Fed Ratifies Electronic Bank Statements | AccountingWEB

Fed Ratifies Electronic Bank Statements

Under an interim rule approved by the Federal Reserve, banks will be able to transmit regular deposit account statements by email or make them available on their Web sites for customers who request electronic delivery. The regulation will most likely go into effect later this month.

The rule is a result of an effort to allow more online dissemination of the disclosures banks are required to make for their customers.

Electronic transfer of legally mandated disclosures could mean big saving for banks with the growing number of online consumers.

To address concerns that the electronic transfers may undercut consumer protection laws, the Federal Reserve also modified broader electronic disclosure proposals it first published in March 1998.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.