Section 14201 - Deposit powers(a) Applicability. This subchapter governs deposits or accounts in financial institutions.(b) General deposit powers.(1) A financial institution may receive money on deposit and may establish the terms and conditions of each deposit contract. A financial institution may receive demand deposits subject to withdrawal or to payment upon the depositor's check, order, or other authorization.(2) At the time of opening a deposit account, a financial institution shall provide the depositor a statement containing the existing terms and conditions of the deposit contract. The statement may be set forth on the depositor's signature card. Depositors and any other owners of interests in a deposit account shall be bound by changes made by the financial institution in their deposit contracts. Financial institutions shall provide advance notice of changes in accordance with 12 U.S.C. § 4301 et seq.(3) A financial institution, in its sole discretion, may refuse deposits and at any time may return all or part of a deposit.(4) For any period during which funds are on deposit, a financial institution may pay interest.(c) Insurance of deposits or accounts. Except as permitted by chapter 202, subchapter 6 of this title, a Vermont financial institution that accepts deposits or a branch of a state financial institution authorized to do business in this State shall not accept deposits in this State unless the financial institution is insured by the Federal Deposit Insurance Corporation.(d) Cash reserve on deposits and accounts. A financial institution shall maintain reserves on deposits or accounts as required from time to time by the Federal Reserve Act, as amended, and any regulations promulgated under it.Added 1999, No. 153 (Adj. Sess.), § 2, eff. 1/1/2001.