Section 9-405 – Dividends or Interest — Fixed Term Accounts
(a) Dividends or interest on a savings certificate account or other type of fixed term account shall be: (1) Subject to the approval of the Division Director; and (2) In accordance with the rules and regulations of the Division Director. (b) Within 45 days of the request, the Division Director shall approve an association’s request to pay a dividend […]
Section 9-406 – Dividends or Interest — Special Purpose Accounts
(a) Except as required by subsection (b) of this section, a savings and loan association is not required to pay any dividend or interest on special purpose accounts such as “Christmas” or “vacation” accounts. (b) A savings and loan association shall pay at least 5 percent annual interest or dividend on savings accounts that are for: (1) A […]
Section 9-407 – Small Accounts
(a) As to any savings account that has a withdrawal value of less than $25, a savings and loan association: (1) Need not pay a dividend or interest on the account; and (2) May not charge a penalty or service charge. (b) This section does not apply to a negotiable or transferable order of withdrawal account.
Section 9-408 – Withdrawals
(a) At any time, a holder of a savings account in a savings and loan association may request to withdraw all or any part of the money in the account of the holder and, for certain classes of accounts, the request may be made by a negotiable or transferable order. (b) (1) A savings and loan association may […]
Section 9-412.1 – Month and Year Account Opened to Appear on Checks or Drafts; Exceptions
(a) Any checks or drafts provided directly or indirectly by a savings and loan association for use in connection with a personal checking or draft account shall have the numerical month and year in which the account was opened printed on the face of the checks or drafts, except as provided in subsection (b) of this […]
Section 9-416 – Adverse Claim to Money
(a) Except as provided in subsection (b) of this section, a savings and loan association is not required to recognize or take any action on any claim to a deposit or to money or property held by the association or contained in a safe deposit box if that claim is adverse to the interests of any […]
Section 9-401 – Classification of Accounts
A savings and loan association may classify its savings accounts according to the character, amount, duration, or regularity of additions to the accounts.
Section 9-402 – Savings Certificate Accounts or Other Fixed Term Savings Accounts
In accordance with rules and regulations of the Division Director, a savings and loan association may issue a savings certificate account or any other fixed term savings account.
Section 9-403 – Interest Bearing Accounts
(a) (1) As to the interest bearing account of each depositor in a savings and loan association, the savings and loan association shall generally make available to any depositor with an existing account, in addition to actually giving to the depositor, on the opening of the interest bearing account and, later, on demand of the depositor: (i) Written […]