Office of State Uniform Payroll (OSUP)

FINANCIAL INSTITUTION PRODUCT SUMMARY

A NOTE TO USERS:
The financial institution product summary information contained on this website was prepared in an effort to provide Louisiana State employees with information about low-cost, minimum service accounts available from Louisiana financial institutions for compliance with Mandatory Direct Deposit.

The information displayed is provided in summary form and does not include all the features that may be associated with a particular product. All of the products will accommodate direct deposit of payments.

THE LOUISIANA OFFICE OF STATE UNIFORM PAYROLL DOES NOT WARRANT THE ACCURACY, RELIABILITY, TIMELINESS OR COMPLETENESS OF ANY INFORMATION ON THIS WEBSITE. ANY OR ALL OF THE INFORMATION MAY BE INCORRECT OR NOT CURRENT. ANY PERSON OR ENTITY RELYING ON ANY INFORMATION OBTAINED FROM THIS SITE DOES SO SOLELY AT HIS OR HER OWN RISK.

Individuals are strongly encouraged to contact their local financial institution to obtain specific details about product offerings. The products contained in this manual are listed by parish and within each parish the financial institutions are listed in alphabetical order.

The Louisiana Office of the State Uniform Payroll is interested in receiving suggestions concerning how to improve the product summary in order to make it informative and easy to use. Please direct written comments to:

Louisiana Office of State Uniform Payroll
Claiborne Building
PO Box 94095
Baton Rouge, LA 70804-9095

to view the list of parishes to select from for Financial Institutions information in that parish.

Explanation of Summary Contents:

Financial Institution	The name of the institution offering the product. Recipients interested in a particular product should consult their local telephone directory to determine the nearest location of the facility. Individuals are also encouraged to contact the financial institution directly to obtain complete information about the product. The institution is identified as either a Bank, a Credit Union, or a Savings & Loan institution type.
Product Name	The name of the low-cost product offered by the financial institution. When contacting a financial institution to either obtain additional information or to open an account, it is important to identify the desired product by its specific name. The product is identified as either a Checking or a Savings account.
Product Features & Fees	A Monthly Account Maintenance Fee and a Monthly Statement Fee may be charged to the account holder in order to cover the financial institution's costs of providing the product and servicing the account holder. Prior to opening an account, it is important to understand all the costs that may apply. Minimum opening deposit requirements are also identified, provided this information was made available from the financial institution. In many cases the opening deposit is waived when the recipient agrees to have a payroll check direct deposited. Many financial institutions offer some checking services with an account. Unless specifically stated in the summary, the account holder must usually purchase the check stock used to write checks. In some cases, check processing fees may also apply. Check processing fees are a per item charge that is assessed for each check paid by the financial institutions for an account holder. Financial institutions also assess fees for stop payments, NSF ("bad") checks, and other check-related transactions or services. Before utilizing the checking services offered with a particular product, account holders are encouraged to obtain a complete understanding of the charges that may apply. Canceled checks may or may not be returned to the account holder free of charge.
ATM Access/Fees	This section contains information made available from each financial institution concerning the fees and limits associated with using an ATM. Most financial institutions do not charge their customers for using an ATM owned by the bank. In some cases a small fee may be charged. Customers will generally incur a charge for a transaction at a "foreign" ATM. In general, a foreign ATM is one that is owned by another bank that does not have an agreement with the account holder's bank to process ATM transactions free of charge. The charge assessed for a withdrawal at a foreign ATM will usually range between $1 and $2. Other transactions such as a balance inquiry or an account transfer usually carry a lesser fee. The daily withdrawal limit displayed represents the maximum amount that can be withdrawn at a bank-owned ATM on any given day. The cost required to replace a lost Automated Teller Machine (ATM) card, and any limitations on the number of replacement cards that will be issued to an account holder are also displayed. In some cases, there may be a separate cost to issue an account holder a new Personal Identification Number (PIN).
Effective Date	The date the product information was received by the Louisiana Office of State Uniform Payroll. Product features and costs are subject to change at any time. Recipients are strongly encouraged to check with their local financial institutions to obtain up-to-date and complete information concerning a particular product.

Feedback: OSUP Webmaster Updated on: 06/13/2008