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- Referred to banks
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Sponsor's memo
BILL NUMBER:S2310
Title of bill
An act to amend the banking law, in relation to providing self-adhesive envelopes for deposits at electronic facilities
Justification
Advances in electronic technology have allowed the banking industry to provide a variety of new customer services over the past decade. One of the most widely used of those services is the Automatic Teller Machine (ATM), through which financial institutions can offer 24-hour availability for customers seeking to make withdrawals and inquiries from, and deposits to, their savings and checking accounts. In the latter instance, the customer places the deposit in an envelope provided at the ATM location by the financial institution and inserts that envelope in the appropriate slot in the machine. At the current time, ATM deposit envelopes are generally those which require moistening for the flap adhesive to stick. The customer normally responds to this requirement by licking the flap on the envelope and sealing it prior to inserting it in the deposit slot. Unfortunately, the past decade and a half have also witnessed a significant number of incidents of consumer product tampering, from over-the-counter drugs to supermarket food products.
These incidents have led to a combined effort by government and industry to make product packages as tamper-proof as possible. Despite these efforts, the capacity of a determined tamperer should not be underestimated and new, more imaginative incidents frequently emerge. Although the practice of providing deposit envelopes at ATMs is for the convenience of both the financial institution and the consumer alike, their moisture-activated adhesive leaves open the distinct possibility for tampering. In anticipation of such a possibility, this bill requires that all deposit envelopes to which the general public has access have self-adhesive flaps.
Effective date
This act shall take effect on the first of January next succeeding the date it shall have become law, except that any rules and regulations necessary for the timely implementation of this act on its effective date shall be promulgated on or before such date.
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