Refer to section 1010.100 of this chapter for general
definitions not noted herein. To the extent there is a differing definition
in section 1010.100 of this chapter, the definition in this section
is what applies to part 1020. Unless otherwise indicated, for purposes
of this part:
(a) Account. For
purposes of section 1020.220:
(1) Account means a formal banking relationship established
to provide or engage in services, dealings, or other financial transactions
including a deposit account, a transaction or asset account, a credit
account, or other extension of credit. Account also includes
a relationship established to provide a safety deposit box or other
safekeeping services, or cash management, custodian, and trust services.
(2) Account does not include:
(i) A product or service
where a formal banking relationship is not established with a person,
such as check-cashing, wire transfer, or sale of a check or money
order;
(ii) An account that the
bank acquires through an acquisition, merger, purchase of assets,
or assumption of liabilities; or
(iii) An account opened for the purpose of participating in an employee
benefit plan established under the Employee Retirement Income Security
Act of 1974.
(b) Customer. For the purposes of section 1020.220:
(1) Customer means:
(i) A person that opens a new account;
and
(ii) An individual who opens
a new account for:
(A)
An individual who lacks legal capacity, such as a minor; or
(B) An entity that is not a legal person,
such as a civic club.
(2) Customer does not include:
(i) A financial institution
regulated by a Federal functional regulator or a bank regulated by
a State bank regulator;
(ii)
A person described in section 1020.315(b)(2) through (b)(4); or
(iii) A person that has an existing
account with the bank, provided that the bank has a reasonable belief
that it knows the true identity of the person.
