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

Collecting Bank Account Information in Tennessee

Based on the documents provided, there are certain restrictions on the disclosure of financial records of customers by financial institutions in Tennessee [1.1].

Requirements for Disclosure of Financial Records

According to TNCO 45-10-104, a financial institution may not disclose any financial records relating to a customer to any person except to the customer or the customer’s agent, unless:

  1. The customer has authorized disclosure to that person as provided in TNCO 45-10-105; or
  2. The financial records are disclosed in response to a lawful subpoena that meets the requirements of TNCO 45-10-106 and 45-10-107.

Collecting Bank Account Information

If you are seeking to collect bank account information from customers of a financial institution, you may need to obtain their authorization or a lawful subpoena in order to obtain this information [1.1].

However, it is not clear from the documents provided what specific information you are seeking to collect from participants in Tennessee.

Additional Information

It is important to note that county officials handling public funds in Tennessee are required to maintain official bank accounts in a bank or banks within the state [2.1]. Additionally, before the fifteenth of each month, contracting banks are required to render a statement to the county trustee showing the balance on hand and the interest due to the county [2.2].

Conclusion

In summary, financial institutions in Tennessee are restricted from disclosing financial records of customers to any person except under certain circumstances. If you are seeking to collect bank account information from customers of a financial institution, you may need to obtain their authorization or a lawful subpoena. It is also important to note that county officials handling public funds in Tennessee are required to maintain official bank accounts in a bank or banks within the state, and contracting banks are required to render monthly statements to the county trustee [1.1][2.1][2.2].

Source(s):
Jurisdiction

Tennessee