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Can you summarize Consumer Protection > Identification information required for opening personal checking account.?
Consumer Protection > Identification information required for opening personal checking account.
Short Summary
This section of the Ohio Revised Code, specifically under the Commercial Transactions and Consumer Protection sections, governs the requirements for opening personal checking accounts. It applies to financial institutions, which include banks and credit unions. Before opening or authorizing signatory power over a personal checking account, a financial institution is required to obtain certain identification information from the applicant, such as their current address and a valid driver’s license or identification card. Additional relevant information may also be requested. Furthermore, any checks, bills of exchange, or other drafts issued for personal checking accounts opened on or after October 16, 1990, must have the date of account opening printed on them. It is important to note that this section does not apply to temporary checks provided at the time of account opening. Lastly, this section does not create any civil cause of action against financial institutions or any person involved in the issuance or printing of checks for non-compliance with these requirements.
Whom does it apply to?
Financial institutions
What does it govern?
Opening personal checking accounts
What are exemptions?
Temporary checks furnished at the time a checking account is opened
What are the Penalties?
No penalties mentioned
Jurisdiction
Ohio