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CORRECTION: FDIC Signs Not Required At Night Depositories

In "Posters and Notices" (Volume I, Number 5) we advised readers that FDIC signs had to be placed at night depositories. We are aware of situations where examiners have criticized banks for not having notices at night depositories. Those examiners were of the opinion that the sign had to be shown at any place where deposits were received by the bank.

However, FDIC's lawyers have taken a different position. In two Advisory Opinions (FDIC-94-7, FDIC-93-42) FDIC legal staff has taken the position that "deposits are not 'received' by the bank when the deposits are placed in a night depository." Thus, although the regulation does not specifically mention night depositories, these two Advisory Opinions indicate that night depositories are outside of the regulation's scope.

Several alert readers called these interpretations to our attention. Thanks to them, you can cancel that tour to review your night depository signage. Do, however, check your branch lobbies regularly for the required notices.

Copyright © 1996 Compliance Action. Originally appeared in Compliance Action, Vol. 1, No. 8, 5/96

First published on 05/01/1996

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