Sec. 36a-290. (Formerly Sec. 36-3). Joint deposit and share accounts.
Sec. 36a-309. Basic banking accounts.
Sec. 36a-338. (Formerly Sec. 36-391). Report of public depository. Maintenance of records.
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 under such terms as to be paid to any one of them, or to the survivor or survivors of them, such account is deemed a joint account, and any part or all of the balance of such account, including any and all subsequent deposits or additions made thereto, may be paid to any of such persons during the lifetime of all of them or to the survivor or any of the survivors of such persons after the death of one or more of them. Any such payment constitutes a valid and sufficient release and discharge of such bank, Connecticut credit union or federal credit union, or its successor, as to all payments so made.
(b) The establishment of a deposit account or share account which is a joint account under subsection (a) of this section is, in the absence of fraud or undue influence or a preponderance of the evidence to the contrary, prima facie evidence of the intention of all of the named owners thereof to vest title to such account, including all subsequent deposits and additions made thereto, in such survivor or survivors, in any action or proceeding between any two or more of the depositors, respecting the ownership of such account or its proceeds.
(c) This section shall not apply to any deposit account or share account where any owner died before October 1, 1971, nor shall it apply to any action pending on that date.
(1953, S. 2779d; 1961, P.A. 405; 1971, P.A. 417; P.A. 78-121, S. 10, 113; P.A. 88-65, S. 7; P.A. 92-12, S. 2; P.A. 94-122, S. 131, 340; P.A. 23-161, S. 5.)
History: 1961 act clarified application of statute to accounts issued to more than two persons; 1971 act added “or other clear and convincing evidence to the contrary” and substituted “prima facie” for “conclusive” evidence in Subsec. (1) and changed applicability in Subsec. (2) to exclude “any” owner rather than “either” owner who died before October 1, 1971, rather than October 1, 1953; P.A. 78-121 deleted references to deposits in building associations and private banks in Subsec. (1); P.A. 88-65 deleted a reference to industrial banks in Subsec. (1); P.A. 92-12 redesignated Subsecs. and made technical changes; P.A. 94-122 made technical changes, divided former Subsec. (a) into Subsecs. (a) and (b), and relettered former Subsec. (b) as Subsec. (c), effective January 1, 1995; Sec. 36-3 transferred to Sec. 36a-290 in 1995; P.A. 23-161 amended Subsec. (b) to make a technical change and replace “other clear and convincing “ with “a preponderance of the”.
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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 Federal Deposit Insurance Corporation or the National Credit Union Administration, as applicable, that is incorporated, chartered, organized or licensed under the laws of this state or any other state or the United States, and, in the ordinary course of its business, offers consumer transaction accounts to the general public or, in the case of a credit union, to its members;
(2) “Basic banking account” means a consumer transaction account that meets the requirements established under subsections (c) and (d) of this section;
(3) “Branch” has the same meaning as provided in section 36a-145; and
(4) “Consumer transaction account” means a demand deposit account, negotiable order of withdrawal account, share draft account or similar account used primarily for personal, family or household purposes.
(b) Except as otherwise provided in this section, on and after July 1, 2023, each banking institution shall make available to consumers residing in the state a basic banking account as described in subsections (c) to (e), inclusive, of this section. No banking institution shall be required to make such basic banking account available at any branch or other office such banking institution maintains outside of the state.
(c) A basic banking account shall: (1) Not include fees for (A) overdrafts, (B) nonsufficient funds, (C) account activation, (D) account closure, (E) dormancy, (F) inactivity, or (G) low balance; (2) offer to the depositor at no additional charge (A) a debit card, (B) ATM in-network access, (C) deposits, (D) check cashing for checks issued by the banking institution at which the consumer holds the basic banking account, and (E) electronic monthly statements; and (3) not include (A) a minimum initial deposit that is greater than twenty-five dollars, (B) a minimum balance to maintain such account that is greater than twenty-five dollars, or (C) a charge to maintain such account that is greater than ten dollars per periodic cycle. The terms and conditions of a basic banking account may provide that the banking institution shall not pay any check, electronic transaction or any other type of transaction that would cause the basic banking account to be overdrawn. Nothing in this subsection shall require a banking institution to include additional enhanced account features, such as preferred or incentive interest rates or rewards programs, with a basic banking account.
(d) Except as provided in this section, a basic banking account may be offered, subject to the same rules, conditions and terms normally applicable to the consumer transaction account offered by the banking institution that is most similar to its basic banking account.
