N.Y. Banking Law § 168: Restrictions on acceptance of deposits and payment of interest

§ 168. Restrictions on acceptance of deposits and payment of interest.

No private banker shall:

(1) Accept any amount for deposit if after the acceptance of such

amount the average amount of the deposits received from all depositors

during the twelve month period ending upon the day upon which such

deposit is tendered, or during such period, if less than twelve months,

that such private banker has been engaged in business, would be less

than one thousand dollars. The term "deposit" as used in this paragraph

shall mean coin or currency of the United States or of any foreign

country, and checks, drafts and other funds credited by such private

banker to the account of any one depositor on any one day, but shall not

include dividend checks, coupons, or other similar items collected by

such private banker for the account of a depositor, or remittances made

by a depositor for the purpose of repaying, in whole or in part, any

existing indebtedness due to such private banker, or interest credited

by such private banker to the account of a depositor, or amounts

delivered for transmission; or

(2) Pay or credit interest, or pay, credit or give any bonus or

gratuity or thing of value, on any deposit balance, if the average of

the daily credit balances in such deposit account during the period for

which interest is paid or credited is less than seven thousand five

hundred dollars.