Bank Deposit-Taking Services
We have drafted all of the various documents utilized in deposit taking activities, including deposit account agreements, funds transfer agreements, lock box agreements, positive pay agreements; and repo agreements. We have advised banks on all aspects of the relationship, including liability for unauthorized transfers.
We advise on all statutes and regulations relating to deposit taking activities, including:
- Uniform Commercial Code (particularly UCC Articles 3, 4 & 4A governing negotiable instruments, bank collections and deposits, and funds transfers)
- Rules of the National Automated Clearing House Association and other payment systems
- Regulations of the Federal Reserve Board governing deposit and funds transfer activities (such as Reg D, Reg E, Reg J, Reg O, Reg CC, and Reg DD) and its Operating Circulars
- Deposit insurance rules of the Federal Deposit Insurance Corporation (FDIC)
- Anti-money laundering and Bank Secrecy Act requirements
We have represented banks in issues related to forged checks, unauthorized withdraws, and unauthorized funds transfers. See Financial Institutions Litigation practice area.