(e) (1) A banking institution that posts, in the public area of its branches and offices in the state, notice of the availability of its consumer transaction accounts other than its basic banking accounts shall also post equally conspicuous notice, in the same public areas of its branches and offices in the state and in the same manner, of the availability of its basic banking accounts. A banking institution that makes available in the public area of its branches and offices in the state material describing the terms of its other consumer transaction accounts, other than its basic banking accounts, shall also make comparable descriptive material available, in the same such public area of its branches and offices in the state and in the same manner, for its basic banking account.
(2) A banking institution that posts in the public area of its branches and offices in the state the notices described in subdivision (1) of this subsection, shall also post equally conspicuous notice, in the same public area of its branches and offices in the state and in the same manner, of the Department of Banking's toll-free consumer hotline number that may be used to file a complaint if a consumer is not satisfied with the services a banking institution provides.
(f) Notwithstanding the provisions of this section, any banking institution that makes available to consumers (1) an alternative account or other banking services determined by the Banking Commissioner to be an appropriate substitute for the basic banking account, or (2) a consumer transaction account that provides (A) the core features set forth in the Bank On National Account Standards, as amended from time to time, or (B) any similar standards, as determined by the Banking Commissioner, shall be in compliance with this section.
(g) The Banking Commissioner shall, in the course of evaluating the performance of a Connecticut bank or a Connecticut credit union in meeting its obligations under part II of chapter 664a, provide credit to such bank or credit union for offering a basic banking account.
(P.A. 22-77, S. 1; P.A. 23-126, S. 14.)
History: P.A. 22-77 effective January 1, 2023; P.A. 23-126 defined “branch” in new Subsec. (a)(3), redesignated existing Subsec. (a)(3) as Subsec. (a)(4), added provision re no banking institution required to make basic banking account available outside the state in Subsec. (b), added references to branches and offices in the state in Subsec. (e) and made technical and conforming changes, effective July 1, 2023.
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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. Exceptions. Requirements re periodic statements in electronic form. (a) Except as provided in subsection (c) of this section, prior to opening a new deposit account for any depositor or prospective depositor: (1) Each financial institution shall deliver to such depositor or prospective depositor in written form which the depositor can keep a copy of (A) the deposit contract, (B) a listing of deposit account charges and the conditions under which such charges will be imposed including, but not limited to, failure to maintain a minimum balance, and (C) if such account is a time account, deposit account disclosures that govern such account; and (2) each financial institution, other than a Connecticut credit union or federal credit union, shall deliver to each depositor or prospective depositor deposit account disclosures that govern such account if such account is a savings account.
(b) The deposit account disclosures and listing of deposit account charges may be contained in more than one document and may be combined with disclosures, fees and contract terms for other accounts as long as the deposit account disclosures and deposit account charges are disclosed clearly and conspicuously and it is clear which deposit account disclosures and deposit account charges are applicable to the types of deposit accounts maintained by the depositor.
(c) If all or any part of a maturing or otherwise expiring time account is automatically deposited by renewal, roll-over or otherwise in a new deposit account within thirty days after expiration, the provisions of subsection (a) of this section shall not apply to such new account, except that if the annual percentage yield on such new account is lower than the annual percentage yield on the expiring account, and the maturing time account has a term to maturity of longer than thirty-one days, the financial institution shall deliver to the depositor the notice as required by this subsection. Such notice shall be delivered at least thirty calendar days before the maturity of the existing time account. Alternatively, such notice may be delivered at least twenty calendar days before the end of the grace period on the existing account, provided a grace period of at least five calendar days is allowed. For purposes of this subsection, a grace period means a period following the maturity of an automatically renewing time account during which the depositor may withdraw funds without being assessed a penalty. The notice shall recite the deposit account disclosures and deposit account charges, including the conditions under which such charges will be imposed, applicable to the new account, along with the date the existing account matures and the new maturity date if the account is renewed; provided if the interest rate and annual percentage yield that will be paid for the new account are unknown when the notice is provided, the notice shall state that those rates have not yet been determined, the date when they will be determined and a telephone number the depositor may call to obtain the interest rate and the annual percentage yield that will be paid for the new account. Notwithstanding any provisions of the general statutes to the contrary, if the term to maturity of the maturing time account is one year or less but longer than thirty-one days, the notice is not required to contain the information recited in this subsection other than (1) the date the existing account matures and the new maturity date if the account is renewed; (2) the interest rate and the annual percentage yield if they are known, or if the rates have not yet been determined, the date they will be determined and a telephone number the depositor may call to obtain the interest rate and the annual percentage yield that will be paid for the new account; and (3) any difference in the terms of the new account compared to the deposit account disclosures and deposit account charges governing the existing account.
