Section 187.8.10. Courier services.

A state bank may provide courier services to its bank customers by using a third-party provider operated under the provider’s name or using the state bank’s employees operating in the bank’s own name. Customer deposits picked up by a courier service become deposits of the bank at the time the deposits are picked up by the courier service.

       8.10(1) Third-party courier services. A state bank that uses a third party to provide courier services to its customers may pay the third party directly for those services and may charge its customers for third-party courier services as the state bank deems appropriate. Superintendent approval is not required for a state bank to provide courier services to its customers by using a third party.

       8.10(2) Bank-owned courier services. A state bank that establishes and operates courier services in its own name using its own employees must establish the vehicle it uses to provide courier services as a bank office in accordance with the provisions of 187 IAC 2.17(17A,524).

This rule is intended to implement Iowa Code section 524.213.