Banking Attorneys
Banks and bank accounts are regulated by both state and federal statutory
law. Bank accounts may be established by national and state chartered
banks and savings associations. All are regulated by the law under which
they were established. Until the early 1980s interest rates on bank accounts
were regulated and controlled by the national government. A ceiling existed
on interest rates for savings accounts. Interest payments on demand deposit
accounts were generally prohibited. Banks were also prohibited from offering
money market accounts.
The Depository Institutions Deregulation Act of 1980 (DIDRA) eliminated
the interest rate controls on savings accounts. The restrictions on checking
and money market accounts were lifted nationwide by the DIDRA and the
Garn-St Germain Depository Institutions Act. The banking crisis of the
1930s led to the development of federal insurance for deposits administered
by the Federal Deposit Insurance Corporation. Funding for the program
comes from premiums paid by member institutions. The bank accounts of
individuals at institutions which are insured are protected for up to
an aggregated total of $100,000.
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