N.Y. BNK Law § 168

§ 168. Restrictions on acceptance of deposits and payment of interest.\nNo private banker shall:\n (1) Accept any amount for deposit if after the acceptance of such\namount the average amount of the deposits received from all depositors\nduring the twelve month period ending upon the day upon which such\ndeposit is tendered, or during such period, if less than twelve months,\nthat such private banker has been engaged in business, would be less\nthan one thousand dollars. The term "deposit" as used in this paragraph\nshall mean coin or currency of the United States or of any foreign\ncountry, and checks, drafts and other funds credited by such private\nbanker to the account of any one depositor on any one day, but shall not\ninclude dividend checks, coupons, or other similar items collected by\nsuch private banker for the account of a depositor, or remittances made\nby a depositor for the purpose of repaying, in whole or in part, any\nexisting indebtedness due to such private banker, or interest credited\nby such private banker to the account of a depositor, or amounts\ndelivered for transmission; or\n (2) Pay or credit interest, or pay, credit or give any bonus or\ngratuity or thing of value, on any deposit balance, if the average of\nthe daily credit balances in such deposit account during the period for\nwhich interest is paid or credited is less than seven thousand five\nhundred dollars.\n