Pennsylvania Code & Bulletin
COMMONWEALTH OF PENNSYLVANIA

• No statutes or acts will be found at this website.

The Pennsylvania Code website reflects the Pennsylvania Code changes effective through 52 Pa.B. 6342 (October 1, 2022).

10 Pa. Code § 30.2. Rules governing NOW accounts.

§ 30.2. Rules governing NOW accounts.

 A savings bank may permit the withdrawal of deposits by means of a NOW, subject to the following terms and conditions:

   (1)  Savings banks may pay interest on accounts which are subject to withdrawal of funds by means of a NOW only as provided by Federal statute or regulation.

   (2)  Savings banks shall issue monthly statements to depositors who have a NOW account for any month in which there has been any activity on such account.

   (3)  Each new NOW account contract entered into between a savings bank and a depositor shall contain the following statement, conspicuously placed thereon:

NOTICE

 

  UNDER PENNSYLVANIA LAW (NAME OF SAVINGS BANK) RESERVES THE RIGHT TO REQUIRE NOT LESS THAN 14 DAYS’ PRIOR WITHDRAWAL NOTICE BEFORE PAYING REQUESTS FOR WITHDRAWAL FROM NOW ACCOUNTS.

Source

   The provisions of this §  30.2 amended August 14, 1981, effective August 15, 1981, 11 Pa.B. 2847. Immediately preceding text appears at serial page (53080).

Notes of Decisions

   The Secretary of Banking is authorized to issue regulations requiring the notation on a NOW draft that the savings bank may require 14 days’ notice before paying it. Pennsylvania Bankers Association v. Secretary of Banking, 379 A.2d 1062 (Pa. Cmwlth. 1977).



No part of the information on this site may be reproduced for profit or sold for profit.


This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.