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Deposit Rate Paid to Attorneys

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  • March 2, 2020 at 8:47 am EST #31751
    Evelyn
    Participant

    12 USC 376 – No member bank shall pay to any director, officer, attorney, or employee a greater rate of interest on deposits of such director, officer, attorney, or employee than that paid to other depositors on similar deposits with such member bank.

    In application of this statute to attorneys, does it apply only to the Bank’s counsel or to all attorney deposit accounts?

    March 2, 2020 at 10:23 am EST #31760
    rcooper
    Member

    Thanks for the question. This is referring to the bank’s attorney just as it is referring to a director, officer, or employee of the bank.

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