Regulatory AlertsAlabama State Banking Department Opinions on Interstate Courier Services
The Alabama State Banking Department issued Opinion 97-1 to permit state-chartered banks to provide courier services for deposit pickup, including the acceptance of currency and coin, under specific safety and contractual conditions. Opinion 97-2 subsequently amended these rules to allow interstate operations by requiring banks to submit written notice ten days before commencing such services in other states. The Superintendent retains the authority to object to out-of-state courier services if they violate the branching laws of the destination state, though a lack of objection does not waive those external regulatory rights.
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