Can I collect bank account information from participants in Alabama? What are the requirements?

Collecting Bank Account Information in Alabama

Based on the documents provided, there are no specific requirements mentioned for collecting bank account information from participants in Alabama. However, it is important to note that the superintendent and examiners have the authority to examine the affairs of every bank holding company, and every subsidiary or other affiliate or bank service company of the bank or bank holding company, except a national bank or a subsidiary or other affiliate of a national bank, whenever, in the judgment of the superintendent, the management and condition of the bank, bank holding company, or the affiliates or bank service companies of either render an examination of the affairs of any of these entities necessary or expedient, or whenever the superintendent has reason to believe that a bank, bank holding company, or an affiliate or bank service company of either is not being operated in compliance with the laws of this state or in accordance with safe and sound banking practices ^[1.1][1.2].

Limits on Sharing Account Number Information for Marketing Purposes

ALAC Section 482-1-122-13, 482-1-122-.13, provides limits on sharing account number information for marketing purposes. A licensee shall not, directly or through an affiliate, disclose, other than to a consumer reporting agency, a policy number or similar form of access number or access code for a consumer’s policy or transaction account to any nonaffiliated third party for use in telemarketing, direct mail marketing or other marketing through electronic mail to the consumer. However, there are exceptions to this rule, such as disclosing a policy number or similar form of access number or access code to the licensee’s service provider solely in order to perform marketing for the licensee’s own products or services, as long as the service provider is not authorized to directly initiate charges to the account ^[2.1].

Conclusion

Based on the documents provided, there are no specific requirements mentioned for collecting bank account information from participants in Alabama. However, it is important to note that the superintendent and examiners have the authority to examine the affairs of every bank holding company, and every subsidiary or other affiliate or bank service company of the bank or bank holding company, except a national bank or a subsidiary or other affiliate of a national bank, whenever, in the judgment of the superintendent, the management and condition of the bank, bank holding company, or the affiliates or bank service companies of either render an examination of the affairs of any of these entities necessary or expedient, or whenever the superintendent has reason to believe that a bank, bank holding company, or an affiliate or bank service company of either is not being operated in compliance with the laws of this state or in accordance with safe and sound banking practices. Additionally, there are limits on sharing account number information for marketing purposes ^{[1.1][2.1][1.2]}.

Source(s):

• [1.1] Required times; items to be examined; applicability to bank holding companies and affiliates.
• [2.1] Limits On Sharing Account Number Information For Marketing Purposes
• [1.2] Disclosure of information obtained by superintendent, bank examiners, etc.

Jurisdiction

Alabama

• Privacy