(1) Within the limits established under applicable federal statutes and regulations, an Oregon commercial bank receiving savings accounts shall prescribe by its bylaws or by contract with its depositors, the time and conditions on which repayment is to be made to depositors or to their order.
(2) A bank may require 30 daysí notice to withdraw any sum up to $5,000, 90 daysí notice to withdraw any sum over $5,000 and not over $50,000, and 180 daysí notice to withdraw any sum over $50,000. Withdrawals during a specified time period may be limited in the aggregate to the amount designated for that time period.
(3) Except for negotiable orders of withdrawal and similar deposit accounts, withdrawal from which is made subject to check, an Oregon commercial bank shall not knowingly permit a depositor to overdraw the depositorís savings account. [1997 c.631 §163]Section: Previous 708A.355 708A.360 708A.365 708A.370 708A.375 708A.400 708A.405 708A.410 708A.415 708A.420 708A.425 708A.430 708A.435 708A.440 708A.445 Next
Last modified: August 7, 2008