§ 524.821

524.821 Electronic transmission of funds — restrictions. 1. A state bank may engage in any transaction incidental to the conduct of the business of banking and otherwise permitted by applicable law, by means of either the directtransmission of electronic impulses to or from customers and banks or the recording ofelectronic impulses or other indicia of a transaction for delayed transmission to a bank.Subject to the provisions of chapter 527, except as preempted by other applicable law, astate bank may utilize, establish, or operate, alone or with one or more other banks, federalsavings associations, credit unions incorporated under the provisions of chapter 533 orfederal law, or third parties, the satellite terminals permitted under chapter 527, by meansof which customers and banks may transmit and receive electronic impulses constitutingtransactions pursuant to this section. However, except as preempted by other applicablelaw, such utilization, establishment, or operation shall be lawful only when in compliancewith chapter 527. Nothing in this section shall be construed as authority for any person toengage in transactions not otherwise permitted by applicable law, nor shall

be lawful only when in compliancewith chapter 527. Nothing in this section shall be construed as authority for any person toengage in transactions not otherwise permitted by applicable law, nor shall anything in thissection be deemed to repeal, replace or in any other way affect any applicable law or ruleregarding the maintenance of or access to financial information maintained by any bank. 2. A state bank which offers its customers, or any of them, the opportunity to engage in transactions with or through the state bank in the manner authorized by subsection 1 shallnot require a customer to deal with or through the state bank in that manner in lieu of writingchecks in the usual manner upon a conventional checking account, and shall not impose anyextraordinary charge upon customers who choose to write checks in the usual manner upona conventional checking account maintained at that state bank. The term 'extraordinarycharge', as used in this subsection, is a charge in excess of a fair and reasonable charge, basedupon the costs to the state bank of providing and maintaining checking account services.

'extraordinarycharge', as used in this subsection, is a charge in excess of a fair and reasonable charge, basedupon the costs to the state bank of providing and maintaining checking account services. [C77, 79, 81, §524.821; 82 Acts, ch 1094, §1]2012 Acts, ch 1017, §108; 2022 Acts, ch 1062, §79 Sat Dec 23 01:17:13 2023 Iowa Code 2024, Section 524.821 (25, 0)