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Can you summarize 3 NYCRR Part 9?
General Regulations of the Superintendent > Superintendents Regulations: Basic Banking Accounts
Short Summary
The provided legal document content consists of multiple documents related to basic banking accounts and banking institutions in New York. The documents govern the approval process for alternative accounts and other banking services, required disclosures for basic banking accounts, conditions for opening or maintaining a basic banking account, features and requirements for consumer transaction accounts, key terms related to banking institutions and consumer transaction accounts, and the policy for making lower cost banking services available to consumers. These documents apply to banking institutions and account holders in New York. The approval process for alternative accounts requires banking institutions to submit applications to the superintendent, including information on the actual cost of providing the basic banking account and a description of the methodology used to obtain such cost data. The superintendent will review the application and consider whether the methodology used is independently verifiable. The required disclosures for basic banking accounts include information on initial deposit amount, minimum balance requirements, charges per periodic cycle, withdrawal limits, fees for transactions at non-operated electronic facilities, and other customary disclosures. To open or maintain a basic banking account, applicants must provide the same information and identification required for other consumer transaction accounts, be a resident of New York State, and have direct deposit of recurring payments. The documents also define key terms related to banking institutions and consumer transaction accounts, such as banking institution, consumer transaction account, periodic cycle, and withdrawal transaction. The policy for making lower cost banking services available to consumers aims to ensure that certain consumers in New York can afford the cost of maintaining a consumer transaction account at a banking institution. However, banking institutions are not required to offer lower cost banking services at a cost that is less than the actual cost to the banking institution. These documents do not specify any exemptions or penalties.
Whom does it apply to?
Banking institutions, account holders in New York
What does it govern?
Approval process for alternative accounts and other banking services, required disclosures for basic banking accounts, conditions for opening or maintaining a basic banking account, features and requirements for consumer transaction accounts, key terms related to banking institutions and consumer transaction accounts, policy for making lower cost banking services available to consumers
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
New York