§ 566.316. Payable-through account.
60 words·~1 min read·
/us/cfr/t31/s§ 566.316·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The term payable-through account means an account, including a transaction account as defined in § 566.317, opened at a depository institution by a foreign financial institution by means of which the foreign financial institution permits its customers to engage, either directly or through a subaccount, in banking activities usual in connection with the business of banking in the United States.