The electronic statement agreement for the free checking account would have to disclose the consequences of the consumer’s withdrawal of the consent to electronic disclosures, including the change to a different account type and any additional fees that would apply after the withdrawal of the consumer’s consent. We are not aware of any provision that would prevent the bank from combining the ESIGN disclosures with other account disclosures, as the ESIGN Act requires just that the disclosure be “clear and conspicuous.” 15 USC 7001(c)(1)(b).
We are adding a new free checking account that will require customers to receive e-statements. Do we need to disclose that if a customer refuses e-statements, that they will be ineligible for the free account?
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