Are fees for the collection of foreign drafts, bond coupons, and the like prohibited?
No. See also questions 7 and 8. • Notification and Registration The statute does not specify a process whereby a bank is to determine those depositors eligible for the protection afforded by this law and questions have been raised as to how this should be accomplished. It is the opinion of the Division that a bank can comply with the provisions of this Act by a two step process consisting of notice and registration. • Must notice of the 18-65 law be posted in all of the bank’s offices? Yes. A notice informing customers of the availability of 18-65 protection must be posted within all banking offices. The location and size of such notice are left to the discretion of bank management. All notices, however, are subject to examiner review and comment. • Must there be an annual disclosure of the 18-65 law to all depositors? Yes. No particular form of annual notice is specified in the 18-65 law or this bulletin. An annual disclosure placed in a monthly account statement would be deemed suffi
Related Questions
- If the clerk takes the initial probation users fee and monthly probation users fees out of the bond paid by the defendant, is this considered a "collection" of fees entitled to the 3% offset?
- Are fees for the collection of foreign drafts, bond coupons, and the like prohibited?
- Are wires and drafts sent in foreign currency?
