CHAPTER 38. HIGHER RATE SAVINGS ACCOUNTS, REGULAR
SAVINGS ACCOUNTS AND SERIAL INSTALLMENT ACCOUNTS
38.2. Higher rate savings accounts.
§ 38.1. Definitions.
The following words and terms, when used in this chapter have the following meanings, unless the context clearly indicates otherwise:
AssociationA savings association subject to the Savings Association Code of 1967 (7 P. S. § § 6020-16020-254).
Higher rate savings accountsA savings account which, because it meets certain minimum requirements fixed by the board of directors of the associations, is paid earnings at a rate exceeding the rate paid on a regular savings account. The types of higher rate savings accounts issued by savings associations are defined as follows:
(i) Notice accountA savings account which requires the account holder to give the association written notice at least 90 days prior to making any withdrawal from the account.
(ii) Savings account certificateA savings account which is continuously maintained at not less than the minimum amount and for not less than the minimum period of time established as qualifying requirements by the board of directors of the association.
Maturity valueThe dollar amount established by the board of directors of an association at which serial installment accounts shall be fully paid, which amount includes periodic installment payments made by account holders and earnings credited thereto by an association. An association shall disburse serial installment accounts to account holders when the established maturity value has been reached. The maturity value of serial installment accounts shall be not less than $100 per unit.
Regular savings accountA savings account other than a serial installment account or a higher rate savings account. The types of regular savings accounts issued by savings associations are defined as follows:
(i) Full-paid savings accountA savings account having no maturity, the face value of which is paid in full at the time of issuance of the account.
(ii) Optional payment savings accountA savings account on which, after the first payment has been made, the account holder may pay any amount at any time for credit to the account.
Serial installment accountsSavings accounts on which the maturity value is paid in part by account holders who are required to make equal periodic installment payments at least once each month and in part by the crediting of earnings on such accounts by an association.
The provisions of this § 38.1 adopted May 30, 1980, effective May 31, 1980, 10 Pa.B. 2155; amended June 4, 1982, effective June 5, 1982, 12 Pa.B. 1763. Immediately preceding text appears at serial page (50783).
§ 38.2. Higher rate savings accounts.
(a) The 90-day notice requirement for a notice account may be stipulated in a certificate contained in the passbook or in a separate application and agreement for notice account bonus.
(b) The terms and conditions applicable to a savings account certificate may be stipulated in the certificate form or in a separate application and agreement for bonus.
The provisions of this § 38.2 adopted June 4, 1982, effective June 5, 1982, 12 Pa.B. 1763.
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