BANKS — all employees — including appraisers, bank guards and attendants, field auditors, office machine repair, Clerical Office Employees, Clerical Telecommuter Employees and Outside Salespersons
The entire remuneration of each employee shall be included, subject to a maximum of $154,700 per year. When the policy is in force for less than a 12-month period, the maximum payroll amount shall be prorated based upon the number of weeks in the policy period.
This classification applies to the operation of depository financial institutions that are licensed to perform financial services, including but not limited to accepting deposits, paying interest, clearing checks, making loans and exchanging currency. This classification also applies to depository financial institutions that operate entirely online or through electronic transactions.
The operation of properties away from the bank premises, including but not limited to trusts, repossessed properties and other business properties shall be separately classified.
Mortgage brokers shall be classified as 8743, Mortgage Brokers.
Mortgage bankers shall be classified as 8749, Mortgage Bankers.
Credit unions shall be classified as 8801, Credit Unions.
Check cashing locations at which the fees charged for check cashing, deferred deposit transactions, money orders and wire transfers equal or exceed 75% of gross receipts shall be classified as 8850, Check Cashers.
| Shown below is the previously published phraseology and footnote | Effective Date |
|---|---|
Phraseology: BANKS — all employees — including appraisers, bank guards and attendants, field auditors, office machine repair, Clerical Office Employees, Clerical Telecommuter Employees and Outside Salespersons The entire remuneration of each employee shall be included, subject to a maximum of $149,500 per year. When the policy is in force for less than a 12-month period, the maximum payroll amount shall be prorated based upon the number of weeks in the policy period. Footnote: This classification applies to the operation of depository financial institutions that are licensed to perform financial services, including but not limited to accepting deposits, paying interest, clearing checks, making loans and exchanging currency. This classification also applies to depository financial institutions that operate entirely online or through electronic transactions. The operation of properties away from the bank premises, including but not limited to trusts, repossessed properties and other business properties shall be separately classified. Mortgage brokers shall be classified as 8743, Mortgage Brokers. Mortgage bankers shall be classified as 8749, Mortgage Bankers. Credit unions shall be classified as 8801, Credit Unions. Check cashing locations at which the fees charged for check cashing, deferred deposit transactions, money orders and wire transfers equal or exceed 75% of gross receipts shall be classified as 8850, Check Cashers. | 9/1/2022 |
The Classification Search was developed by the WCIRB for your convenience to help you identify Standard Classifications based on keywords or a classification code. However, you cannot rely solely on the Classification Search and must make an independent assessment when determining the appropriate classification(s) assignable to a risk in accordance with the USRP.