A seaman may have all or part of his wages deposited by allotment to a bank or savings institution. Which of the following is NOT a requirement for this type of allotment?

Correct Answer: Option C — The account must be either a checking or savings account.

Allotments to financial institutions are governed by 46 U.S.C. 10315. The law requires that the account be in the seaman's name and the institution be insured by the FDIC or FSLIC. The statute does not restrict the account type to checking or savings, making that option incorrect.