1. A state bank may receive money for deposit and may provide, by resolution of the board of directors, for the payment of interest thereon in an amount not inconsistent with the provisions of subsection 2 of this section and shall repay such deposit in accordance with the terms and conditions of its acceptance.
2. However, interest paid on a demand account shall not exceed the maximum interest rate which Iowa state banks insured by the federal deposit insurance corporation are permitted by federal law to pay on insured passbook savings accounts.
3. The terms and conditions attending an agreement to pay interest on deposits shall be furnished to each customer at the time of the acceptance by the state bank of the initial deposit. No change made in the terms and conditions attending an agreement to pay interest which adversely affects the interest of a depositor shall be retroactively effective. Savings account depositors and holders and payees of automatic renewal time certificates of deposit shall be given reasonable notice of any change in the terms and conditions attending an agreement to pay interest prior to the effective date thereof.
4. A state bank may make such charges for the handling or custody of deposits as may be fixed by its board of directors provided that a schedule of such charges shall be furnished to the customer at the acceptance by the state bank of the initial deposit. Any change in such charges shall be furnished to the customer within a reasonable amount of time before the effective date of such change.
5. A state bank shall not accept deposits or renew certificates of deposit when insolvent.
6. Except as provided in section 524.807, a state bank may receive deposits by or in the name of a minor and may deal with a minor with respect to a deposit account without the consent of a parent, guardian or conservator and with the same effect as though the minor were an adult. Any action of the minor with respect to such deposit account shall be binding on the minor with the same effect as though an adult.
7. A state bank may receive deposits from a person acting as fiduciary or in an official capacity which shall be payable to such person in such capacity.
8. A state bank may receive deposits from a corporation, trust, estate, association or other similar organization which shall be payable to any person authorized by its board of directors or other persons exercising similar functions.
9. A state bank may receive deposits from one or more persons with the provision that upon the death of the depositors the deposit account shall be the property of the person or persons designated by the deceased depositors as shown on the deposit account records of the state bank. The account is subject to the debts of the deceased depositors and the payment of Iowa inheritance tax provided, that upon the expiration of six months after the date of death of the deceased depositors, the receipt or acquittance of the persons designated is a valid and sufficient release and discharge of the state bank for the delivery of any part or all of the account.
[C97, § 1844, 1848, 1849, 1852, 1854, 1884; S13, § 1848, 1852; C24, 27, § 9162, 9177, 9178, 9179, 9180, 9181, 9182, 9191, 9193, 9279; C31, 35, § 9162, 9177, 9178, 9179, 9180, 9181, 9182, 9191, 9193, 9222-c1, 9279; C39, § 9162, 9177, 9178, 9179, 9180, 9181, 9182, 9191, 9193, 9222.1, 9279; C46, 50, 54, 58, 62, 66, § 526.7, 526.19--;526.24, 526.35, 526.37, 528.11, 528.81; C71, 73, 75, 77, 79, 81, § 524.805; 81 Acts, ch 173, § 2]
Referred to in § 524.1608
Iowa General Assembly
Search: Iowa Code 1995
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