Ask Reggi Your Question Now
Can you summarize AKST 06.05.426?
Organization, Incorporation, Certification, Capital Structure, and General Powers, Limitations, and Requirements. > Automated teller machines.
Short Summary
This legal document governs the establishment, maintenance, and operation of automated teller machines (ATMs) by state banks. According to the document, a state bank is allowed to have ATMs on the premises of its main office or branch office. Additionally, a state bank can also establish ATMs at locations other than bank premises by providing a 30-day notice to the department. These off-premises ATMs must be made available on a nondiscriminatory basis for use by depositors of other depository institutions authorized to do business in the state. The document specifies that a state bank may invest in a corporation organized to operate ATMs for multiple depository institutions. However, it is prohibited for any person to establish or operate an ATM that accepts deposits unless those deposits are insured by the Federal Deposit Insurance Corporation or another agency of the United States that insures deposits.
Whom does it apply to?
State banks
What does it govern?
Establishment, maintenance, and operation of automated teller machines by state banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Alaska