OAR 141-045-0130
Service Charges and Payments of Interest on Deposit Accounts
(1)
With respect to any demand, savings or matured time deposit with a Financial Institution, including a deposit that is automatically renewable, and any funds paid toward the purchase of a share, mutual investment certificate or any other interest in a Financial Institution, a Holder may not impose any charge or cease payment of interest due to dormancy or inactivity unless:(a) There is a written contractual agreement between the Holder and the Owner of the account clearly and prominently setting forth the conditions under which a service charge may be imposed, or the payment of interest terminated;
(b) The establishment of a service charge, the change of an existing service charge or the change of a policy pertaining to the payment of interest is uniformly applied to all Dormant or Inactive accounts;
(c) The Holder shall give written notice to the Owner at the Owner’s Last-known Address whenever an account becomes Dormant or Inactive; and;
(d) Three months written notice is given by first-class mail to the Last-known Address of the Owner of a Dormant or Inactive account before the Holder may apply a service charge to the account or stop paying interest on that account.
(2) A signature card is not a written contractual agreement for the purposes of subsection (1)(a) of this section, however, the signature card and the written contractual agreement may be contained in one instrument.
(3) A Holder may not deduct from the amount of any instrument subject to ORS 98.308 (Intangible property held by financial institution)(5) or (6) any charge imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the Holder and the Owner of the instrument pursuant to which the Holder may impose a charge, and the Holder regularly imposes such charges and does not regularly reverse or otherwise cancel them.
(4) Notwithstanding the provisions in subsections (1) to (3) of this section, a Holder may not deduct a service charge or fee or otherwise reduce an Owner’s unclaimed account unless:
(a) There is a valid written contract between the Holder and the Owner that allows the Holder to impose a charge;
(b) The service charge or fee is imposed uniformly on all accounts; and
(c) Three months’ written notice is given by first-class mail to the Last-known Address of all Owners before the charge or fee is levied.
Source:
Rule 141-045-0130 — Service Charges and Payments of Interest on Deposit Accounts, https://secure.sos.state.or.us/oard/view.action?ruleNumber=141-045-0130.