Department of Banking Regulatory Powers

KANE, Attorney General, YAKOWICZ, Solicitor General, and COKIN, Deputy Attorney General,

You have requested our advice concerning whether savings banks operating under the Banking Code of 1965, Act of November 30, 1965, P.L. 847 (No. 356), 7 P.S. §101 et seq., may offer depositors a type of account, referred to generally as a NOW account, which, heretofore, has not been offered in Pennsylvania. Although this type of account, described in detail below, is a departure from traditional savings bank practice in Pennsylvania, it is our opinion, and you are accordingly advised, that you have the…