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

Based on the context documents, there are several laws and regulations in North Carolina that govern the collection of bank account information.

Requirements for Collecting Bank Account Information in North Carolina

  1. Custodial Deposit Accounts for Minors: Adults may open and maintain a custodial deposit account for a minor using the minor’s taxpayer identification number. The beneficial ownership of the account vests exclusively in the minor, and all interest credited to the account belongs to the minor [1.1].
  2. North Carolina Financial Privacy Act: No financial institution or its officer, employee, or agent may disclose a customer’s financial record to a government authority except as provided in this Chapter. However, a financial institution may disclose the name, address, and existence of an account of any customer to a government authority that makes a written request stating the reason for the request. A financial institution may also notify a government authority that it has information that may be relevant to a possible violation of law or regulation [4.1][4.2][4.3][4.4].
  3. Savings Promotion Raffles: A bank may offer a savings promotion raffle in which the sole consideration required for a chance of winning designated prizes is the deposit of a minimum specified amount of money in a savings account or other savings program offered by the bank. The bank must maintain records sufficient to facilitate an audit of the savings promotion raffle, conduct the savings promotion raffle in a safe and sound manner, and fully disclose the terms and conditions of the promotion to account holders and prospective account holders of the bank [1.2].

Based on the above information, it is unclear what type of bank account information you are looking to collect from participants in North Carolina. If you are looking to collect information related to custodial deposit accounts for minors, you may do so as long as you follow the requirements outlined in NCGS 53C-6-9 [1.1]. If you are looking to collect financial records of customers, you may only disclose the name, address, and existence of an account of any customer to a government authority that makes a written request stating the reason for the request. You may also notify a government authority that you have information that may be relevant to a possible violation of law or regulation [4.1][4.2][4.3][4.4]. If you are looking to offer a savings promotion raffle, you may do so as long as you follow the requirements outlined in NCGS 53C-6-20 [1.2].

Conclusion

Based on the context documents, you may collect bank account information from participants in North Carolina under certain circumstances. However, it is important to follow the requirements outlined in the relevant laws and regulations.

Source(s):
Jurisdiction

North Carolina