N.J. Admin. Code § 3:1-19.3

Current through Register Vol. 56, No. 19, October 7, 2024

Section 3:1-19.3 - Alternative accounts

(a) A depository institution may apply to the Commissioner for approval of any account that does not conform to the criteria set forth in 3:1-19.2 as a New Jersey Consumer Checking Account.

(b) Each application for approval of an alternative form of account shall provide:

1. The initial deposit amount necessary to open the account;

2. The minimum balance required to maintain the account;

3. The maximum number of checks that may be written per month without charge;

4. The maximum number of non-check withdrawals per month without charge;

5. The maximum maintenance charge per month;

6. The maximum number of deposits which may be made per month without charge;

7. The maximum per transaction charge per month for transactions in excess of those specified in (b)3, 4, and 6 above;

8. The length of the periodic cycle of the account; and

9. Any other fees which will be charged the customer.

(c) In deciding whether to approve such an account, the Commissioner shall consider whether the account meets the stated purpose of the Act to make New Jersey Consumer Checking Accounts available to consumers at low cost, and has substantially equivalent characteristics to the account in 3:1-19.2.

(d) The Commissioner shall issue a decision on an application for approval of alternative forms of accounts within 30 days of receipt of the application, although the Commissioner may extend the time for issuing such decision by notifying the depository institution of such extension within the 30-day period. If neither a decision nor a notice of extension has been issued within that time, the application shall be deemed approved.

N.J. Admin. Code § 3:1-19.3

Amended by R.2001 d.112, effective 4/2/2001.
See: 33 New Jersey Register 213(a), 33 New Jersey Register 1087(a).
In (a), substituted "that" for ", which" preceding "does not conform"; in (b) and (d), substituted references to alternative forms for "non-conforming".