(d) Except for deposit accounts for which a financial institution sends periodic statements, each financial institution that has a policy of imposing dormancy fees in connection with inactive deposit accounts shall, not less than fifteen days prior to the date the institution may impose a dormancy fee, mail a notice to the depositor. The notice shall be printed in capital letters in no less than twelve-point boldface type and shall state that the account will become inactive and that a dormancy fee may be imposed by the financial institution as a result of such inactivity. Such notice shall be mailed to the last-known mailing address maintained by the institution for the deposit account.
(e) (1) Except as provided in subdivision (2) of this subsection, each financial institution, upon the closing of a deposit account, shall, not later than ten business days after closing the deposit account, (A) mail a written notice setting forth the reason for closing the deposit account to the depositor at the address the financial institution has on record for the depositor, or (B) if the depositor consented to the delivery of correspondence from the financial institution by electronic mail, send a notice by electronic mail setting forth the reason for closing the deposit account to the depositor at the electronic mail address the financial institution has on record for the depositor.
(2) The notice requirements set forth in subdivision (1) of this subsection shall not apply if: (A) The financial institution closes the deposit account because of the financial institution's reasonable belief that the deposit account is being used for fraudulent or other illegal purposes or that one or more depositors are engaging in fraudulent or other illegal activity; (B) the financial institution closes the deposit account because of information it receives indicating that a local, state, or federal law enforcement or regulatory agency is investigating whether any fraudulent or other illegal activity involving the deposit account or any depositor has occurred; (C) the financial institution is asked or directed by any court or local, state or federal law enforcement or regulatory agency to refrain from providing information pertaining to the closing of the deposit account to the depositor; (D) the financial institution is prohibited by state or federal law or regulation from providing such notice; (E) the financial institution has a reasonable belief that providing such notice may put any employee of the financial institution at risk of physical or emotional harm caused by a depositor; (F) the financial institution complies with any state or federal law that requires the financial institution to provide notice to one or more depositors of the closing of the account; (G) the depositor or the depositor's agent, including the depositor's estate representative, closes the deposit account; (H) the deposit account is closed by the financial institution after escheating the balance of the deposit account to the State Treasurer pursuant to part III of chapter 32; (I) the deposit account is closed by a beneficiary or the financial institution after title to the deposit account vests in such beneficiary pursuant to section 36a-296; or (J) the financial institution closes the deposit account in accordance with a notice the financial institution provides to the depositor prior to the closing of the deposit account stating the reason the deposit account will be closed and the time period after which the deposit account will be closed.
(f) (1) Each financial institution shall comply with the applicable provisions of the Electronic Signatures in Global and National Commerce Act, 15 USC 7001 et seq., as amended from time to time, that (A) require a financial institution to obtain a consumer's consent before the financial institution provides to the consumer periodic statements in an electronic form, (B) allow a consumer to withdraw such consent, and (C) require a financial institution to provide to a consumer a paper copy of any electronic periodic statement upon the consumer's request for such paper copy.
(2) Each such financial institution shall comply with the applicable provisions of the Connecticut Uniform Electronic Transactions Act, sections 1-266 to 1-286, inclusive, before providing to a consumer periodic statements in an electronic form.
(3) Each financial institution shall comply with the applicable provisions of the Truth in Savings Act, 12 USC 4301 et seq., and the regulations promulgated pursuant to said act, as said act and such regulations may be amended from time to time, before providing to a consumer periodic statements in an electronic form.
(P.A. 79-433, S. 4, 11; P.A. 81-261, S. 3; P.A. 93-168, S. 3, 8; P.A. 94-14, S. 1, 2; 94-122, S. 150, 340; P.A. 07-2, S. 1; P.A. 22-96, S. 1; P.A. 23-126, S. 13; 23-161, S. 6.)
