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§ 5-309. Notice of availability of funds

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 5. Banking Institutions--General Provisions
Subtitle 3. Deposits (Refs & Annos)
MD Code, Financial Institutions, § 5-309
§ 5-309. Notice of availability of funds
Currentness
Payor institution defined
(a) In this section, “payor institution” means a bank, credit union, or savings and loan association by which an item is payable as drawn or accepted.
Availability of funds after deposit
(b) As to each account of each depositor in a banking institution, the banking institution shall give to the customer, on opening of the account and on any later demand of the customer, written notice of the time after which the funds represented by an item deposited to the account shall be available for withdrawal as of right, for each of the situations where the banking institution:
(1) Is also the payor institution;
(2) Is located in the same state as the payor institution; and
(3) Is located in a different state from that in which the payor institution is located.
Contents of notice
(c) The notice shall also state the time after which the funds represented by an item become available for withdrawal as of right where the item is issued by:
(1) The Maryland State Government or any agency thereof;
(2) The United States Treasury; and
(3) Any agency of the federal government.
Font size of type
(d) The notice shall be printed in type no smaller than elite typewriter characters.

Credits

Added by Acts 1984, c. 776, § 1, eff. July 1, 1984. Amended by Acts 1985, c. 751; Acts 1987, c. 405; Acts 1987, c. 481; Acts 1988, c. 6, § 1.
MD Code, Financial Institutions, § 5-309, MD FIN INST § 5-309
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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