Electronic Banking Competitive Equality Act of 1985

Summary

Electronic Banking Competitive Equality Act of 1985 - Authorizes a national bank to use shared electronic banking equipment it does not own or rent to the same extent as is authorized for State banks by the laws of the State in which the equipment is located. Prohibits a national bank from receiving deposits through out-of-State equipment unless the law of such State specifically and affirmatively authorizes such interstate transmission of deposits via such equipment. Excludes from the definition of "rent" any transactional fees assessed to all user banks. Defines "shared electronic banking equipment" as certain equipment that is available for use by any bank on a nondiscriminatory basis. Provides that the connection of a national bank to any publicly accessible electronic banking equipment other than shared equipment shall constitute the establishment and operation of a branch.

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1 official file

• Introduced in Senate

  summary · EN · 16 May 1985

  Open at official source

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