Regulatory Alerts2012-03-22
Procedures Regarding Fees
The Supervisor of Banks issued these procedures to regulate how banking corporations charge fees for administering accounts and implementing transactions. The document mandates that banks must not charge for providing basic information, must waive fees for specific proceeds accounts, and must limit charges on dormant deposit accounts to the account balance. Additionally, banks are required to refund prepaid fees proportionally if services are discontinued before the paid period ends.
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