Answer:
Randy Carey: If you are talking about an interest bearing savings or time deposit account, there are no ownership restrictions on those types of accounts. The only deposit accounts that have ownership restrictions are NOW accounts, and a religious non-profit organization can also have one of those. Section 12-201-130 .
Answer:
John Burnett: "Earn More Savings" isn't a type of account that's described in the law or regulations; instead, it appears to be a marketing name assigned to a type of account at a particular bank. It may also be a label for a program that is offered to banks for marketing purposes by a third party. In any event, it doesn't describe a form of account that's described in a law or regulation. If a bank offers an "Earn More Savings" account, it may have its own program restrictions on ownership. For example, a bank might want to offer the program only to individuals or families. In that case, a church would probably not be eligible to participate.
print
share