Class Code: 8855

Per NCCI's Scopes Code Description:

Code 8855 applies to financial institutions that receive, lend, exchange, and safeguard money. It includes traditional saving and loan institutions as well as credit unions and commercial banks. Services include savings and checking accounts, certificates of deposit, and mortgages.

Customers of these types of institutions can be other commercial enterprises as well as individuals. These institutions generally employ tellers, who help customers open accounts, make deposits or withdrawals, and loan officers, who process loan applications and service accounts.

This code also applies not only to “brick and mortar” banks but online banks as well. Online banks offer similar services, such as savings and checking accounts, certificates of deposit, and mortgages, but online banks may not have a physical location that customers can visit, but they transact business via the Internet and by other means.

Related Operations Not Classified to Code 8855:

   
•    Refer to Code 8856 for risks engaged in operating check cashing stores.
•    Refer to Code 8723 for insurance companies that assume risk in exchange for premium.
•    Brokerage and financial consulting companies are separately rated to the appropriate clerical and sales classifications.
•    Credit card companies and collection agencies are separately rated to the appropriate clerical and sales classifications.

Rate per $100. of Renumeration: $ 0.09

Construction Exemption Required: No