Copyright Office Issues Final Rule on Deposit Accounts
Issue No. 411 - February 18, 2011
The Copyright Office is amending its regulations on deposit accounts used to pay for Office services. The new rule sets the minimum level of activity required to hold a deposit account at 12 transactions per year; requires deposit account holders to maintain a minimum balance in that account; offers deposit account holders the option of automatic replenishment of their account via their bank account or credit card; and requires the closure of a deposit account the second time it is overdrawn within any 12-month period with an option for reinstatement provided the deposit account holder agrees to automatic replenishment. The Office will continue to offer deposit accounts for the foreseeable future.