Any depository account with a state bank or state bank subsidiary upon which drafts, checks, or other negotiable instruments can be drawn and that is not insured or partially insured by a corporation or subdivision of the United States government must in the application for the account inform the customer of the lack of deposit insurance, and the customer must acknowledge by signature and date of the same. Acts 1989, ch.

This legal document governs the disclosure requirements for state banks and securities broker-dealers that offer both insured deposit accounts and noninsured investments. It applies to these entities when they advertise, provide brochures, prospectuses, or other advertising statements, as well as when opening customer accounts. The document requires disclosures to be made regarding the insured or noninsured nature of the account or investment offering. For noninsured investments, it must be indicated that the investment is not insured, while for insured deposit accounts or certificates of deposit, it must be stated that the deposit is insured.

A bank may take security of any type, including, but not limited to, a mortgage or deed of trust on residential property or a deposit account or certificate of deposit, for a cardholder’s obligations under a credit card account. Acts 1993, ch. 447, 11.

(a) A bank may accept money for transmission and may transmit money. (b) A bank may buy and sell foreign exchange to the extent necessary to meet the needs of customers. Acts 1969, ch. 36, 1 (3.210); T.C.A., 45-413.

Any bank may, for the convenience of its customers, provide suitable receptacles on, in, or as a part of the bank premises for the deposit of money, checks and other property, and may contract with its customers, through display of appropriate notice upon the receptacles or by written notice to its customers, that the receptacles are instrumentalities of the customer and that money, checks or other property placed in them shall not be considered to be deposited with the bank until received by an employee or officer of the bank.

This provision, found in the Tennessee Code under the General Powers of Banks section, pertains to banks and their requirement to provide a maturity notice for nonrenewable certificates of deposit. The compliance with the Truth in Savings Act and applicable federal regulations is deemed compliance with Tennessee laws regarding the disclosure of information in connection with deposit accounts. However, for nonrenewable certificates of deposit with a term of more than one (1) month but no longer than one (1) year, the bank must provide a maturity notice that meets the requirements of the Truth in Savings Act, as if the certificate’s term exceeded one (1) year.

This section of the Tennessee Code governs electronic cash dispensing devices. It defines ‘depository institution’ as an insured bank, mutual savings bank, insured credit union, member of the Federal Home Loan Bank Act, or a savings association. The definition also includes associations or entities wholly owned by or consisting only of these institutions. The section further defines ’electronic cash dispensing device’ as an electronic device, such as an automated teller machine, through which a consumer can obtain cash by initiating an electronic fund transfer instruction to their depository institution.

(a) A state or national bank or savings institution or savings bank may accept funds for deposit or placement in federally insured institutions, within or without the state; provided, that the bank has entered into a deposit agreement or deposit placement agreement with the depositor. (b) The depository may also enter into a custodial agreement with the customer to maintain any certificate of deposit or other evidences of the deposits so received or placed.

This legal provision, found in the Tennessee Code under the section for Banks and Financial Institutions, addresses the payment and negotiation of checks in situations where no estate has been opened or the estate has been closed. It states that if no executor or administrator of a decedent has qualified and given notice to the bank, or if the qualified executor or administrator has been discharged, the bank may, at its discretion, negotiate or send for collection and pay out the proceeds of checks made payable to the decedent or the decedent’s estate.

This section of the Tennessee Code, specifically the Consumer Protection Act of 1977, governs the printing of electronically printed receipts for credit and debit card transactions. It prohibits any person accepting credit cards or debit cards for business transactions from printing or causing to be printed more than five digits of the card number or the expiration date on the receipts. However, this section only applies to electronically printed receipts and does not apply to transactions where the card information is recorded by handwriting or by an imprint or copy of the card.