N.D. Admin Code 13-02-06-03 - Operations, transactions, verification, and insurance

A bank may receive and act upon communications from its customers transmitted through customer electronic funds transfer centers requesting the withdrawal of funds either from the customer's deposit account or from a previously authorized line of credit, or instructing the bank to receive funds to the credit of the customer's accounts or to transfer funds for the customer's benefit. The customer electronic funds transfer center may be established by the bank and operated by the customer or by a third party. In accordance with the customer's request or instruction and subject to verification by the bank, cash or checks may be received and cash may be dispensed at the location of the customer electronic funds transfer center. A customer electronic funds transfer center may be manned or unmanned. A manned customer electronic funds transfer center may not be staffed by a bank employee, except that the bank for a reasonable period of time, not to exceed thirty days initially, and not more than three additional days per month thereafter when necessitated by the employment of new personnel at the customer electronic funds transfer center, may provide an employee to instruct and assist in the operation of the customer electronic funds transfer center. Any transactions initiated at such customer electronic funds transfer center shall be subject to verification by the bank either by direct wire transmission or otherwise. A bank shall provide insurance protection under its bonding program for transactions involving such customer electronic funds transfer center.

General Authority: NDCC 6-01-04, 6-03-02(8)

Law Implemented: NDCC 6-03-02(8)

Notes

N.D. Admin Code 13-02-06-03