2011 California Code
Financial Code
DIVISION 1.1. BANKING [1000 - 1910]
ARTICLE 1. Depositors
Section 1410
(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.
(Added by Stats. 2011, Ch. 243, Sec. 3. Effective January 1, 2012.)
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