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Can you summarize MORS 362.111?
Banks and Trust Companies > Fees and service charges permitted, when, conditions.
Short Summary
This legal document governs the imposition of fees and service charges on deposit accounts by banks and trust companies. The fees or service charges are subject to conditions or requirements set by regulations issued by the director of the division of finance and the state banking and savings and loan board. These conditions or requirements cannot be more restrictive than those permitted for federally chartered depository institutions. Additionally, contractual fees charged for overdrawing the balance of a deposit account are not considered interest. The document also allows banks to impose a convenience fee for non-face-to-face payments using alternative payment channels, provided that the person making the payment is notified of the fee. The fee can be fixed or flat, but may vary based on the method of payment used. Furthermore, the document states that agreements to operate or share automated teller machines (ATMs) cannot prohibit the imposition of access fees or surcharges on individuals using foreign accounts, as long as such fees are not prohibited by federal or state law. The document provides definitions for key terms, including ‘automated teller machine’ and ‘foreign account’.
Whom does it apply to?
Banks and trust companies
What does it govern?
Fees and service charges on deposit accounts
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Missouri