; and (E) employees have clear guidance on how they may access their money and how quickly they will receive their money upon request; and (2) have no other fiduciary responsibility beyond the responsibilities described in paragraph (1). (d) Applicability of banking laws (1) In general Except as provided in paragraph (2), Federal banking laws (including regulations) shall apply to short-term savings accounts as if the short-term savings accounts were savings accounts. (2) Know your customer laws Notwithstanding any other provision of law, a bank, credit union, or payroll card provider offering a short-term savings account under subsection (a) shall be treated as if it were an ERISA plan, for purposes of rules relating to Anti-Money Laundering, Customer Identification Program (CIP), Suspicious Activity Report (SAR) requirements, or any other rules required to establish the identity of the account holder before an account for a short-term savings account is opened in accordance with this Act. The Secretary may prescribe regulations which would establish minimum standards that such an arrangement would be required to satisfy in order for this subsection to apply with respect to such an account. (e) Preemption of State anti-Garnishment laws Notwithstanding any other provision of law, this section shall supersede any law of a State which would directly or indirectly prohibit or restrict the use an automatic contribution arrangement for a short-term savings account, as if it were an ERISA plan. The Secretary may prescribe regulations which would establish minimum standards that such an arrangement would be required to satisfy in order for this subsection to apply with respect to such an account. (f) Transfers to accounts The account sponsor shall transfer each pay period— (1) to the short-term savings account an amount equal to the percentage of the employee's compensation, or a fixed amount, as the account sponsor determines