§ 6.1-194.122. Remote service units
A. As used in this section, the following terms shall have the meanings indicated:
"Personal security identifier" or "PSI" or "PIN" means any word, number, or other security identifier essential for an account holder to gain access to an account through a remote service unit.
"Remote service unit" or "RSU" means an information processing device, including associated equipment, structures and systems, by which information relating to financial services rendered to the public is stored and transmitted, instantaneously or otherwise, to a financial institution. Any such device not on the premises of a state savings bank that, for activation and account access, requires use of a machine-readable instrument and personal security identifier in the possession and control of an account holder, is an RSU. The term includes, without limitation, point-of-sale terminals, merchant-operated terminals, cash-dispensing machines, and automated teller machines. It excludes automated teller machines on the premises of a state savings bank, unless shared with other financial institutions. An RSU shall not be considered to be a branch office of a state savings bank.
B. Subject to the requirements of the Electronic Funds Transfer Act (15 U.S.C. § 1693 et seq.) and Regulation E of the Federal Reserve Board, a state savings bank may establish or use remote service units and participate with others in remote service unit operations on an unrestricted geographic basis. A state savings bank may establish a remote service unit without prior approval of the Commission, provided that notice is given to the Commissioner in accordance with the provisions of subsection A of § 6.1-194.119. No remote service unit may be used to open a savings account or a demand account or to establish a loan account.
C. Before permitting an account holder to use a remote service unit, the state savings bank shall provide a personal security identifier to the account holder and require its use when accessing a remote service unit. A state savings bank may not employ RSU access techniques that require the account holder to disclose a PSI to another person.
D. A state savings bank shall not share an RSU with any financial institution or other entity the accounts of which are not insured by an agency of the federal government.
(1991, c. 230.)
Sections: Previous 6.1-194.115 6.1-194.116 6.1-194.117 6.1-194.118 6.1-194.119 6.1-194.120 6.1-194.121 6.1-194.122 6.1-194.123 6.1-194.123:1 6.1-194.124 6.1-194.125 6.1-194.126 6.1-194.127 6.1-194.128 NextLast modified: April 16, 2009