Iowa Admin. Code r. 781-9.10 - Indication of interest by an owner in a certificate of deposit or other time deposit
(1) The
following acts by the owner of a time deposit shall rebut a presumption of
abandonment of the time deposit:
a. Consent in
writing to a renewal of the time deposit at or about the time of renewal and
signed by the owner, given by delivery of the original or a signed copy in a
format reasonably acceptable to the division, or demonstrated by the existence
of a memorandum or other record on file with the holder made at the time of
renewal; or
b. The owner, within
three years after the earlier of the maturity date or the date of the owner's
last indication of interest in the deposit, has:
(1) Increased or decreased the amount or
presented the passbook or other similar evidence of the deposit for the
crediting of interest due;
(2)
Communicated in writing with the financial organization concerning the time
deposit, including requesting that the time deposit be redeemed;
(3) Otherwise demonstrated an indication of
interest in the deposit as evidenced by a memorandum or other record on file
prepared by an employee of the financial organization;
(4) Owned other property to which
subparagraphs 9.10(1)"b "(1), (2), and (3) above apply and the
financial organization communicates with the owner about the deposit that would
otherwise be presumed abandoned under this subrule in writing at the address to
which communications regarding the other property regularly are sent;
or
(5) Had another relationship
other than time or demand deposits, such as, but not limited to, a safe deposit
box, mortgage, stocks, bonds, or other investments, with the financial
organization concerning which the owner has:
1. Communicated in writing with the banking
or financial organization; or
2.
Demonstrated an indication of interest as evidenced by a memorandum or other
record on file prepared by an employee of the financial organization.
(2) Consent to renewal of a time deposit
shall be presumed and the owner will be deemed to have demonstrated an
indication of interest in a time deposit when the financial organization sends
the owner notice of the renewal via first-class mail, address correction
requested, and the notice is not returned to the financial organization by the
post office for reason of nondelivery; provided, however, the financial
organization must maintain a system for tracking and documenting return
mail.
(3) The date on which the
owner has last demonstrated an indication of interest in and awareness of the
owner's time deposit, as defined in paragraph 9.10(1) "a" above, or the date of
maturity if no conduct evidencing such interest is made, whichever is earlier,
shall begin the three-year abandonment period. However, when a written
communication mailed to an owner is returned marked "undeliverable" or
"unclaimed," the date of receipt by the financial organization of the returned
mailing shall be deemed to begin the abandonment period. When periodic interest
checks are issued on a time deposit, the abandonment period will commence on
the date of an uncashed interest check, and the time deposit will be considered
abandoned if all subsequent interest checks continue to remain uncashed through
the entire statutory abandonment period, unless there is other conduct by the
owner demonstrating an indication of interest in the time deposit as specified
elsewhere in rule
781-9.10
(556) and applicable statutory law.
This rule is intended to implement Iowa Code section 556.7.
Notes
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