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Do financial institutions need to register with the Department of Banking and pay the $100 registration fee?

April 26, 2017Banking Department fee financial institutions pay REGISTER

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Do financial institutions need to register with the Department of Banking and pay the $100 registration fee?

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No, banks are not required to register through application with the Department of Banking nor pay a $100 fee to use CANS (Closed Account Notification System). CANS is an electronic notification system and financial institutions only need to set up a master account through a secure web connection to use the system.