New York Laws
Article 4 - Private Bankers.
168 - Restrictions on Acceptance of Deposits and Payment of Interest.

(1) Accept any amount for deposit if after the acceptance of such
amount the average amount of the deposits received from all depositors
during the twelve month period ending upon the day upon which such
deposit is tendered, or during such period, if less than twelve months,
that such private banker has been engaged in business, would be less
than one thousand dollars. The term "deposit" as used in this paragraph
shall mean coin or currency of the United States or of any foreign
country, and checks, drafts and other funds credited by such private
banker to the account of any one depositor on any one day, but shall not
include dividend checks, coupons, or other similar items collected by
such private banker for the account of a depositor, or remittances made
by a depositor for the purpose of repaying, in whole or in part, any
existing indebtedness due to such private banker, or interest credited
by such private banker to the account of a depositor, or amounts
delivered for transmission; or
(2) Pay or credit interest, or pay, credit or give any bonus or
gratuity or thing of value, on any deposit balance, if the average of
the daily credit balances in such deposit account during the period for
which interest is paid or credited is less than seven thousand five
hundred dollars.