Pennsylvania Code
Title 10 - BANKING AND SECURITIES
Part II - Bureau of Banks
Chapter 30 - NEGOTIABLE ORDER OF WITHDRAWAL ACCOUNTS
Section 30.2 - Rules governing NOW accounts

Universal Citation: 10 PA Code ยง 30.2

Current through Register Vol. 54, No. 44, November 2, 2024

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.

Disclaimer: These regulations may not be the most recent version. Pennsylvania may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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