Oregon Statutes - Chapter 708A - Regulation of Institutions Generally - Section 708A.410 - Savings accounts; conditions for withdrawal; interest rate.

(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]

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Last modified: August 7, 2008