The nonrelativistic Ward-Takahashi identity, a consequence of local gauge invariance in quantum mechanics, shows the necessity of exchange current contributions in case of nonlocal and/or isospin-dependent potentials. It also implies Siegert's hypothesis: in the nonrelativistic limit, twobody charge densities identically vanish. Neither current conservation, which follows from global gauge invariance, nor the constraints of (lowest order) relativity are sufficient to arrive at this result. Furthermore, a low-energy theorem for exchange contributions is established.PACS number(s): 23.20.-g; 25.20.-x