Savings and Deposit Accounts

PURPOSE: This rule authorizes associations to issue savings accounts or certificates. (1) An association may accept savings accounts as determined by its board of directors and as permitted by federal or Missouri law. Each account shall be evidenced by a passbook or certificate or other evidence of account in a form approved by the board of directors of the association. (2) An association may accept noninterest bearing demand accounts from those persons or organizations that have a business, corporate, commercial or agricultural loan relationship with the association and may also accept demand accounts from a commercial, corporate, business or agricultural entity for the sole purpose of effectuating payments by a nonbusiness customer. An association may extend secured or unsecured credit in the form of overdraft privileges in connection with such demand accounts. (3) For purposes of section (2) of this regulation— (A) A business, corporate, commercial or agricultural loan shall include any loan other than a home loan on borrower-occupied property or a loan to a natural person for personal, family or household use; (B) A loan relationship is established if there is a line-of-credit, any outstanding loan (including a finance lease) or a previous loan and a reasonable expectation of the renewal of a lending relationship based on the usual and customary activities and needs of the borrower; and (C) The extension of credit in the form of overdraft privileges in connection with the opening of a demand account may be deemed a business, corporate, commercial or agricultural loan relationship. (4) In addition to the accounts authorized by this regulation, an association may accept any account as may be authorized from time-totime for federal associations. AUTHORITY: sections 369.204 and 369.299, RSMo 1994.* This rule originally filed as 4 CSR 260-10.020. This rule previously filed as 4 CSR 140-22.020. Original rule filed Oct. 4, 1974, effective Oct. 14, 1974. Amended: Filed June 23, 1975, effective July 3, 1975. Emergency amendment filed Dec. 14, 1982, effective Dec. 24, 1982, expired March 11, 1983. Amended: Filed Dec. 14, 1982, effective March 11, 1983. Amended: Filed Nov. 4, 1986, effective Jan. 30, 1987. Changed to 4 CSR 140-22.020, effective July 6, 1994. Moved to 20 CSR 1140-22.020, effective Aug. 28, 2006. *Original authority: 369.204, RSMo 1971, amended 1994 and 369.299, RSMo 1971, amended 1994.