| Date: | 04/04/1998 |
|---|---|
| Organization: | Division of Banks |
| Docket Number: | 98-109 |
This opinion was issued during the second quarter of 1998.
- This page, Summary of Selected Opinion 98-109, is offered by
- Division of Banks
Opinion
Opinion Summary of Selected Opinion 98-109
Table of Contents
Ability To Sell Phone Cards And Postage Stamps Through Non-Bank ATMs
Bank ATMs may sell and dispense pre-paid phone cards and postage stamps pursuant to Mass. Gen. Laws chapters 167B, section 3 and 167F, section 2(25). Until 1994, M.G.L. ch. 167B § 3 prohibited electronic branches not located at an office of a financial institution or organization, from soliciting any services, other than withdrawals, deposits and balance transfers, offered by a financial institution or organization. Chapter 264, Section 2 of the Acts of 1994 deleted the prohibitory language of chapter 167B § 3. It is the Division's position that M.G.L. ch. 167B § 3 now permits non-bank ATMs to sell postage stamps and pre-paid phone cards.