§ 347.216. Depositor notification.
150 words·~1 min read·
/us/cfr/t12/s§ 347.216·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any state branch that is exempt from the insurance requirement pursuant to § 347.215 shall:
(a)Display conspicuously at each window or place where deposits are usually accepted a sign stating that deposits are not insured by the FDIC; and
(b)Include in bold face conspicuous type on each signature card, passbook, and instrument evidencing a deposit the statement “This deposit is not insured by the FDIC”; or require each depositor to execute a statement which acknowledges that the initial deposit and all future deposits at the branch are not insured by the FDIC. This acknowledgment shall be retained by the branch so long as the depositor maintains any deposit with the branch. This provision applies to any negotiable certificates of deposit made in a branch on or after July 6, 1989, as well as to any renewals of such deposits which become effective on or after July 6, 1989.