Section 36a-316 - (Formerly Sec. 36-27b). DefinitionsAs used in sections 36a-315 to 36a-323, inclusive:
(1) "Annual percentage yield" means a percentage rate reflecting the total amount of interest paid on funds in a deposit account calculated in compliance with 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, and the regulations promulgated thereunder, as from time to time amended.(2) "Deliver" means deliver in person or place in the United States mail with first class postage properly affixed.(3) "Deposit" means any demand deposit, savings deposit or club deposit, any deposit into a time account as defined in subdivision (18) of this section, and the payment on a share or time share at a Connecticut credit union or federal credit union.(4) "Deposit account" means any account at a financial institution into which a deposit is made (A) which is in the name of one or more natural persons; (B) in which, with regard to a trust account, the entire beneficial interest is held by one or more natural persons, and (C) into which deposits may be made. "Deposit account" does not include a general or limited partnership account or a sole proprietorship business account.(5) "Deposit contract" means the contract between a financial institution and a depositor that sets forth the terms, conditions, duties and obligations relating to a deposit account.(6) "Deposit account charge" means a charge which may be imposed on a depositor for utilizing the services of a financial institution in connection with a deposit account, including a charge for: (B) items drawn on a deposit account which are dishonored; (C) providing the depositor with a copy of any record relating to a deposit account; (D) the use of checks, negotiable orders of withdrawal, share drafts or other items, devices or methods that may be used to withdraw moneys from a deposit account; and (E) maintaining a deposit account, such as a service charge.(7) "Deposit account disclosures" means the following information with regard to a deposit account: (A) The interest rate, if any, paid on funds deposited in the account; (B) the annual percentage yield, if any, paid on funds deposited in the account; (C) the frequency with which interest will be compounded and the frequency with which interest will be credited to the account; (D) the minimum amount which must be deposited in such account to open such account; (E) the minimum balance, if any, that must be maintained to earn the annual percentage yield; and (F) any condition relating to maintenance of a minimum balance for any part of the earning period which may cause interest not to be credited to such account at the end of the earning period.(8) Except as provided in subdivision (4) of section 36a-323, "depositor" means any natural person who is legally entitled to make withdrawals or sell shares from a deposit account at a financial institution regardless of whether a penalty may be imposed for such withdrawal or sale.(9) "Earning period" means the period during which interest accrues and at the end of which accrued interest is credited to a savings or time account.(10) "Financial institution" means any bank, Connecticut credit union or federal credit union.(11) "Interest" means any payment to a depositor or to a deposit account for the use of funds in a deposit account, calculated by application of a periodic rate to the balance. "Interest" does not include the payment of a bonus or other consideration worth ten dollars or less given during a year, the waiver or reduction of a fee, or the absorption of expenses.(12) "Interest rate" means the annual rate of interest paid on a deposit account which does not reflect compounding. For the purposes of deposit account disclosures, the interest rate may be referred to as the "annual percentage rate" in addition to being referred to as the "interest rate".(13) "Office" of a financial institution does not include an automated teller machine or point of sale terminal.(14) "Passbook savings account" means a savings account in which the depositor retains a book or other document in which the financial institution records transactions on the savings account.(15) "Periodic statement" means a statement setting forth information about a deposit account, other than a time account or passbook savings account, that is provided to a depositor on a regular basis four or more times a year.(16) "Post" means to post or otherwise provide notice in a location so that such notice is easily visible to depositors. With regard to an office at which a financial institution lacks access to space for posting notices, such as an office within a retail establishment, "post" means to make available to any depositor upon request.(17) "Savings deposit" means a savings deposit, as defined in section 36a-2, and the payment on shares at a Connecticut credit union or federal credit union, and a "savings account" is a deposit account which contains savings deposits.(18) "Time account" means (A) a deposit account with a maturity of at least seven days in which the depositor generally does not have a right to make withdrawals for six days after the account is opened, unless the deposit is subject to an early withdrawal penalty of at least seven days' interest on amounts withdrawn, and (B) a Connecticut credit union member's payment on shares which such member agrees in writing not to withdraw within the time period stated therein as described in subsection (b) of section 36a-456a.Conn. Gen. Stat. § 36a-316
(P.A. 79-433, S. 2, 11; P.A. 81-261, S. 1; P.A. 87-9, S. 2, 3; P.A. 92-12, S. 15; P.A. 93-168, S. 1, 8; P.A. 94-14, S. 1, 2; 94-122, S. 148, 340; P.A. 98-177, S. 2; 98-258, S. 2; P.A. 01-6, S. 3; P.A. 02-73, S. 76, 83; P.A. 04-136, S. 41; P.A. 08-176, S. 69.)
Subdiv. (6): Statute does not authorize bank which has established an ATM to levy surcharge or fee of any kind upon nondepositor customer. 45 Conn.Supp. 566.