Title 36a — Title 36a: The Banking Law of Connecticut

Sec. 36a-285. (Formerly Sec. 36-142). Savings banks life insurance. (a) As used in this section, unless the context otherwise requires: “Insurance bank” means a savings bank which has established an insurance department; “savings department” means any department of an insurance b…

Sec. 36a-286. Investments and loans held by Connecticut banks on January 1, 1995. Each investment and loan held by a Connecticut bank on January 1, 1995, which qualified as an authorized investment or loan at the time it was acquired or committed for, shall be deemed qualified as…

Sec. 36a-287. Compliance with federal Currency and Foreign Transactions Reporting Act. Each Connecticut bank shall comply with the applicable provisions of the Currency and Foreign Transactions Reporting Act, 31 USC Section 5311 et seq., as from time to time amended, and any regu…

Secs. 36a-288 and 36a-289. Reserved for future use.

Sec. 36a-290. (Formerly Sec. 36-3). Joint deposit and share accounts. (a) When a deposit account has been established at any bank, or a share account has been established at any Connecticut credit union or federal credit union, in the names of two or more natural persons and unde…

Sec. 36a-291. (Formerly Sec. 36-113). Pledge of savings, share and time accounts in single or joint ownership. Unless the applicable deposit contract or share contract provides that the account is nontransferable, and except to the extent that such deposit contract or share contr…

Sec. 36a-292. (Formerly Sec. 36-3a). Liability of survivor receiving payment on joint deposit account or share account. (a) Whenever all or any portion of the balance of any deposit account or share account which is a joint account under section 36a-290 has been paid, after the d…

Sec. 36a-293. (Formerly Sec. 36-5). Adverse claim to deposit account or share account. Notice to any bank, Connecticut credit union or federal credit union of any adverse claim to all or any portion of the balance of a deposit account or share account held within this state and, …

Sec. 36a-294. (Formerly Sec. 36-114). Loss, theft or destruction of passbooks, certificates or instruments. When any passbook, certificate or instrument, negotiable or nonnegotiable, transferable or nontransferable, issued by a Connecticut bank or Connecticut credit union in conn…

Sec. 36a-295. (Formerly Sec. 36-76). Rendering of statement and delivery of passbook; accuracy and completeness presumed after seven years. Except as otherwise provided by applicable state or federal law, including title 42a, if a Connecticut bank or Connecticut credit union has …

Sec. 36a-296. (Formerly Sec. 36-110). Deposits or share accounts in trust. (a)(1) No bank, Connecticut credit union, or federal credit union shall establish any deposit or share account in which deposits or shares are to be held by one natural person in trust for another natural …

Sec. 36a-297. (Formerly Sec. 36-111). Deposits or share accounts of minors. A minor may contract to establish a deposit account with any bank or share account with any Connecticut credit union or federal credit union, and may be the owner, or a joint owner, co-owner or beneficiar…

Sec. 36a-298. (Formerly Sec. 36-106). Notice of withdrawals. Notwithstanding any contrary provisions of its charter or bylaws: (1) Any Connecticut bank may require not more than three months' notice for the withdrawal of savings deposits or time deposits from such bank; provided,…

Sec. 36a-299. (Formerly Sec. 36-9i). Permitted and prohibited transfers by negotiable withdrawal order. (a) A Connecticut bank may permit unlimited transfers by negotiable withdrawal order from a savings account consisting of savings deposits deposited to the credit of, or in whi…

Sec. 36a-300. (Formerly Sec. 36-108). School savings deposits and time deposits. The superintendent of any school system or the principal of any school, acting directly or indirectly through their authorized agents, who may be teachers, other school employees, members of a parent…

Sec. 36a-301. (Formerly Sec. 36-9q). Tax and loan accounts and note accounts. (a) As used in this section: (1) “Tax and loan account” means an account, the balance of which is subject to the right of immediate withdrawal, established for receipt of payments of federal taxes and c…

Sec. 36a-302. (Formerly Sec. 36-9v). Applicability of federal Expedited Funds Availability Act to banks and credit unions. Each bank, Connecticut credit union and federal credit union shall comply with the applicable provisions of the Expedited Funds Availability Act, 12 USC 4001…

