Statute · California Financial Code

Cal. Fin. Code § 1410 — Depositors

Cal. Fin. Code § 1410

Type
Statute
Source
California Financial Code
Jurisdiction
California
Date
2012-01-01
Current through
Nov 2, 2026 (California Legislative Counsel)

(a) No bank shall impose any charge on a savings account or on a depositor for the failure of a depositor to deposit, or for the late deposit of, any agreed periodic installment deposit into that account. A bank shall pay interest on savings accounts as to which a depositor has agreed to make…

Citator

Cal. Fin. Code § 1410 — Depositors is in force in the current edition of the Code, and nothing recorded condemns it.

(a) No bank shall impose any charge on a savings account or on a depositor for the failure of a depositor to deposit, or for the late deposit of, any agreed periodic installment deposit into that account. A bank shall pay interest on savings accounts as to which a depositor has agreed to make periodic installment deposits at a rate of interest per annum that is not less than the lowest rate paid on other types of savings deposits.

(b) As used in this section “savings account” means a Christmas club account, a vacation club account, or other similar periodic installment deposit account maintained by a natural person, irrespective of its classification as a savings deposit or time deposit open account for purposes of state or federal law or regulations.