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

Based on the provided context documents, it appears that you may be able to collect bank account information from participants in West Virginia under certain circumstances.

Requirements for Payment by West Virginia Pay Card

According to WVCO 12-3A-4, the State Auditor and the State Treasurer may jointly establish a state-stored value debit card program known as the “West Virginia Pay Card” for recipients of employee payroll, retirement benefits, entitlement programs, vocational rehabilitation services funds disbursed pursuant to §18-10A-6 of this code, foster care and adoption stipends, subsidies, and other payments made under programs administered by the Department of Health and Human Resources, payments to contractors of the state, or other eligible payees of state funds, who do not possess a federally insured depository institution account. The State Auditor and the State Treasurer shall use every reasonable effort to encourage all identified unbanked recipients to obtain a federally insured depository account. The State Auditor shall include an unbanked recipient in the program upon determining that good cause exists. Once an unbanked recipient is included in the program, the State Auditor shall provide the State Treasurer with an electronic file containing the necessary unbanked recipient information.

Requirements for Customer Bank Communication Terminals

According to WVCO 31A-8-12b, any banking institution as defined in §31A-1-2 of this code, individually or jointly with one or more other banking institutions or other federally insured financial institutions having their principal offices in this state, or any combination thereof, may upon 10 days prior written notice filed with the commissioner, install, operate and engage in banking business by means of one or more customer bank communication terminals. An application shall include, on a form prescribed by the Racing Commission and located on its website at the names, addresses and telephone numbers of all officers and directors.

Requirements for Advance Deposit Account Wagering

According to WVCS 178-10-3, no person or entity shall conduct advance deposit account wagering (ADW) in the state of West Virginia unless the person or entity has applied for and has been granted an ADW license by the Racing Commission. An application shall include an affidavit from the chief executive officer or a major financial participant in the applicant setting forth various requirements.

Banks and bank holding companies permitted to offer financially related services.

According to WVCO 31A-8C-2, any West Virginia state-chartered banking institution or any bank holding company headquartered in this state may, either through equity investment in other entities or through a wholly owned subsidiary or subsidiaries, or by contract or agreement with others to provide such products or services, engage in any activity, exercise any power or offer any product or service that is financially related.

Based on the above information, it is possible to collect bank account information from participants in West Virginia under certain circumstances. However, the specific requirements for collecting bank account information in West Virginia may vary depending on the context. It is recommended that you consult with a legal professional to determine the specific requirements for collecting bank account information in West Virginia.

Jurisdiction

West Virginia

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