History: P.A. 79-433 effective July 1, 1980; P.A. 81-261 rephrased the section and added Subsec. (b) to provide that the provisions of Subsec. (a) do not apply to an expiring time deposit which is renewed, rolled-over or otherwise deposited in a new account, except if the effective annual percentage yield on the new account is less than that on the expiring account the financial institution shall deliver a schedule of interest prior to the opening of the new account; P.A. 93-168 amended Subsec. (a) re requirement to provide in written form a copy of the deposit contract and list of deposit account charges, added a new Subsec. (b) allowing the use of more than one document in making any disclosures to the customer concerning deposit accounts maintained and amended former Subsec. (b), now designated as Subsec. (c), re the automatic renewal and roll-over of account funds and the ratification and accounting procedures required, effective June 23, 1993, except that compliance by financial institutions shall be optional prior to the mandatory compliance date of the regulations applicable to the financial institution promulgated pursuant to the Federal Truth in Savings Act, Subtitle F of Title II of the Federal Deposit Insurance Corporation Improvement Act of 1991, Public Law 102-242, as from time to time amended, or January 1, 1994, whichever is sooner; P.A. 94-14 changed the January 1, 1994, compliance date to July 1, 1995, effective April 25, 1994; P.A. 94-122 made technical changes and renumbered Subdivs. (A), (B) and (C) in Subsec. (c) as Subdivs. (1), (2) and (3), effective January 1, 1995; Sec. 36-27d transferred to Sec. 36a-318 in 1995; P.A. 07-2 added Subsec. (d) re notice requirements for imposition of dormancy fees on inactive deposit accounts; P.A. 22-96 added Subsec. (e) re providing notice of the closing of a deposit account; P.A. 23-126 amended Subsec. (e) by making a technical and conforming change and adding Subdivs. (2)(G) to (J) re exceptions to requirement that financial institutions provide notice of closing of deposit accounts; P.A. 23-161 added Subsec. (f) re compliance with certain laws concerning provision of periodic statements in electronic form.
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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 (1) the qualified public depository's tier one leverage ratio and risk-based capital ratio or net worth ratio, as determined in accordance with applicable federal regulations and regulations adopted by the commissioner in accordance with chapter 54, (2) the uninsured and total amount of public deposits held by the qualified public depository other than deposits that have been redeposited into the qualified public depository by another insured depository institution pursuant to a reciprocal deposit arrangement that makes such funds eligible for insurance coverage by the Federal Deposit Insurance Corporation or the National Credit Union Administration, (3) the description and market value of any eligible collateral segregated and designated to secure the uninsured public deposits in accordance with sections 36a-330 to 36a-338, inclusive, and (4) the amount and the name of the issuer of any letter of credit issued pursuant to section 36a-337. Each depository shall furnish a copy of its most recent report to any public depositor having public funds on deposit in the depository, upon request of the depositor. Any public depository which refuses or neglects to furnish any report or give any information as required by this section shall no longer be a qualified public depository and shall be excluded from the right to receive public deposits.
(b) A qualified public depository shall maintain records including, but not limited to: (1) A full report of all public deposits by depositor name and location, account name, account number, amount and Federal Employer Identification Number, and (2) a statement for each transfer or designation of eligible collateral showing the par value, description and interest rate, CUSIP number, maturity date, market value and security rating, where applicable, of the eligible collateral being transferred or designated and the name of the financial institution, federal reserve bank or federal home loan bank serving as trustee receiving or holding such collateral.
(1967, P.A. 517, S. 10; P.A. 77-614, S. 160, 610; P.A. 87-9, S. 2, 3; P.A. 91-245, S. 8; P.A. 94-122, S. 162, 340; P.A. 08-39, S. 4; P.A. 12-96, S. 42; P.A. 13-135, S. 15; P.A. 14-187, S. 52; P.A. 23-126, S. 8.)
History: P.A. 77-614 replaced bank commissioner with banking commissioner and references to Public Deposit Protection Commission with references to said commissioner, effective January 1, 1979; (Revisor's note: Pursuant to P.A. 87-9 “banking commissioner” was changed editorially by the Revisors to “commissioner of banking”); P.A. 91-245 added requirements for reporting risk-based capital ratio and total capital, deleted provisions re examination by the commissioner or the Comptroller of the Currency, required depositories to furnish copies of report to public depositories and provided for failure to do so, and made technical change; P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-391 transferred to Sec. 36a-338 in 1995; P.A. 08-39 added report requirement re amount and name of issuer of letter of credit issued pursuant to Sec. 36a-337; P.A. 12-96 redesignated existing provisions re contents of report as Subdivs. (1), (3) and (4), added Subdiv. (2) re total amount of public deposits other than deposits redeposited into qualified public depository by another insured depository institution, added reference to “uninsured” re public deposits in Subdiv. (3) and made technical changes, effective June 8, 2012; P.A. 13-135 amended Subdiv. (1) by adding references to tier one leverage ratio and net worth ratio, amended Subdiv. (2) by requiring report to indicate the uninsured amount of public deposits and amended Subdiv. (3) by requiring report to include description and market value, rather than amount and nature, of the eligible collateral, effective June 18, 2013; P.A. 14-187 designated existing provisions as Subsec. (a) and added Subsec. (b) re maintenance of records, effective June 11, 2014; P.A. 23-126 added “unless such report is filed electronically” in Subsec. (a), effective July 1, 2023.
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