31 CFR § 576.505 - Entries in certain accounts for normal service charges authorized.

Date issued: Sep. 13 2010

TURBOFAC Commentary (109 words)

Notes Common to Most "Entries in certain accounts for normal service charges" General Licenses.

Provision common in, and substantively identical with respect to, to most sanctions regulations involving the blocking of property. Note FAQ 34, which is still current on OFAC's website.

"Can my bank deduct service charges from the account?

Generally yes. In most cases (excluding Iraq, for instance) OFAC regulations contain provisions to allow a bank to debit blocked accounts for normal service charges, which are described in each set of regulations. The charges must be in accordance with a published rate schedule for the type of account in which the funds are maintained. [09-10-2002]"