Sec. 36a-303. (Formerly Sec. 36-9o). Charge for overdraft, when prohibited. No bank, Connecticut credit union or federal credit union may charge a fee or a penalty for an overdraft if such overdraft is due to an error on a direct deposit tape of the Social Security Administration…

Sec. 36a-304. (Formerly Sec. 36-9bb). Cashing of state checks. Fee prohibited. Liability for loss from wrongful payment. (a) Each bank, Connecticut credit union and federal credit union shall cash, at its main office or any of its branch offices within this state, any check drawn…

Sec. 36a-305. (Formerly Sec. 36-9cc). Regulations re cashing state checks. The Commissioner of Social Services, in cooperation with the commissioner, shall adopt regulations in accordance with chapter 54 specifying: (1) The forms of reasonable identification which a bank, Connect…

Sec. 36a-306. Connecticut banks and Connecticut credit unions to accept identification cards, when. A Connecticut bank or Connecticut credit union shall accept any identity card issued by the Department of Motor Vehicles in accordance with section 1-1h as identification for estab…

Sec. 36a-307. (Formerly Sec. 36-9dd). Interest on savings deposit accounts. (a) For purposes of this section: (1) “Savings deposit account” means any account at a bank, Connecticut credit union or federal credit union into which deposits are made, where interest is paid periodica…

Sec. 36a-308. Savings promotion raffles. (a) For purposes of this section, “savings promotion raffle” means a raffle conducted by a Connecticut credit union or a Connecticut bank, as such terms are defined in section 36a-2, where the sole consideration required for a chance of wi…

Sec. 36a-309. Basic banking accounts. (a) For purposes of this section: (1) “Banking institution” means any bank, trust company, savings bank, savings and loan association or credit union, or branch of a foreign banking corporation, the deposits of which are insured by the Federa…

Secs. 36a-310 to 36a-314. Reserved for future use. PART II* DEPOSIT ACCOUNT CONTRACT ACT *Whether joint account has been established depends solely on deposit contract governing account; trial court improperly considered intent of person opening account. 47 CA 657.

Sec. 36a-315. (Formerly Sec. 36-27a). Short title: Deposit Account Contract Act. Sections 36a-315 to 36a-323, inclusive, shall be known and may be cited as the “Deposit Account Contract Act”. (P.A. 79-433, S. 1, 11.) History: P.A. 79-433 effective July 1, 1980; Sec. 36-27a transf…

Sec. 36a-316. (Formerly Sec. 36-27b). Definitions. As used in sections 36a-315 to 36a-323, inclusive: (1) “Annual percentage yield” means a percentage rate reflecting the total amount of interest paid on funds in a deposit account calculated in compliance with the Federal Truth i…

Sec. 36a-317. (Formerly Sec. 36-27c). Prohibited acts of financial institutions. (a) Except as otherwise provided in sections 36a-315 to 36a-323, inclusive, no financial institution shall enforce or attempt to enforce any material term, condition, duty or obligation other than th…

Sec. 36a-317a. Charges for stop payment orders. A charge for a stop payment order made in accordance with section 36a-317 by a bank, Connecticut credit union or federal credit union, as those terms are defined in section 36a-2, shall cover the initial stop payment order that is e…

Sec. 36a-317b. Check cashing. Adequate identification. Each bank, as defined in section 36a-2, shall cash, at its main office or any of its branch offices within this state, for any person any check payable at such bank or drawn on an account held at the bank in an amount up to a…

Sec. 36a-318. (Formerly Sec. 36-27d). Copy of deposit account contract and schedule of charges and interest to be furnished to depositors. Exceptions. Notice requirements. Notice re imposition of dormancy fees on inactive deposit accounts. Notice re closing of deposit accounts. E…

Sec. 36a-319. (Formerly Sec. 36-27e). Deposit account disclosures. List of charges. Each financial institution, other than a Connecticut credit union or federal credit union, shall post in each office at which deposits are accepted for each type of deposit account a prospective d…

Sec. 36a-320. (Formerly Sec. 36-27f). Changes in deposit account charges. Notice. (a) A financial institution may delete or decrease any existing deposit account charges without notice. No financial institution shall impose any new deposit account charge or increase any existing …

