SECTION 180:10-5-1. Deposits  


Latest version.
  • (a)   Each holding of property by a credit union for a member on deposit creates a debtor-creditor relationship as provided in the agreement between the credit union and the member. Such agreement is a contractual relationship which may be established by a record authenticated only by the member.
    (b)   Reasonable fees as determined by the policy of the credit union's board may be charged by a credit union for any account and safe keeping services even if the specific terms of the contract between the credit union and the member are silent with regard to service charges.
    (c)   On inactive or dormant accounts a credit union may impose a service charge. A credit union may determine by policy when an account is considered "dormant" and such policy may determine an account is dormant even though it may not be considered abandoned or unclaimed under applicable law.
    (d)   Interest on a deposit may or may not be paid on a dormant account as determined by the policy of the credit union's board even if the specific terms of the contract between the credit union and the customer are silent with regard to interest.
    (e)   No state government agency, except the Department, shall examine any accounts or safe keeping records of any credit union without fifteen (15) days prior written notification of the scope of such examination to the Commissioner. No charge may be assessed the credit union for any such examination by any such governmental agency and the credit union is entitled to be paid the costs of producing and copying records pursuant to the Oklahoma Financial Privacy Act.
[Source: Amended at 26 Ok Reg 1413, eff 6-11-09]