Does New York require that a bank pay interest to club accounts quarterly?

Banking Law, Article III, Section 98-a Club Accounts. "Interest or dividends on club accounts, if offered, must be credited at least quarterly..."

Does this pertain to all club accounts? I did see Article III 98-a but it was just kind of stuck in with other information that did not pertain to deposit accounts or payment of interest. Federal regualtions state that this is not required. Does your bank offer club accounts?

We offer an alternative to a club. It's a form of savings account, no structured deposits required, withdrawals are permitted. We credit interest annually and cut a check.

My concern is our Holiday Club. It is structured as a savings accounts with unlimited deposits and no withdrawls. We pay interest annually and cut a check on that day. Would fall under the state law cited above?

98-a seems to define a club account as one with fixed sums deposited at regular intervals which is repaid at a given time (or when the deposits and interest equal a specified sum). This is one for your bank counsel since I am not an attorney. Regulations I can deal with, New York State Law is a different matter. And I agree, 98-a just seems to be stuck in the middle of unrelated items. Maybe someone else reading this forum has a better take on it.