Sec. 9.8. Cost of the basic banking account

(a) If a banking institution determines that the cost imposed on basic banking account holders is less than the actual cost to the banking institution to provide such account, it may submit an application to the superintendent seeking permission to offer an alternative account or service. Such application shall include the information required in section 9.7(b) of this Part as well as data on the actual cost to the banking institution of providing the basic banking account and a description of the methodology utilized by the banking institution in obtaining such cost data.

(b) In reviewing such application, the superintendent shall consider whether the methodology utilized by the banking institution is independently verifiable.