Current through Register Vol. 54, No. 45, November 9, 2024
Section 30.2 - Rules governing NOW accountsA 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.
The provisions of this §30.2 amended August 14, 1981, effective 8/15/1981, 11 Pa.B. 2847.