Pennsylvania Code
Title 10 - BANKING AND SECURITIES
Part III - Savings Association Bureau
Chapter 38 - HIGHER RATE SAVINGS ACCOUNTS, REGULAR SAVINGS ACCOUNTS AND SERIAL INSTALLMENT ACCOUNTS
Section 38.1 - Definitions
Current through Register Vol. 54, No. 12, March 23, 2024
The following words and terms, when used in this chapter have the following meanings, unless the context clearly indicates otherwise:
Association-A savings association subject to the Savings Association Code of 1967 (7 P. S. §§ 6020-1-6020-254).
Higher rate savings accounts-A 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 account-A 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 certificate- A 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 value-The 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 account-A 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 account-A 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 account-A 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 accounts-Savings 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.
