South Carolina Code of Regulations
Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION
Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE
Section 15-39D - Non-interest Bearing Negotiable Order of Withdrawal (NINOW) Accounts by State-charted Savings and Loan Associations
Universal Citation: SC Code Regs 15-39D
Current through Register Vol. 48, No. 3, March 22, 2024
(a) State-chartered savings and loan associations may elect, by a majority vote of its directors, to designate a class of non-interest-bearing savings accounts from which account holders may make withdrawals by negotiable or transferable instruments. These negotiable order of withdrawal accounts will be referred to in this Regulation as NINOW accounts.
(b) An association may charge a fee for making any payment or transfer or for maintaining a NINOW account under this Regulation.
(c) An association shall not distribute earnings or pay interest on NINOW accounts.
Statutory Authority: 1976 Code Section 34-1-60
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