ORS 708A.410
Savings accounts

  • conditions for withdrawal
  • interest rate
  • inadvertent overdraft

(1)

Within the limits established under applicable federal statutes and regulations, an Oregon commercial bank that receives savings accounts shall prescribe by the Oregon commercial bank’s bylaws or by contract with the Oregon commercial bank’s depositors, the time and conditions on which the Oregon commercial bank repays depositors or makes a repayment to the depositors’ order.

(2)

An Oregon commercial bank may require 30 days’ notice to withdraw any sum up to $5,000, 90 days’ notice to withdraw any sum over $5,000 and not over $50,000, and 180 days’ notice to withdraw any sum over $50,000. The bank may limit, in the aggregate, withdrawals during a specified time period to the amount designated for the time period.

(3)

Intentionally left blank —Ed.

(a)

Except for negotiable orders of withdrawal and similar deposit accounts, withdrawal from which is subject to check, negotiable order of withdrawal or similar instrument, and except for inadvertent overdrafts, an Oregon commercial bank may not knowingly permit a depositor to overdraw the depositor’s savings account.

(b)

As used in paragraph (a) of this subsection, “inadvertent overdraft” means an overdraft that:

(A)

The Oregon commercial bank does not expressly permit or provide for in bylaws or a deposit contract;

(B)

Results from events or circumstances beyond the Oregon commercial bank’s reasonable control; and

(C)

Is eliminated within 14 days after the Oregon commercial bank becomes aware of the overdraft. [1997 c.631 §163; 2013 c.104 §4; 2015 c.244 §46]

Source: Section 708A.410 — Savings accounts; conditions for withdrawal; interest rate; inadvertent overdraft, https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html.

708A.005
Powers of institutions 708A.010
Investments and activities of Oregon commercial banks 708A.115
Investment in government obligations 708A.120
Investment in stock of other entity 708A.125
Stock in corporations acquired to strengthen capital or eliminate undesirable assets 708A.130
Definition for ORS 708A.135 to 708A.145 708A.135
Investment in bank service corporation 708A.140
Discrimination by bank service corporation prohibited against nonstockholding depository institution 708A.145
Authorized services of bank service corporations 708A.150
Community development corporations 708A.155
Investment in foreign banks 708A.160
Corporation or limited liability company created to establish ATMs 708A.165
Membership in Federal Reserve System 708A.170
Securities powers 708A.175
Right to purchase, hold and dispose of real and personal property 708A.180
Acquisition of personal property for leasing purposes 708A.185
Purchase of real estate contracts 708A.190
Acceptance of drafts and bills of exchange 708A.195
Disposition of real and personal property 708A.210
Challenge to validity of institution action 708A.250
Lending money 708A.255
Interest rates on loans or uses of money 708A.260
Accepting own stock as collateral 708A.265
Accepting stock of other institutions as collateral 708A.270
Real estate loans 708A.275
Establishment of loan production office 708A.290
“Capital” defined for ORS 708A.290 to 708A.375 708A.295
Limitations on amount of obligations to Oregon commercial bank 708A.300
Obligations secured by readily marketable collateral 708A.305
Obligations of other financial institutions 708A.310
Obligations of indorser of discounted commercial paper 708A.315
Noncommercial short-term notes 708A.320
Obligations secured by shipping documents 708A.325
Installment consumer paper 708A.330
Bankers’ acceptances of other financial institutions 708A.335
Obligations secured by documents covering readily marketable staples 708A.340
Obligations secured by documents covering livestock 708A.345
Obligations secured by government obligations or shares of mutual fund or unit trust 708A.350
Obligations secured by government bonds 708A.355
Insured and guaranteed obligations 708A.360
Obligations secured by deposits 708A.365
Obligations secured by life insurance policy values 708A.370
Obligations secured by first lien on real estate 708A.375
Obligations of guarantors 708A.400
Deposit accounts 708A.405
Deposits 708A.410
Savings accounts 708A.415
Securing deposits by surety bond, letter of credit or insurance 708A.420
Notice to depositor upon change in terms, charges, withdrawal conditions or decrease in interest rate 708A.425
Deposit made in name of minor 708A.430
Disposition of deposit on death of depositor 708A.435
Adverse claim to deposit 708A.440
Checks drawn by agents presumed to be in authorized manner 708A.445
Checks of intoxicated, drugged or financially exploited persons 708A.450
Certified checks 708A.455
Definitions for ORS 708A.455 to 708A.515 708A.460
Application of ORS 708A.465 to 708A.475 708A.465
Ownership of multiple-party accounts 708A.470
Multiple-party accounts 708A.475
Rights of survivorship based on form of account 708A.480
Transfer of moneys upon death of depositor or trustee is not testamentary disposition 708A.485
Payment of deposit in multiple-party account to one or more parties 708A.488
Withdrawal or payment conditioned on advance notice 708A.490
Joint account 708A.495
P.O.D. account 708A.500
Trust account 708A.505
Discharge of institution from liability for payments made 708A.510
Right of institution to setoff 708A.515
Designation of agent for account 708A.535
Granting security interests in institution assets 708A.555
Generally accepted accounting principles 708A.560
Real and personal property used in institution’s business 708A.565
Certain stock 708A.570
Community development corporations 708A.575
Market-making corporations 708A.580
Capital-strengthening corporations 708A.585
Claims and judgments as assets 708A.590
Charging off real estate assets 708A.595
Charging off personal property assets 708A.600
Charging off losses 708A.605
Separate accounts for foreign branches 708A.630
Negligent, excessive, dishonest or unlawful loans 708A.635
Written policies regarding reporting to and obtaining approval of board 708A.640
Receiving illegal compensation 708A.645
Illegal guaranty or indorsement 708A.650
Banking days 708A.655
Procedures for opening safe deposit box after death of person who was sole lessee or last surviving lessee of box 708A.660
Savings promotion raffles 708A.670
Definitions for ORS 708A.670 and 708A.675 708A.675
Authority of financial institutions in cases of suspected financial exploitation 708A.680
Contractual rights not restricted 708A.990
Civil penalties 708A.995
Criminal penalties
Green check means up to date. Up to date

Current through early 2024

§ 708A.410’s source at oregon​.gov