SECTION 85:25-3-29. Deposit and safekeeping fees/dormant property

  Each holding of property by an association for a customer in deposit or safe keeping creates a debtor-creditor relationship as provided in the agreement between the association and the customer. Such agreement is a contractual relationship which may be established by the signature card signed only by the customer.

(1)   The signature card of a customer of an association is a contract between the association and the customer.

(2)   Reasonable fees as determined by policy of the association's board may be charged by an association for any account and safe keeping services even if the specific terms of the contract between the association and the customer are silent with regard to service charges.

(3)   Interest on a deposit may or may not be paid on a dormant account as determined by the policy of the association's board even if the specific terms of the contract between the association and the customer are silent with regard to interest.

(4)   No state government agency shall examine any accounts or safe keeping records of any association without fifteen (15) days prior written notification of the scope of such examination to the State Bank Commissioner. No charge may be assessed the association for any examination by any such governmental agency and the association is entitled to be paid costs of producing and copying records pursuant to the Oklahoma Financial Privacy Act.

[Source: Transferred from 625:10-3-10 (see Editor’s Note at beginning of this Chapter)]