20 CSR 1140-22.030 - Withdrawals
PURPOSE: This regulation establishes the procedure
for paying withdrawals when an
(1) When
an association is unable to pay all withdrawal requests within a period of
fourteen (14) days from the date of receipt of written request, the association
shall then number and fill all withdrawal requests in the order received and
shall proceed in the following manner while any withdrawal request remains
unpaid for more than fourteen (14) days. Withdrawal requests shall be paid in
the order received and if any holder of a savings account or accounts has
requested the withdrawal of more than one thousand dollars ($1000) s/he shall
be paid one thousand dollars ($1000) in order when reached and his/her
withdrawal request shall be charged with such amount as paid and shall be
renumbered and placed at the end of the list of withdrawal requests.
Thereafter, upon again being reached, the account holder shall be paid a like
amount, to not exceed the withdrawal value of the savings accounts, and until
such withdrawal request shall have been paid in full, the request shall
continue to be paid, renumbered and replaced at the end of the withdrawal
requests on file. When any such request is reached for payment, the association
shall so advise the savings holder by registered mail to his/her last known
address as recorded on the association books and, unless such holder shall
apply in person or in writing for the payment of such withdrawal request within
fourteen (14) days from the date of the mailing of such notice, no payment on
account of such withdrawal request shall be made and such request shall be
cancelled. The board of directors shall have absolute right to pay on any
equitable basis an amount not exceeding two hundred dollars ($200) to any
holder of a savings account or accounts in any calendar month and without
regard to any other provisions of this regulation.
(2) An association shall conform to any early
withdrawal penalty regulations that may apply to federal
associations.
Notes
*Original authority: 369.299, RSMo 1971, amended 1994.
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