Ask Reggi Your Question Now
Can you summarize WIAC DFI-Bkg Chapter 8?
Department of Financial Institutions-Banking > Branches
Short Summary
This legal document provides definitions related to various aspects of banking operations. It defines a ‘branch’ as a permanent, attended banking facility authorized by s. 221.0302, Stats., which has no separate legal identity, assets, or liabilities from the home office. The term ‘home office’ refers to a bank chartered pursuant to s. 221.0208, Stats., that owns and operates one or more branches. A ‘paying and receiving station’ is a permanent, attended facility authorized to cash checks, accept deposits, make withdrawals, or accept loan payments, or an unattended night depository. A ‘joint branch bank’ is a permanent, attended banking facility authorized by s. 221.0302, Stats., where two or more banks agree to provide banking services at one location. ‘Pick up deposits and deliver money’ refers to an activity or service authorized to pick up deposits and deliver coin and currency to bank customers at a designated location, which is not considered branch banking and does not include paying and receiving activities, lending of money, or trust services. The document also clarifies that the term ’locations’ for purposes of s. 221.0302(5), Stats., means specific fixed locations or sites designated by the bank. It further states that a bank may establish and operate a branch provided that the applicant bank and the proposed location satisfy the technical requirements specified in s. 221.0302, Stats., and that the applicant bank has not been determined by the administrator of the division of banking to be conducting its business in an unsafe, unsound, or unauthorized manner. The document also mentions reporting requirements for banking transactions at branches, periodic audits of branch operations, identification of participating banks in joint branch banks, advertising and signage guidelines for joint branch banks, and the need for a methodology to identify each participating bank’s funds and documentation. Finally, it states that joint branch personnel should not represent more than one bank in any transactions or activities or services offered at the joint branch bank. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Banks, specifically those operating branches, home offices, paying and receiving stations, joint branch banks, and pick up deposits and deliver money services
What does it govern?
Definitions related to branches, home offices, paying and receiving stations, joint branch banks, and pick up deposits and deliver money
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Wisconsin