure when a customer signs up for online banking. We have an online disclosure that says to read before filling out and mailing in the online banking application. There is not an "I agree" or "I accept" button on the web site and customers must mail the application to us. Do we need to mail a hard copy agreement and disclosure?
We recently implemented Internet Banking for our customers. We would now like to enhance that service with online bill pay. We've had customers asking if we will also offer the ability to write checks on line. Is there a difference between on-line bill pay and writing checks on line?