Opening and maintaining a New York State segregated refund value bank account
1. Open a segregated refund value account
- Open an interest-bearing checking or savings account in a federally insured bank or credit union located in New York State.
- Have the funds in the account held in trust for New York State.
- Use this account only for collecting deposits for beverage containers you sell, and reimbursing customers for beverage containers they redeem.
2. Make deposits into the refund value account
- At least once every five business days you must deposit all of the refund values you collect into your segregated refund value account.
- Have all interest and dividends earned on the account paid directly into the account.
3. Only make payments of service charges and reimbursements of deposits from the refund value account
- You may make payments of service charges on the refund value account from the account.
- You may reimburse your clients or customers on redeemed beverage containers from the account.
- You may not make any other payments, including the handling fee that must be paid to a dealer or redemption center, from the refund value account.