Wis. Admin. Code Department of Financial Institutions DFI-SB 6.04 - Clerical and accounting services

Upon specific authorization of its board of directors, a savings bank may perform any of the following services for itself, whether on or off its premises, or by another person for a fee, if assurances satisfactory to the division are furnished to the division by both the savings bank and the party performing the services that performance will be subject to regulation and examination by the division to the same extent as if the services were performed by the savings bank on its own premises:

(1) The posting of payments, withdrawals, computation and distribution of earnings on accounts.

(2) The posting of entries, payments and credits on accounts of borrowers, the computation of interest and other charges on these accounts and the determination of the contractual status of these accounts.

(3) The preparations and mailing of checks, statements, notices and similar items.

(4) Any other clerical, bookkeeping, accounting, statistical or similar functions.

Notes

Wis. Admin. Code Department of Financial Institutions DFI-SB 6.04

CR Register, February, 1994, No. 458, eff. 3-1-94.

This section interprets or implements s. 214.75, Stats.