ORS 708A.410 Savings accounts; conditions for withdrawal; interest rate; inadvertent overdraft

Within the limits established under applicable federal statutes and regulations, an Oregon commercial bank that receives savings accounts shall prescribe by the Oregon commercial bank’s bylaws or by contract with the Oregon commercial bank’s depositors, the time and conditions on which the Oregon commercial bank repays depositors or makes a repayment to the depositors’ order.

An Oregon commercial bank may require 30 days’ notice to withdraw any sum up to $5,000, 90 days’ notice to withdraw any sum over $5,000 and not over $50,000, and 180 days’ notice to withdraw any sum over $50,000. The bank may limit, in the aggregate, withdrawals during a specified time period to the amount designated for the time period.

Except for negotiable orders of withdrawal and similar deposit accounts, withdrawal from which is subject to check, negotiable order of withdrawal or similar instrument, and except for inadvertent overdrafts, an Oregon commercial bank may not knowingly permit a depositor to overdraw the depositor’s savings account.

As used in paragraph (a) of this subsection, “inadvertent overdraft” means an overdraft that:

The Oregon commercial bank does not expressly permit or provide for in bylaws or a deposit contract;

Results from events or circumstances beyond the Oregon commercial bank’s reasonable control; and

Is eliminated within 14 days after the Oregon commercial bank becomes aware of the overdraft.