Ga. Comp. R. & Regs. R. 80-1-8-.01 - Dormant Accounts: Service Charges

(1) Dormant accounts are hereby defined as follows:

(a) Demand Deposit Accounts are deemed to be dormant when the depositor, which for the purposes of this rule shall include a member in the case of credit unions and a shareholder in the case of savings and loan associations, has neither increased or decreased the amount of the deposit nor corresponded with the financial institution regarding the deposit for a period of not less than twelve months immediately preceding the determination.

(b) Time and Savings Deposits, including Certificates of Deposit, are deemed to be dormant when the depositor has neither increased or decreased the amount of the deposit or shares nor corresponded with the financial institution regarding the deposit or shares for a period of not less than five (5) years from the date upon which the deposit or share first became eligible for withdrawal.

(c) Certified and Official Checks shall be deemed to be dormant when they have not been presented for payment within two (2) years of the date of issue, or if the issuing financial institution has not had correspondence with the registered owner of the check for a period of two (2) years immediately preceding the determination of dormancy.

(d) For purposes of this regulation, the term, "Demand Deposit Accounts," shall include share draft accounts in the case of credit unions, as well as any "Time" or "Savings" account which by its terms is due and payable, either in whole or in part, within less than ninety days or upon less than ninety days notice by the depositor.

(e) For purposes of this regulation, the term "corresponded" or "correspondence" includes, but is not limited to:

(i) any communication, indication of interest, or relationship set forth in O.C.G.A. § 44-12-197(a) (2) -(5); or

(ii) a depositor accessing an online account.

(2) Where the signature card or other evidence of the financial institution's contractual obligation relative to a deposit account does not make provision for maintenance or service charge on a dormant account as heretofore described, such a charge may be assessed in an amount not to exceed $5.00 per month. Service charges or maintenance charges assessed pursuant to contractual authority governing the account shall not exceed the greater of $5.00 per month or the per month service charge which the financial institution otherwise assesses against active accounts. No service charge or maintenance charge may be assessed for the dormancy period beyond the first twelve months. No service charge or maintenance charge may be assessed unless the financial institution provides written notice prior to the initial imposition of the charges pursuant to O.C.G.A. § 44-12-197(c)(1). Dormant account service charge or maintenance charge may be charged against the account at any time prior to escheat of the account balance under the provisions of the Disposition of Unclaimed Properties Act so long as the total service charge or maintenance charge does not exceed the amount which could have been assessed during the first twelve months of dormancy pursuant to the governing contract between the parties or this regulation.

Notes

Ga. Comp. R. & Regs. R. 80-1-8-.01

O.C.G.A. § 7-1-61.

Original Rule entitled "Dormant Bank Accounts" adopted. F. Apr. 21, 1966; eff. May 10, 1966. Repealed: New Rule entitled "Dormant Accounts: Service Charges" adopted. F. June 9, 1972; eff. January 1, 1973, as specified by the Agency. Amended: Authority changed. F. Aug. 28, 1975; eff. Sept. 17, 1975. Amended: F. July 13, 1981; eff. August 2, 1981. Amended: F. June 28, 1984; eff. August 1, 1984, as specified by the Agency. Amended: F. July 28, 2003; eff. August 17, 2003. Amended: F. Jan. 8, 2021; eff. Jan. 28, 2021.