§ 1808 Foreign Bank Deposit Disclosure

Financial Code·California

AI SummaryVerified

This law says that foreign banks must tell their customers that deposits in their U.S. offices are not protected by the government's deposit insurance.

Key Takeaways

•Foreign banks in the U.S. must warn customers that their deposits aren't insured by the U.S. government.
•This rule helps customers know their money might not be safe if the bank has problems.
•The bank has to follow the rules set by the banking commissioner.

Example

A bank from another country opens a branch in the U.S. and takes deposits from customers.

The bank must clearly tell customers that if the bank fails, their money won't be covered by the U.S. government's deposit insurance.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 1808 Foreign Bank Deposit Disclosure

Each foreign (other nation) bank which is licensed to maintain a depositary agency, limited branch office, or wholesale branch office shall, in accordance with such regulations as the commissioner may prescribe, give notice that deposits in such office are not insured by the Federal Deposit Insurance Corporation. (Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)

Last verified: January 11, 2026

Key Terms

foreign bank depositary agency limited branch office wholesale branch office Federal Deposit Insurance Corporation

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 1808.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References