Internet Banking News

October 3, 1999

CAPITALIZING ON THE INTERNET- UMB Financial Corp., Kansas City, Missouri on Friday announced an Internet-intensive service that will promote business ties between its small and medium-size business customers. They plan to charge a small fee for the service. You will find the site at

INTERNET SECURITY - There will never be 100% security to your Network/Internet computer operations but then again nothing is 100% secure. The more monitoring and controls you build in and around your computer operations will reduce the risk of intrusion and other problems. While external intrusion will always be a concern, I believe that external intrusion is less of a problem than internal intrusion, not maintaining hardware in good working order, not following good backup procedures, executive management not understanding the risks, and audit procedures not properly addressing the computer operations.

INTERNET COMPLIANCE - Expedited Funds Availability Act (Regulation CC)

Generally, the rules pertaining to the duty of an institution to make deposited funds available for withdrawal apply in the electronic financial services environment. This includes rules on fund availability schedules, disclosure of policy, and payment of interest. Recently, the FRB published a commentary that clarifies requirements for providing certain written notices or disclosures to customers via electronic means. Specifically, the commentary to states that a financial institution satisfies the written exception hold notice requirement, and states that a financial institution satisfies the general disclosure requirement by sending an electronic version that displays the text and is in a form that the customer may keep. However, the customer must agree to such means of delivery of notices and disclosures. Information is considered to be in a form that the customer may keep if, for example, it can be downloaded or printed by the customer. To reduce compliance risk, financial institutions should test their programs' ability to provide disclosures in a form that can be downloaded or printed.

WEB PAGES: When you indicate a cutoff time for Internet banking transactions, indicate the time zone, such as CST. Remember that your web site goes beyond your community so providing your area code is also helpful.

VACATION - I will be on vacation from Thursday, October 7 through Thursday, October 14. I will be horse back riding in the mountains of New Mexico and Colorado. If you need to get hold of me, send an e-mail. I will get back to you on Friday, October 15. Since I an not taking my computer, there will be no newsletter next.

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