N.Y. Banking Law Section 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month may be credited with interest from the first day of the month in which such deposits were made, and deposits withdrawn upon one of the last three business days of any interest period or, in the event that one of such last three business days is a Saturday, deposits withdrawn upon one of the last four business days of any interest period may be credited with interest as if they had remained on deposit to the end of the interest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 If the by-laws so provide, deposits withdrawn before the close of an interest period may be credited with interest to the first day of the month in which such withdrawal is made.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a savings bank may credit interest on deposits from the date on which the deposit is made to the date the deposit is withdrawn.

Source: Section 245 — Interest payments, https://www.­nysenate.­gov/legislation/laws/BNK/245 (updated Sep. 22, 2014; accessed Jun. 15, 2024).

229
Application
230
Incorporation
232
Organization certificate to be submitted to superintendent
233
When corporate existence begins
234
General powers
234‑A
Settlement, modification or readjustment of investment
234‑B
Trust powers
235
Investment of funds
235‑B
Effect of usury
235‑C
Regulation of certain charges
235‑D
Service corporations owned by savings banks
236
Deposits by savings banks with other banking corporations and private bankers
237
Deposits with savings banks
238
Regulations and restrictions as to repayment of deposits
239
Repayment of deposits of minors, trust deposits, joint deposits, and deposits adversely claimed
239‑A
Preservation of books and records
240
Restrictions as to place of business
240‑A
Electronic facilities
240‑B
Acceptance of United States currency
241
Change of location
242
Assets
243
Surplus fund
244
Earnings
245
Interest payments
246
Board of trustees
246‑A
Executive committee and other committees
247
Restrictions upon trustees and officers
248
Removal and forfeiture of office of trustee
249
Compensation of trustees and officers
250
Pensions
251
Meetings
252
Reports to trustees
253
Official communications from department of financial services to be submitted to trustees and noted in minutes
254
Examinations by trustees
255
Reports to superintendent
255‑A
Publication and delivery of annual report
256
Photographic reproduction of records
257
Duties of trustees and officers
258
Prohibition of unauthorized savings banks and use of the word “savings”
260
Charters of all savings banks conformed to this article
260‑A
Amendment of organization certificate and by-laws
260‑B
Conversion of a savings bank into a savings and loan association

Accessed:
Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 245’s source at nysenate​.gov

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