N.Y. Comp. Codes R. & Regs. tit. 3 § 34.6

Current through Register Vol. 46, No. 25, June 18, 2024

Section 34.6 - Notifications and disclosures

(a) Each depositary bank shall notify its account holders, in writing and in plain language, of the time periods for the availability of funds as required by this Part and of the exceptions thereto, together with a statement of the depositary bank's policy with respect to the exceptions. Such notifications shall include a disclosure of the hour, or hours if the close of business differs at certain offices, at which the depositary bank closes business with respect to items received for deposit, which disclosure shall be set out in a conspicuous manner.

(b) Each depositary bank shall post in a conspicuous place in each manned branch a notice which substantially sets forth the time periods applicable to the availability of funds for items received for deposit.

(c) In light of the imminent adoption of comprehensive Federal regulations governing expedited funds availability which will largely preempt this Part, subdivision (a) of this section notwithstanding, no depositary bank shall be required to provide the notice required by that subdivision to any persons or entities whose accounts are made subject to this part by this amendment; nor shall any depositary bank be required to provide notice pursuant to that subdivision to any other person of the change to subdivision (a) of section 34.4 of this Part adopted by this amendment.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 34.6