Withdrawals

PURPOSE: This regulation establishes the procedure for paying withdrawals when an association is unable to pay all withdrawal requests within a period of fourteen days from the date of the written withdrawal request. (1) When an association is unable to pay all withdrawal requests within a period of fourteen (14) days from the date of receipt of written request, the association shall then number and fill all withdrawal requests in the order received and shall proceed in the following manner while any withdrawal request remains unpaid for more than fourteen (14) days. Withdrawal requests shall be paid in the order received and if any holder of a savings account or accounts has requested the withdrawal of more than one thousand dollars ($1000) s/he shall be paid one thousand dollars ($1000) in order when reached and his/her withdrawal request shall be charged with such amount as paid and shall be renumbered and placed at the end of the list of withdrawal requests. Thereafter, upon again being reached, the account holder shall be paid a like amount, to not exceed the withdrawal value of the savings accounts, and until such withdrawal request shall have been paid in full, the request shall continue to be paid, renumbered and replaced at the end of the withdrawal requests on file. When any such request is reached for payment, the association shall so advise the savings holder by registered mail to his/her last known address as recorded on the association books and, unless such holder shall apply in person or in writing for the payment of such withdrawal request within fourteen (14) days from the date of the mailing of such notice, no payment on account of such withdrawal request shall be made and such request shall be cancelled. The board of directors shall have absolute right to pay on any equitable basis an amount not exceeding two hundred dollars ($200) to any holder of a savings account or accounts in any calendar month and without regard to any other provisions of this regulation. (2) An association shall conform to any early withdrawal penalty regulations that may apply to federal associations. AUTHORITY: section 369.299, RSMo 1994.* This rule originally filed as 4 CSR 26010.030. This rule previously filed as 4 CSR 140-22.030. Original rule filed Sept. 28, 1971, effective Oct. 8, 1971. Amended: Filed Nov. 4, 1986, effective Jan. 30, 1987. Changed to 4 CSR 140-22.030, effective July 6, 1994. Moved to 20 CSR 1140-22.030, effective Aug. 28, 2006. *Original authority: 369.299, RSMo 1971, amended 1994.