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Can you summarize NDAC Chapter 13-02-06?
Banking and Savings and Loan Associations > Establishment of Customer Electronic Funds Transfer Centers
Short Summary
This legal document governs the establishment and operation of customer electronic funds transfer centers by state-chartered banks. It allows banks to establish customer electronic funds transfer centers for various purposes, such as cash dispensing, fund transfers, and customer account inquiries. The document specifies that cash or checks may be received and dispensed at the center’s location, subject to verification by the bank. The center can be manned or unmanned, and the bank may provide an employee for a limited period to assist in its operation. All transactions initiated at the customer electronic funds transfer center must be verified by the bank, and the bank is required to provide insurance protection for transactions involving the center under its bonding program. The document does not mention any specific penalties for non-compliance or violations. The authority for this document is the North Dakota Century Code, and it is implemented by the Department of Financial Institutions.
Whom does it apply to?
State-chartered banks
What does it govern?
Establishment and operation of customer electronic funds transfer centers by banks
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties for non-compliance or violations are mentioned in this document.
Jurisdiction
North Dakota