New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 13 - Depositor Savings Information ("truth-in-savings")
Section 13.1 - Definitions
Current through Register Vol. 46, No. 12, March 20, 2024
As used in this Part:
(a) The term banking organization shall mean all banks, trust companies, savings banks, savings and loan associations, credit unions and insured branches of foreign banking corporations licensed or chartered by the State of New York. An insured branch of a foreign banking corporation is a branch of a foreign banking corporation whose deposits are required to be insured by the Federal Deposit Insurance Corporation.
(b) The term savings account shall mean a deposit accepted by a:
(c) The term time deposit shall mean a deposit accepted by a:
(d) The terms savings account and time deposit shall not include:
(e) The terms interest, dividend and earnings shall mean any amount accruing to or for the account of any depositor(s) in connection with the use of funds deposited in a savings or time deposit account, regardless of whether such earnings have been paid to the account of its holder(s).
(f) Compounding period, expressed as a length of time or a fraction of a year, is the period at the end of which the periodic percentage rate is applied to compute the earnings payable for that period.
(g) The term periodic percentage rate (PPR) shall mean the rate applied at the end of each compounding period to the principal amount for that period to determine the amount of earnings for that period. The period may be expressed in equal fractional parts of a year or in actual numbers of days even though the compounding period is less than one day. The fractional part of a year may be substituted for the word "periodic" in such manner as "daily percentage rate," "quarterly percentage rate," "annual percentage rate."
(h) The term annual interest rate (AIR) shall mean the annual rate of simple interest whose maximum is prescribed by Federal or State regulations (e.g., FRB Regulation Q, section 217.7, FDIC Regulation sections 329.6 and 329.7, and Banking Board General Regulation Part 20).
(i) The term annual percentage yield (APY) shall mean a rate expressing the amount of earnings per $100 of principal which would accrue in one year as the result of the successive applications of the periodic percentage rate at the end of each period to the sum of the principal amount, plus any earnings credited and not withdrawn during that year.