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(a) No bank may offer NOW accounts to its depositors unless NOW accounts are authorized by a bylaw or article of the bank and the bylaw or article is approved by the department.
(b) A bank offering NOW accounts must conspicuously post and must make available to depositors a written description of the conditions under which depositors may open and maintain NOW accounts. All amendments to these conditions must likewise be posted and made available to depositors. All conditions and amendments to them are binding upon holders of NOW accounts.
(c) A bank may pay interest on NOW accounts unless prohibited or limited by applicable federal law or regulation.
(d) On an annual or more frequent periodic basis, a bank offering NOW accounts must issue NOW account statements to holders of NOW accounts.
(e) Banks offering NOW accounts must meet and maintain the following reserve requirements:
(1) reserves must be no less than a sum equal to 20 percent of the aggregate amount of deposits in NOW accounts and are subject to the provisions of AS 06.05.200 (a)(1), (b) and (d); and
(2) a daily record of the required reserves on NOW account balances must be maintained as required by AS 06.05.200 (c) and 3 AAC 02.110 to the extent necessary to accomplish the purposes of this section.
(f) In this section, "NOW account" means an account the terms of which provide that one of the methods by which money can be withdrawn is by a negotiable order; the acronym "NOW" means negotiable order of withdrawal.
History: Eff. 12/30/79, Register 72
Authority: AS 06.05.075
AS 06.15.350 (a)
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Last modified 7/05/2006