12 CFR 7.1018
§ 7.1018 National bank automatic payment plan accounts.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 7.1018, § 7.1018 National bank automatic payment plan accounts, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/42963
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Full text
A national bank may, for the benefit and convenience of its savings depositors, adopt an automatic payment plan under which a savings account will earn dividends at the current rate paid on regular savings accounts. The depositor, upon reaching a previously designated age, receives his or her accumulated savings and earned interest in installments of equal amounts over a specified period.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.