210.00.17 Ark. Code R. § 002 - Messenger Service
47-101.7 -
MESSENGER SERVICE (Reference A.C.A. §
23-47-101 )
(a) To meet the requirements of its
customers, a state bank may provide messenger services within the geographic
limits of its operations by means of an armored car or otherwise, under which
messenger service means any service, such as a courier service or armored car
service, used by a stale bank and its customers to pick up from, and deliver
to, specific customers at locations such as their homes or offices, items
relating to transactions between the bank and those customers.
(b) The messenger service shall be pursuant
to a written contract between the bank and the customer wherein it is agreed
that in performing the functions under (a) above, the messenger is the agent of
the customer; that where funds (including currency, coin, checks or similar
items) are transmitted to the bank by messenger for deposit, title to the funds
shall remain with the customer until they are accepted by the bank and the
depositor relationship shall not commence until such acceptance; that funds
delivered by the bank to the messenger for transmission to a customer shall
become the property of the customer when they are delivered to and accepted by
the messenger, the customer's withdrawal to be deemed to have been affected as
of that moment.
(c) Hazard
insurance covering holdup, robbery, theft, messenger fidelity or
misappropriation shall be carried for the protection of the customer for all
funds transmitted by messenger to or from the bank. The premiums on such
insurance may be paid by the bank.
Notes
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