Sec. 36a-321. (Formerly Sec. 36-27g). Changes in computation of interest or interest rate. Notice. (a) No financial institution, other than a Connecticut credit union or federal credit union, shall change its method of computing interest in such manner as to reduce the annual per…

Sec. 36a-322. (Formerly Sec. 36-27h). Enforcement powers of commissioner. If the commissioner finds that a financial institution is violating the provisions of sections 36a-315 to 36a-323, inclusive, the commissioner may order such institution to make restitution to any depositor…

Sec. 36a-323. (Formerly Sec. 36-27i). Exceptions. Waivers. Notwithstanding any other provision of sections 36a-315 to 36a-323, inclusive: (1) The provisions of sections 36a-315 to 36a-323, inclusive, shall not apply to any time account containing one hundred thousand dollars or m…

Secs. 36a-324 to 36a-329. Reserved for future use. PART III PROTECTION OF PUBLIC DEPOSITS

Sec. 36a-330. (Formerly Sec. 36-382). Definitions. As used in sections 36a-330 to 36a-338, inclusive, unless the context otherwise requires: (1) “Business day” means any day other than a Saturday, Sunday or day on which a financial institution is closed as required or authorized …

Sec. 36a-331. (Formerly Sec. 36-383). Protection of public deposits. All public deposits in qualified public depositories shall be protected against loss, as provided in sections 36a-330 to 36a-338, inclusive. (1967, P.A. 517, S. 2; P.A. 91-245, S. 2; P.A. 94-122, S. 156, 340.) H…

Sec. 36a-332. (Formerly Sec. 36-385). Powers of commissioner. (a) The commissioner has the power (1) to require any qualified public depository to furnish such information as the commissioner shall request. Any public depository which refuses or neglects to give any information s…

Sec. 36a-333. (Formerly Sec. 36-386). Collateral requirements. (a)(1) To secure public deposits, each qualified public depository that is not under a formal regulatory order shall at all times maintain, segregated from its other assets as provided in subsection (b) of this sectio…

Sec. 36a-334. (Formerly Sec. 36-387). Procedure upon loss. When the commissioner determines that a loss has occurred, the commissioner shall as soon as possible make payment to the proper public officers of all public deposits subject to such loss, pursuant to the following proce…

Sec. 36a-335. (Formerly Sec. 36-388). Subrogation of commissioner to depositor's rights. Upon payment to any public depositor, the commissioner shall be subrogated to all of such depositor's right, title and interest against the depository in which the loss occurred and shall sha…

Sec. 36a-336. (Formerly Sec. 36-389). Public deposits in qualified public depository or out-of-state bank. Prohibition on charging certain costs, fees or expenses. (a) No public deposit shall be made except in a qualified public depository or in an out-of-state bank if (1) the de…

Sec. 36a-337. (Formerly Sec. 36-390). Securing of public deposits. (a) All qualified public depositories shall have power to secure public deposits in accordance with sections 36a-330 to 36a-338, inclusive. Except as provided in said sections, no bond or other security shall be r…

Sec. 36a-338. (Formerly Sec. 36-391). Report of public depository. Maintenance of records. (a) On each call report date, each qualified public depository shall file with the commissioner a written report, certified under oath unless such report is filed electronically, indicating…

Secs. 36a-339 to 36a-349. Reserved for future use.

Sec. 36a-350. Permitted investments. (a) Except as otherwise provided in this section and sections 36a-351 and 36a-352, a Connecticut bank may invest funds and assets held by it in a fiduciary capacity in those investments in which a trustee may invest trust funds under the provi…

Sec. 36a-351. (Formerly Sec. 36-9z). Investment of funds exceeding one thousand dollars in income-producing media; fee. Written policy. Fiduciary obligations satisfied. (a) Except as otherwise expressly provided in the instrument, judgment, decree or order creating a trust or oth…

Sec. 36a-352. (Formerly Sec. 36-81). Segregation of trust funds. Registration; nominees. (a) All investments held by or in the custody of a bank as a fiduciary shall, except as otherwise provided by law or unless the contrary is expressly permitted by the instrument or court orde…