Deposit Accounts

News & Analysis as of

Estate Planning Questions: Naming a Beneficiary to your Accounts

Why not just add a child or loved one to your accounts? We often see instances where an elderly parent has added the name of a child or other loved one to their bank accounts, CDs or brokerage accounts. Normally the...more

New York State to Allow Financial Institutions to Offer Savings Promotion Giveaways

Governor Cuomo has signed legislation allowing banks and credit unions in New York to offer savings promotion giveaways whereby depositors can be eligible to win prizes based on deposits made into a qualifying savings...more

Do Dodd-Frank's Stress Testing Results Hold Hidden Risks?

While the recent Dodd-Frank stress test results of the nation's 30 biggest banks might seem reassuring, prudent policy makers and practitioners should be wary. Like airport security, many are asking, ‘‘Are we...more

Social Media: Consumer Compliance Risk Management Guidance

On December 11, 2013, the Federal Financial Institutions Examination Council (FFIEC) released final guidance (“Guidance”) on the applicability of consumer protection and compliance laws, regulations, and policies to...more

Wage Exemption Amount For Restraining Notices And Levies Under New York State Law To Increase To $1,920 As Of December 31, 2013

Under New York’s Exempt Income Protection Act (“EIPA”), certain funds in deposit accounts are exempt from most restraining notices and levies. One exemption under the EIPA is for an amount deemed to be protected wages, with...more

Amendments Made To Regulation Requiring Financial Institutions To Protect Federal Benefit Payments In Deposit Accounts From The...

Several amendments have been made to the federal regulation issued in 2011 that protects certain directly-deposited federal benefit payments from the reach of creditors....more

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