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

Based on the context documents provided, it appears that you may be able to collect bank account information from participants in Iowa under certain circumstances. However, there are several requirements that must be met in order to do so.

Requirements for Collecting Bank Account Information in Iowa

1. Approval: In order to collect bank account information from participants in Iowa, your organization must be approved as a depository of public funds for a public body ^[3.1].
2. Pledge and Security Agreement: If your organization is approved as a depository of public funds, you must complete, sign, and submit to the treasurer an executed Pledge and Security Agreement ^[1.1].
3. Eligible Collateral: You must deposit and maintain eligible collateral with the treasurer’s approved custodian which at all times has a total market value of not less than the minimum collateral market value amount ^[1.1].
4. Security Interest: You must grant a perfected security interest to the treasurer in all pledged collateral to secure the repayment of uninsured public funds deposited in your organization and for satisfying any future assessments made against your organization by the treasurer pursuant to Iowa Code chapter 12C ^[1.1].
5. Custodian Services: You must utilize the services of an approved custodian that is not controlled by your organization or an affiliate, and you must not use the safekeeping services of more than one approved custodian for the purposes of meeting the requirements of Iowa Code chapter 12C and related regulations ^[1.1].
6. Notification: You must notify the treasurer and the treasurer’s approved custodian, in writing or via the treasurer’s Web site, of any change in your organization’s name or charter location prior to the effective date of such change ^[1.1].
7. Public Funds Reports: You must calculate and certify to the superintendent of banking the amount of public funds on deposit at your organization on or before the tenth day of February, May, August, and November of each year as of the end of the previous calendar quarter ^[1.1][3.2].

Conclusion

In summary, you may be able to collect bank account information from participants in Iowa if your organization is approved as a depository of public funds and meets the requirements outlined in Iowa Code chapter 12C and related regulations. However, it is important to carefully review these requirements and ensure that your organization is in compliance before collecting any bank account information.

Source(s):

• [1.1] Duties and responsibilities of a pledging bank.
• [3.1] Approval — requirements.
• [3.2] Public funds reports.

Jurisdiction

Iowa

• Privacy