Md. Code Regs. 03.05.01.01

Current through Register Vol. 51, No. 22, November 1, 2024

Section 03.05.01.01 - Abandoned Funds

C. Effective June 1, 2003, for reporting periods ending on or after June 30, 2003, any checking, savings, share, negotiable order of withdrawal, automatic transfer, share draft, electronic terminal account, or other similar type of account held by a banking or financial organization is presumed abandoned after 3 years, if the depositor or shareholder has not actively deposited, withdrawn, or otherwise indicated an interest in the funds or deposit as evidenced by memorandum or correspondence from the depositor on file with the banking or financial organization.

D. Effect of Automatic Deposits and Withdrawals on Presumption of Abandonment.

(1) A depositor or shareholder shall be deemed to have actively deposited or withdrawn funds from an account covered by this regulation, thereby overcoming the presumption of abandonment described in §C of this regulation, if:

(a) The depositor or shareholder authorized and established an automatic deposit or withdrawal;

(b) The authorization has not been cancelled, revoked, rescinded, or otherwise terminated; and

(c) Funds are deposited or withdrawn automatically based on the depositor or shareholder's effective authorization.

(2) A depositor or shareholder may not be deemed to have actively deposited or withdrawn funds from an account covered by this regulation if:

(a) The bank or financial organization automatically deposits interest or dividends earned on the account; or

(b) The bank or financial organization automatically withdraws a service charge.

Md. Code Regs. 03.05.01.01

Regulations .01 amended effective October 1, 1975 (2:22 Md. R. 1369)
Regulation .01 amended effective September 30, 2002 (29:19 Md. R. 1523); amended effective 49:19 Md. R. 867, eff. 9/19/2022