New York Laws
Article 6 - Savings Banks
245 - Interest Payments.

§ 245. Interest payments. 1. A savings bank may classify its
depositors according to the character, amount or duration of their
dealings with the savings bank.

2. In the discretion of a majority of all the trustees, the amounts
contributed by incorporators or trustees to the surplus fund may be
credited with interest at the same rate that interest is credited to
depositors. Such interest may be paid in cash or added to the
contributions previously made and if so added shall be subject to all
provisions of this article relating to contributions of incorporators or
trustees to the surplus fund. If interest on such contributions is not
paid for any period at the time interest for such period is paid to
depositors, the contributors shall not thereafter receive or be credited
with any interest for such period.

3. A savings bank shall not pay any interest on any deposit for a
longer period than the same has been on deposit, except as provided in
subdivision three-a of this section.

3-a. Deposits made not later than the tenth calendar day of any
calendar month may be credited with interest from the first day of the
month in which such deposits were made, and deposits withdrawn upon one
of the last three business days of any interest period or, in the event
that one of such last three business days is a Saturday, deposits
withdrawn upon one of the last four business days of any interest period
may be credited with interest as if they had remained on deposit to the
end of the interest period. If the by-laws so provide, deposits
withdrawn before the close of an interest period may be credited with
interest to the first day of the month in which such withdrawal is made.
The provisions of this subdivision shall not apply to deposits on which
interest is credited pursuant to subdivision three-b of this section.

3-b. Subject to such limitations and restrictions as may be prescribed
by regulation of the superintendent of financial services, a savings
bank may credit interest on deposits from the date on which the deposit
is made to the date the deposit is withdrawn.