Could someone help clear up some confusion regarding my bank's 'Official Sign?'

We are a former savings & loan association, which converted to a state-chartered nonmember state Savings Bank in 1994. FDIC is our Federal Regulator.

Which is the correct 'Official Sign' we should be displaying - the 'SAIF' Eagle or the 'Official' FDIC bank sign?

If you are an insured bank (as defined by the FDIC) you can use either sign. If you are in insured savings association, you may only use the Savings Association eagle sign.

I hate to state the obvious, but the most efficient way to find out whether you can use the rectangular FDIC sign is to call the FDIC!

[This message has been edited by John Burnett (edited 04-03-2001).]

Go to the FDIC's Institution Directory at http://www2.fdic.gov/idasp/ and look up your bank. Generate the "Demographic Information" report and look at the "Insurance Fund Membership" line. If it says SAIF (savings association insurance fund) then display the round signs with the eagle. If it says BIF (bank insurance fund) use the rectangular ones.

I just did this search on another state chartered savings bank I am familiar with (regulated by FDIC) and they are in the SAIF and they do display the round signs.

We just went through a change January 1, 2001 to switch from a savings bank to a state chartered commercial bank. I called FDIC and they told me that we no longer have to post SAIF or BIF as the FDIC stickers posted at each teller window and on the door replaces that requirement.

While we are talking about FDIC stickers, does it matter what size the sticker is at each teller window? We are thinking about placing the sticker on the teller name plate. Thanks for any response.

§328.2(b)(2) of the FDIC Rules reads:

quote:

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(2) Official signs or signs reflecting variations in size, colors, or materials may be procured by insured banks from commercial suppliers.

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That suggested to me that you could use a smaller sign. But after reading other posts, I have exercised my right to admit my error, and to say now that the sign cannot be smaller than the 7 x 3 inches for required postings. Smaller versions can be used when the use is not required, or in ads in lieu of the "official statement."

[This message has been edited by John Burnett (edited 04-09-2001).]

This confuses me because above that, the official sign is described, to include its size..

§ 328.1 Official signs.

(a) Official bank sign. The official sign referred to in this paragraph (bank sign) shall be 7" by 3" in size and of the following design: (picture).

I recall years ago banks being cited because they had small images on name plates. Since then, I have held to the 7x3.

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Andy Zavoina
Opinions stated are not necessarily that of my employer.

Maybe I'm confused too, but this is the way I'm reading section 328.

It defines "official sign" as being the 7x3 size and design. It then goes on to mandate that this 7x3 official sign be displayed at each station or window where insured deposits are usually and normally received in the principal place of business and in
all the branches (not to include electronic type facilities).

After the mandatory requirements are met in terms of displaying the 7x3 signs at the teller stations there is discretion about placing other signs.

"Additional bank signs or savings association signs may be displayed in other locations
within an insured bank in other sizes, colors, or materials."

"Official signs or signs reflecting variations in size, colors, or materials may be procured by insured banks from commercial suppliers."

This is just my personal opinion and not a legal opinion. It does not necessarily reflect the opinion of my employer.

Perhaps the way to interpret the requirement is to read it as saying that on the physical locations where the official sign is actually required to be displayed, it must be displayed in the size noted in the regulation. If it is used in additional locations (that are not mandated by the rule), it could be used in other sizes.

On the FDIC's Web page, it has information about the requirements, including guidance on how and where to include the official advertisement on Web pages.

FDIC Advertising Info page