10 Pa. Code § 30.2 - Rules governing NOW accounts
A savings bank may permit the withdrawal of deposits by means of a NOW, subject to the following terms and conditions:
(1) Savings banks may pay interest on
accounts which are subject to withdrawal of funds by means of a NOW only as
provided by Federal statute or regulation.
(2) Savings banks shall issue monthly
statements to depositors who have a NOW account for any month in which there
has been any activity on such account.
(3) Each new NOW account contract entered
into between a savings bank and a depositor shall contain the following
statement, conspicuously placed thereon:
NOTICE
UNDER PENNSYLVANIA LAW (NAME OF SAVINGS BANK) RESERVES THE RIGHT TO REQUIRE NOT LESS THAN 14 DAYS' PRIOR WITHDRAWAL NOTICE BEFORE PAYING REQUESTS FOR WITHDRAWAL FROM NOW ACCOUNTS.
Notes
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No prior version found.