MO SB773

Repeals and replaces section 362.111, RSMo, relating to banking fees and international transactions.

Banks and trust companies may impose fees or service charges on deposit accounts, subject to regulations by the director of the division of finance and the state banking board, but no more restrictive than those permitted for federally chartered depository institutions.

Owners or operators of automated teller machines may impose access fees or surcharges on individuals using foreign accounts, provided such fees are not otherwise prohibited under federal or state law.

Defines "automated teller machine" as any electronic device allowing consumers to initiate electronic funds transfers or order account debits/credits, excluding point of sale terminals, telephones, and personal computers.

Defines "foreign account" as an account with a financial institution located outside the United States.