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Can you summarize ALCA 5-5A-30?
ORGANIZATION AND OPERATION OF BANKS. > Transactions of business on legal holidays; use of automated teller machine or other instrumentality, transaction fees, disclosure; limitation on contractual fee restrictions, intent of limitation, applicability.
Short Summary
This legal document, found in the Code of Alabama under the section on Banks and Financial Institutions, governs the transactions of business on legal holidays by banks. It states that banks are allowed to receive deposits, paychecks, sight drafts, and conduct other business on legal holidays, except for Sundays, in the same manner as on regular banking days. The document also authorizes banks to use automated teller machines (ATMs) or other instrumentalities 24 hours a day, including Sundays, with prior approval from the appropriate bank regulatory authority. Banks are permitted to charge transaction fees for the use of ATMs, which must be disclosed either through signage or electronically during the transaction. Additionally, the document prohibits contracts that limit or restrict a bank’s right to charge fees or require the bank to waive its rights under this chapter. The amendments made to the document in 1994 are cumulative and clarify existing law. The document applies to all contracts permitting the use of ATMs or other instrumentalities by customers of another financial institution, regardless of when the contract was entered into. No specific penalties are mentioned in this document.
Whom does it apply to?
Banks
What does it govern?
Transactions of business on legal holidays; use of automated teller machine or other instrumentality, transaction fees, disclosure; limitation on contractual fee restrictions, intent of limitation, applicability.
What are exemptions?
None mentioned.
What are the Penalties?
None mentioned.
Jurisdiction
Alabama