N.Y. Comp. Codes R. & Regs. tit. 3 § 9.4

Current through Register Vol. 46, No. 51, December 18, 2024

Section 9.4 - Conditions for opening or maintaining a basic banking account

A banking institution may require the following as conditions for opening or maintaining a basic banking account:

(a) that the applicant provide the same information and identification required as in the case of other consumer transaction accounts at that banking institution;

(b) that the account holder be a resident of this State;

(c) that direct deposit to the banking institution be made of recurring payments such as, but not limited to, social security, wage, or pension payments where direct deposit is available to the account holder; and

(d) that the account holder may not maintain any transaction account other than the basic banking account; provided however, that an account holder may continue to maintain one or more other transaction accounts for a reasonable period of time, which shall not be less than 60 days from the date that the basic banking account is opened. This prohibition shall not apply to any transaction account which is a burial fund account that is separately identifiable and monitored as a burial fund account or where the burial fund account is separately identifiable as a contractual funeral agreement pursuant to the terms and conditions of 42 USC 1382 b or article 5 of New York's Social Services Law and any regulations promulgated thereunder.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 9.4