What Consumer Protection Looks Like

A few days ago I signed on to the website for my bank of many years and found that they had updated their terms and conditions for dealing with them electronically.  This is not really unusual, and I wasn’t surprised – until I looked at the amount of information.

I found in front of me thirty-three pages of terms and conditions with the changes effective immediately (but in no way highlighted).  It seems the bank’s legal staff had been very busy anticipating every possible challenge to their system along with every possible bonehead mistake their customers could make and subsequently complain or even sue them for, trying to lay all blame on the bank.

After skimming through the document, which is probably more than most people would do, I clicked on the icon connecting me with my account information and was met with another delay.  You can’t consent until you open another 2-page document detailing electronic delivery.  (I already get electronic delivery of statements and notifications, but I had to go through this step anyway.)

Apparently I had to do this because:  “The following disclosures are required by the federal Electronic Signatures in Global and National Commerce Act (“ESIGN”).  As part of your application, account registration and/or setup and ongoing maintenance of your account, you have the option to receive all required documents and disclosures electronically.” More legalese followed.

“The Disclosures, may include without limitation, disclosures and notices under the Federal Expedited Funds Availability Act, the Federal Check Clearing for the 21st Century Act, the Federal Electronic Fund Transfer Act, the Federal Truth in Savings Act, the Federal USA PATRIOT Act of 2001, and Title V of the Federal Gramm-Leach-Bliley Act, together with all rules and regulations that implement the same, as well as all other disclosures that are required by applicable federal, state and local laws, rules, regulations, and ordinances."  (Notice the number of times Federal is mentioned along with rules and regulations.)

·      After telling the customer why all this is required by law, they tell us what we must do to interact with them electronically.  To receive statements you must have:

• ·      A personal computer or other device capable of accessing the Internet;
• ·      An Internet web browser;
• ·      Software to access PDF files;
• ·      A valid email address; and
• ·      A printer capable of printing text screens should you wish to print copies.

Thank you for the tip, Bank!  If I want to print copies of something on my PC, I must have hardware and software to access the documents and a printer!  What a revelation!  (I know I’m getting a little sarcastic, but really!  Must the bank tell everyone this stuff to protect itself?)

So I have to do all this to give consent to receive the information electronically, but I still can’t get it without signing up somewhere else.  “Please note that your consent to delivery of electronic disclosures, notices, and communications does not automatically enroll you in our e-statement service. If you wish to receive only electronic copy of your account statements (and communications we may include with such statements), you must consent separately through [another] application”, which they provide a link to.

Finally, in case I change my mind they add a paragraph on how to withdraw consent.

This seems like a crazy waste of time and money (35 pages!), but that’s exactly what we get in a litigious society where people don’t take some responsibility for their own action and in a society where the government treats its citizens as helpless victims, unable to take responsibility for their own decisions.  Imagine a better system where all this time and effort resulted in real, value-added work.