Customer means any consumer, legal person or other depositor or borrower of a financial institution or organization. Non-bank Electronic Branch . An electronic branch owned, leased or operated by a non-bank ATM provider. A non-bank electronic branch shall not include a point of sale terminal owned or operated by a merchant. Organization means a person who assists or provides services to a financial institution in order to make available electronic fund transfers, but it does not include a person who provides incidental services such as legal or auditing services, printing, card embossing, equipment installation or maintenance.
Person means a natural person, corporation, partnership or association.
Real Time means the processing of transactions as they occur rather than batching them for updating at a later time. The office of the Commissioner will endeavor to maintain a current compilation of 209 CMR and of official Board or staff interpretations. In determining the amount which a financial institution may invest in electronic branches, any investment in real property will be considered as bank building for limitation purposes. Mandatory sharing will only be required upon the showing of a financial institution that it is at a competitive disadvantage. No electronic branch, other than one located at an office of a financial institution, shall be terminated without prior approval of the Commissioner.