My bank is now offering to provide electronic monthly statements on its checking accounts. They want me to download a document, read it, and then answer a question about it when I give them the OK to make my statement electronic. What's that got to do with a monthly statement?
Your bank is asking you to provide what's called an "electronic consent" that demonstrates your ability to access information in the format the bank will use to deliver your statement. This is a requirement of the Electronic Signatures in Global and National Commerce Act (E-Sign Act) that provides the bank with the right to make required written disclosures electronically, and protects consumers by requiring that they get certain information about electdronic deislcosures before they can consent to receiving them electronically.
Your bank will probably use the so-called "pull" method to deliver your statement. You'll get an email each month when the statement is accessible, and you can go to a secure website to "pull" down a copy of the statement, print it, store it, or ignore it.
The document your bank wants to quiz you about is in the same format (perhaps it's in a "portable document format" that can be read by Adobe's free Acrobat Reader) that your statement will be in. By asking you about information on the demonstration document, they can assure themselves that you'll be able to read your statements.
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Your bank is asking you to provide what's called an "electronic consent" that demonstrates your ability to access information in the format the bank will use to deliver your statement. This is a requirement of the Electronic Signatures in Global and National Commerce Act (E-Sign Act) that provides the bank with the right to make required written disclosures electronically, and protects consumers by requiring that they get certain information about electdronic deislcosures before they can consent to receiving them electronically.
