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#28218 - 08/16/02 08:09 PM Posting of the Rules & Regulations in Branches
Anonymous
Unregistered

NY State Banking Law 238 requires banks to post the Rules & Regulations in each branch. Can any NY bankers provide me with a copy of what you post in your branches or disclose in your brochures?

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#28219 - 08/19/02 08:20 PM Re: Posting of the Rules & Regulations in Branches
PatrickG Offline
100 Club
PatrickG
Joined: Jun 2001
Posts: 165
Binghamton, NY, USA
Banking Law 238 applies to savings banks.
"S 238. Regulations and restrictions as to repayment of deposits. 1. The repayment of deposits made with any savings bank and any interest cedited thereto, shall be subject to the provisions of this chapter and to rules and regulations made in accordance therewith. Any such regulations adopted by the board of trustees shall be posted in a conspicuous place in the office or offices of such savings bank, and shall be available to depositors upon request. All such rules and regulations, from time to time in effect, and all amendments thereto, from time to time in effect, shall be binding upon all depositors."

When we were a savings bank, we posted an "Accounts of Depositors" list which detailed all the requirements governing depositors accounts, icluding the fact that we would post deposits to a passbook; who was legally able to withdraw funds for the passbook; what happened if the passbook was not presented; that fact that we reserved the right to sixty days notice before honoring a withdrawal; etc. It had all the items the Board of Trustees had decided would apply to accounts of depositors.

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#28220 - 04/01/03 08:42 PM Re: Posting of the Rules & Regulations in Branches
Anonymous
Unregistered

Does it get as detailed as whether a
POA can change the beneficiary on a POD/ITF savings account?

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#28221 - 04/02/03 01:46 PM Re: Posting of the Rules & Regulations in Branches
PatrickG Offline
100 Club
PatrickG
Joined: Jun 2001
Posts: 165
Binghamton, NY, USA
Only if the Board of Trustees passed a rule covering that situation.

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#28222 - 04/04/03 07:27 PM Re: Posting of the Rules & Regulations in Branches
Anonymous
Unregistered

You only need a sign informing the public to ask for a copy of the rules and regulations of deposit accounts. Since they are usually very long, you can not actually post them individually. R & R of Dep Accts is a very very helpful tool that explains all of your account relations and allows for divergence from UCC in important areas such as time frames to notify of errors.

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