§ 524.805

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 inaccordance 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 initialdeposit. No change made in the terms and conditions attending an agreement to pay interestwhich adversely affects the interest of a depositor shall be retroactively effective. Savingsaccount depositors and holders and payees of automatic renewal time certificates of depositshall be given reasonable notice of any change in the terms and conditions attending anagreement 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 tothe customer at the time of acceptance by the state bank of the initial deposit.

ody of deposits as may be fixed by its board of directors provided that a schedule of the charges shall be furnished tothe customer at the time of acceptance by the state bank of the initial deposit. Any change inthe charges shall be furnished to the customer within a reasonable period of time before theeffective 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 theconsent of a parent, guardian or conservator and with the same effect as though the minorwere an adult. Any action of the minor with respect to such deposit account shall be bindingon 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 directorsor other persons

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 directorsor 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 orpersons designated by the deceased depositors as shown on the deposit account records ofthe state bank. After payment by the state bank, the proceeds shall remain subject to thedebts of the decedent and the payment of Iowa inheritance tax, if any. A state bank payingthe person or persons designated shall not be liable as a result of that action for any debts ofthe 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,

31, 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, §1Referred to in §524.1608 Sat Dec 23 01:17:02 2023 Iowa Code 2024, Section 524.805 (22, 0)