524.805 Deposits.
1. A state bank may receive money for deposit and may provide, by resolution of the board of directors, for the payment of interest on such deposit and shall repay the deposit in accordance with the terms and conditions of its acceptance.
2. 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.
3. 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 the charges shall be furnished to the customer at the time of acceptance by the state bank of the initial deposit. Any change in the charges shall be furnished to the customer within a reasonable period of time before the effective date of the change.
4. A state bank shall not accept deposits or renew certificates of deposit when insolvent.
5. 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.
6. 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.
7. 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.
8. 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. After payment by the state bank, the proceeds shall remain subject to the debts of the decedent and the payment of Iowa inheritance tax, if any. A state bank paying the person or persons designated shall not be liable as a result of that action for any debts of the decedent or for any estate, inheritance, or succession taxes which may be due this state.
[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]
95 Acts, ch 148, §83, 84; 2002 Acts, ch 1002, §1
Referred to in §524.1608
Structure Iowa Code
Section 524.101 - Short title.
Section 524.102 - Statement of intent.
Section 524.103 - Definitions.
Section 524.104 - Rules of construction.
Section 524.105 - Effect on existing banks.
Section 524.106 - Renewal of the corporate existence of an existing state bank.
Section 524.107 - Persons authorized to engage in banking business — educational bank.
Section 524.108 - Applicability of safe deposit provisions.
Section 524.109 - Bankers’ bank authorized — authority to hold shares of bankers’ bank.
Section 524.201 - Superintendent of banking.
Section 524.202 - Superintendent — salary.
Section 524.203 - Superintendent — vacancy.
Section 524.204 - Deputy superintendent of banking.
Section 524.205 - State banking council.
Section 524.206 - Banking division created.
Section 524.207 - Expenses of the banking division — fees.
Section 524.208 - Examiners and other employees.
Section 524.210 - Insurance and surety bonds.
Section 524.211 - Prohibitions relating to banking division personnel.
Section 524.212 - Prohibition against disclosure of regulatory information.
Section 524.213 - Duties and powers of superintendent.
Section 524.214 - Subpoena — contempt.
Section 524.215 - Records of division of banking.
Section 524.215A - Preservation of division of banking records.
Section 524.216 - Annual report of superintendent.
Section 524.217 - Examinations.
Section 524.218 - Regulation and examination of services.
Section 524.220 - Reports to superintendent.
Section 524.221 - Preservation of bank records — statute of limitations.
Section 524.222 - Meetings of the board of directors called by superintendent.
Section 524.223 - Power of superintendent to issue orders.
Section 524.224 - Grounds for management of state bank by superintendent.
Section 524.225 - Procedures — judicial review.
Section 524.226 - Management of state bank by superintendent.
Section 524.227 - Enforcement of Iowa consumer credit code.
Section 524.228 - Interim cease and desist order — final order — suspension.
Section 524.229 - Emergency powers of superintendent.
Section 524.301 - Incorporators — organizers.
Section 524.302 - Articles of incorporation.
Section 524.302A - Articles of incorporation — limited liability company.
Section 524.303 - Application for approval.
Section 524.304 - Publication of notice.
Section 524.305 - Approval by superintendent.
Section 524.306 - Incorporation or organization of state bank.
Section 524.307 - Initial organization of state bank.
Section 524.308 - Issuance of authorization to do business.
Section 524.309 - Publication of authorization to do business.
Section 524.310 - Name of state bank.
Section 524.311 - Commission for organizing state banks.
Section 524.312 - Location of state bank — exceptions.
Section 524.314 - Renewal of corporate existence of existing state bank.
Section 524.315 - State banks as limited liability companies.
Section 524.316 - State banks as mutual corporations.
Section 524.401 - Minimum capital.
Section 524.404 - Capital notes and debentures.
Section 524.405 - Increase or decrease of capital structure.
Section 524.518 - Redemption of preferred shares.
Section 524.521 - Authorized shares.
Section 524.522 - Terms of class or series determined by board of directors.
Section 524.523 - Certificates representing shares.
Section 524.524 - Consideration for shares.
Section 524.525 - Subscription for shares before incorporation or organization.
Section 524.526 - Fractional shares.
Section 524.527 - Liability of shareholders or members.
Section 524.528 - Shareholders’ preemptive rights.
Section 524.529 - Preemptive rights for existing state banks.
Section 524.530 - State bank’s acquisition of its own shares.
Section 524.531 - Loaning on its own shares.
Section 524.532 - Meetings of shareholders.
Section 524.533 - Notice of shareholder meetings — waiver of notice generally.
Section 524.534 - Action without meeting.
Section 524.535 - Transfer books — fixing record date.
Section 524.536 - Voting list.
Section 524.537 - Quorum of shareholders.
Section 524.538 - Voting of shares.
Section 524.538A - Voting by member of mutual corporation.
Section 524.539 - Voting trust.
Section 524.540 - Voting agreements.
Section 524.541 - Lists — filing with superintendent.
Section 524.543 - Distribution of shares of state bank.
Section 524.544 - Change of control — certificate of approval — shares as security — reports.
Section 524.545 - Options for shares.
Section 524.601 - Board of directors.
Section 524.602 - Board of directors — election.
Section 524.604 - Duties and responsibilities.
Section 524.605 - Liability of directors in certain cases.
Section 524.606 - Removal of directors.
Section 524.607 - Meetings — waiver of notice — quorum.
Section 524.607A - Action without meeting.
Section 524.608 - Auditing procedures.
Section 524.609 - Executive and other committees.
Section 524.610 - Compensation of directors.
Section 524.611 - Oath of directors.
Section 524.612 - Director dealing with state bank.
Section 524.613 - Prohibitions applicable to certain financial transactions involving directors.
Section 524.614 - Honorary and advisory directors.
Section 524.701 - Officers and employees.
Section 524.702 - Officers — duties and liability.
Section 524.703 - Officers and employees — employment and compensation.
Section 524.704 - Employee — employment and compensation.
Section 524.705 - Bonds of officers and employees.
Section 524.706 - Officer dealing with state bank.
Section 524.707 - Removal of officers or employees.
Section 524.708 - Report of change in officer personnel.
Section 524.709 - Duty to make records available to superintendent.
Section 524.801 - General powers.
Section 524.802 - Additional powers of a state bank.
Section 524.803 - Business property of state bank.
Section 524.804 - Data processing services.
Section 524.806 - Deposit in the names of two or more individuals.
Section 524.807 - Payment of deposited funds.
Section 524.808 - Adverse claims to deposits.
Section 524.809 - Authority to lease safe deposit boxes.
Section 524.810 - Search procedure on death.
Section 524.810A - Safe deposit box access.
Section 524.811 - Adverse claims to property in safe deposit and safekeeping.
Section 524.812 - Remedies and proceedings for nonpayment of rent on safe deposit box.
Section 524.813 - Authority to receive property for safekeeping.
Section 524.814 - Loan or pledge of assets.
Section 524.815 - Deposits by a state bank.
Section 524.816 - Account insurance.
Section 524.818 - Indebtedness of state bank.
Section 524.819 - Clearing checks at par.
Section 524.820 - Money received for transmission.