Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 16 - Authorized Activities Of Savings Banks › Section DFI-SB 16.01 - Powers of a savings bank

Current through June 24, 2024
A savings bank may do all of the following:
(1) THIRD PARTY PAYMENTS. With or without
				fee, transfer an accountholder's funds from any account of an accountholder, or
				pursuant to any credit arrangement with the accountholder in the savings bank
				or in another financial institution, to a third party or to another account of
				the accountholder, in accordance with the accountholder's order or
				authorization. Such transfer may be made by any mechanism or device if the
				transfer conforms with applicable laws and established commercial
				practices.
(2) FEDERAL TAX
				DEPOSITORY. Serve as depository for federal taxes or as treasury tax and loan
				depository subject to regulation of the U. S. treasury department, and as a
				depository of public money and fiscal agent of the U.S. government or, when
				designated by an instrumentality and approved by the division, of any other
				instrumentality of the government.
(3) DEPOSIT ACCOUNT FEES. Charge fees in
				connection with the administration of a deposit account except that a fee or a
				fee increase may be imposed only if a written, clear and conspicuous disclosure
				of the fee or fee increase and the method of computing it is delivered to the
				depositor before the depositor opens the account or mailed to the depositor not
				less than 30 days prior to the date the fee or fee increase takes effect,
				whichever is later.
(4) GOVERNMENT
				OBLIGATIONS. Invest in obligations of or issued by any state, territory or
				possession of the United States or political subdivision of any state,
				territory or possession, including any agency, corporation or instrumentality.
				A savings bank may invest in an obligation under this subsection only if the
				obligation continues to hold one of the 4 highest national investment grade
				ratings or is issued by a public housing agency and backed by the full faith
				and credit of the United States, except a savings bank may invest not more than
				1% of its assets in obligations of this state or a political subdivision of
				this state regardless of rating or any other government obligation approved in
				writing by the division.
(5)
				INDIVIDUAL RETIREMENT AND KEOGH PLAN ACCOUNTS.
(a) Act as trustee of any trust created or
				organized in the United States and forming part of a stock bonus, pension or
				profit-sharing plan qualifying for specific tax treatment under s. 401 (d) of
				the internal revenue code or trustee or custodian of an individual retirement
				account, as defined in s. 408 (a) of the internal revenue code, with no active
				fiduciary duties if:
1. The savings bank
				invests the funds only in the savings bank's own accounts, deposits,
				obligations or securities; or
2.
				The savings bank invests the funds in such other assets as the customer may
				direct and the savings bank does not exercise any investment discretion or
				directly or indirectly provide any investment advice with respect to the trust
				or account.