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Can you summarize OKAC 85:10-11-16?
Substantive Guidelines and Restrictions > Deposit and safekeeping agreements and fees
Short Summary
This legal document governs the deposit and safekeeping agreements and fees between banks and their customers. It establishes a debtor-creditor relationship between the bank and the customer based on the agreement executed or adopted by the customer. The document allows banks to charge reasonable fees for account and safekeeping services, even if the specific terms of the contract are silent on service charges. It also states that interest on a deposit may or may not be paid on a dormant account, as determined by the bank’s board policy. The bank can define when an account is considered dormant, even if it is not considered abandoned or unclaimed under applicable law. Additionally, the document requires state government agencies to provide fifteen days’ prior written notification to the Commissioner before examining any accounts or safekeeping records of a bank. The bank is entitled to be paid costs of producing and copying records pursuant to the Oklahoma Financial Privacy Act.
Whom does it apply to?
Banks and their customers
What does it govern?
Deposit and safekeeping agreements and fees
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Oklahoma