§ 28-1-20-1.1 — Statements of account; dormant accounts; service and maintenance charges

Indiana § 28-1-20-1.1

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 20: General Provisions Concerning Banks and Trust

Text

1. (a) When a statement of account has been
delivered by a bank or savings bank to a depositor, the account, after
the period of three (3) years from the date of its delivery, shall be
deemed finally adjusted and its correctness conclusively presumed. A
statement of account or a passbook is delivered to a depositor, within
the meaning of this subsection, when received by the depositor or the
depositor's agent in person or when mailed to the depositor at the
depositor's last known address. This section does not relieve the
depositor from the duty of exercising due diligence in the examination
of the statement of account. A depositor must immediately notify the
bank or savings bank upon discovery of any error in the statement of
account.
(b) Any bank, savings bank, or trust company may impose and
collect a monthly service charge and maintenance charge on dormant
accounts, in amounts that:
(1) are reasonable, as determined by resolution of the board of
directors; and
(2) are properly disclosed to the bank's, savings bank's, or trust
company's depositors.
(c) For the purpose of this section:
(1) a transaction account (as defined in 12 CFR 204.2(e)) is
considered a dormant account after one (1) year from the date of
the last transaction recorded on the books of the bank, savings
bank, or trust company with respect to the account; and
(2) any other account that is not a transaction account (as defined
in 12 CFR 204.2(e)) is considered a dormant account after three
(3) years from the date of the last transaction recorded on the
books of the bank, savings bank, or trust company with respect to
the account.
(d) Any bank, savings bank, or trust company may impose and
collect monthly service charges and maintenance charges on active
accounts that are carried by it on its books, in such amounts as may be
agreed upon between it and its depositors.
(e) This section is applicable to national banking associations doing
business in this state.
As added by Acts 1980, P.L.40, SEC.9. Amended by
P.L.258-1989, SEC.1; P.L.122-1994, SEC.80; P.L.215-1999, SEC.3;
P.L.89-2011, SEC.35.