Internet Banking News
July 5, 1999
1) An article published by Reuters entitled "Study Says Banks Not
Ready For Internet" states that no major bank has fully prepared for the impact of
the Internet on the banking industry. The article prepared from a report by the accounting
and consulting firm of PriceWaterhouse Coopers can be found at http://www.techweb.com/wire/story/reuters/REU19990621S0002/.
2) A $4 billion bank in Kansas City is having some real problems with it's Internet
banking site. For one, it's phone number connected to a sex line. To read about their list
of problems, visit UMB.
COMMENT: This is one good reason to have your web site audited before it is open to the
3) The FFIEC Internet guidelines state "Financial institutions that advertise deposit
products and services on-line must verify that proper advertising disclosures are made in
accordance with all provisions of §230.8. Institutions should note that the disclosure
exemption for electronic media under §230.8(e) does not specifically address commercial
messages made through an institution's web site or other on-line banking system.
Accordingly, adherence to all of the advertising disclosure requirements of §230.8 is
COMMENT: The link to the Truth-in-Savings is http://www.fdic.gov/lawsregs/rules/6500-27.html#6500/.
Section §230.8 is about advertising.