Our core processor has offered a feature allowing us to email deposit receipts to the customer. We will allow customers to choose whether they want a printed receipt or email receipt. Do we need to get a consent in writing to be compliant with E-Sign requirements before delivering electronic receipts?

No, we do not believe that your bank needs to meet the disclosure and consent requirements in the federal E-Sign Act before providing electronic receipts for deposits.

The E-Sign Act’s disclosure and consent requirements apply only to documents that are required by law to be in writing. We are not aware of any federal or Illinois law that requires financial institutions to issue receipts for deposits (in fact, passbook savings accounts, which still are in use, typically do not provide receipts for deposits or withdrawals). Accordingly, we do not think that the federal E-Sign Act’s disclosure and consent requirements apply to deposits. However, you should check your account agreements for any receipt requirements.

Certain transactions do require written receipts, and the E-Sign Act’s disclosure and consent requirements would apply to those transactions. For example, written receipts are required for electronic fund transfers over $15 that are initiated at an electronic terminal (such as an ATM). Regulation E specifies the information to be provided on these receipts, and both Illinois and federal law require truncation of account numbers for credit and debit card receipts. These ATM receipts may be provided in electronic form, but only if your bank has complied with the E-Sign Act’s disclosure and consent provisions as to that particular customer.

For resources related to our guidance, please see:

E-Sign Act, 15 USC 7001(a)(1) (“Notwithstanding any statute, regulation, or other rule of law (other than this subchapter and subchapter II), with respect to any transaction in or affecting interstate or foreign commerce — (1) a signature, contract, or other record relating to such transaction may not be denied legal effect, validity, or enforceability solely because it is in electronic form; . . .”)

Regulation E, 12 CFR 1005.9(a) (“Except as provided in paragraph (e) of this section, a financial institution shall make a receipt available to a consumer at the time the consumer initiates an electronic fund transfer at an electronic terminal. The receipt shall set forth the following information, as applicable: . . .”)

Regulation E, 12 CFR 1005.4(a) (“The disclosures required by this part may be provided to the consumer in electronic form, subject to compliance with the consumer-consent and other applicable provisions of the Electronic Signatures in Global and National Commerce Act (E-Sign Act) (15 U.S.C. 7001 et seq.).”)

Illinois Consumer Fraud and Deceptive Business Practices Act, 815 ILCS 505/2NN(b) (“Except as otherwise provided in this Section, no provider may print or otherwise produce or reproduce or permit the printing or other production or reproduction of the following: (i) any part of the credit card or debit card account number, other than the last 4 digits or other characters, (ii) the credit card or debit card expiration date on any receipt provided or made available to the cardholder.”)

Fair Credit Reporting Act, 15 USC 1681c(g) (“Except as otherwise provided in this subsection, no person that accepts credit cards or debit cards for the transaction of business shall print more than the last 5 digits of the card number or the expiration date upon any receipt provided to the cardholder at the point of the sale or transaction.”)