N.Y. Comp. Codes R. & Regs. tit. 3 § 9.7

Current through Register Vol. 46, No. 51, December 18, 2024

Section 9.7 - Alternative accounts and banking services

(a) A banking institution may submit an application to the Superintendent of Banks for approval of an alternative account or other banking services which are at least as advantageous to consumers as the basic banking account.

(b) In the case of alternative accounts, each application for approval shall include, as applicable:

(1) the initial deposit amount, if any, necessary to open the account;

(2) the minimum balance, if any, required to maintain the account;

(3) the average daily balance, if any, required to maintain the account;

(4) the charge per periodic cycle to maintain the account;

(5) the number of allowable withdrawals per periodic cycle without additional charge;

(6) the per-transaction charge per month for transactions in excess of those specified above;

(7) the length of the periodic cycle of the account;

(8) any other fees which may be charged to the account holder; and

(9) such other information and documentation as shall be required by the superintendent.

(c) In the case of other alternative banking services, each application for approval shall include a complete description of such other banking service to be offered by the banking institution.

(d) In determining whether to approve an alternative account or service, the superintendent shall consider whether the account or service meets the stated purpose of Banking Law, section 14-f to make lower cost banking services available to consumers.

(e) Provided that the banking institution has submitted an application pursuant to this section prior to the effective date of this Part, any alternative account or other banking service shall be deemed to be in compliance with section 14-f of the Banking Law and this Part pending a written determination to the contrary by the Banking Department. Any banking institution which receives such a determination shall have 60 days in which to demonstrate compliance with section 14-f of the Banking Law and this Part.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 9.7