Electronic Financial Terminal (EFT) Operations


Effective November 20, 2005, the Commissioner amended Section 501, Definitions, of the Applications Rule and repealed of Section 507, Application for Electronic Financial Terminal (EFT), from the Louisiana Administrative Code.  These actions make OFI's Applications Rule consistent with LSA-R.S. 6:2 and eliminate the requirements for the establishment of an off-site EFT for state-chartered banks, savings and loan associations, and savings banks in order to create parity with federally-chartered financial institutions.

Therefore, notifications for the establishment or closure of EFTs are no longer required to be submitted to our Office as of November 20, 2005.

In addition, OFI's Fee Rule was also amended to eliminate the fee charged for notification for an off-site electronic financial terminal machine (EFT). The final rule is contained in the Louisiana Register (Vol. 31, No. 11), dated November 20, 2005, pages 2893 - 2895.

OFI's Electronic Financial Terminal Policy, [revised 12-13-06] regarding the establishment of an "off-site" EFT (automated teller machines, cash dispenser, scrip machines, automated loan machines, point of sale terminals, etc) has been revised as a result of the aforementioned changes to OFI's Applications Rule.

Institutions are still required to ensure that any ownership of real estate related to the establishment and operation of an EFT is in compliance with this Office's Investment in Real Estate for Business Purposes Policy, revised March 14, 2005.

If real estate property is owned by your institution and your Board decides that the property will not be utilized for future premises use, you should also refer to Part 362 of the FDIC's Rules and Regulations for guidance relating to divestiture requirements.

Please contact Deputy Chief Examiner John Fields at (225) 922-0633 or via e-mail at jfields@ofi.la.gov if you have any questions regarding these changes.