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

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 public.

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 required."

COMMENT: The link to the Truth-in-Savings is Section 230.8 is about advertising.

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