Section 215.18. Closing of savings accounts.

 

(1)  Except as provided in sub. (3) , an association may close a savings account by delivering notice of the closing to the saver or mailing notice to the last-known address of the saver.

(2)  On the date the notice required under sub. (1) is delivered or mailed, all rights of the saver in the savings account terminate except the right to receive the withdrawal value of the account calculated as of the date of delivery or mailing of the notice. A saver remains a member until the withdrawal value of the savings account is paid.

(3)  An association may agree in writing not to close a savings account. The division may promulgate rules restricting the authority of an association to close savings accounts.

1975 c. 359 ; 1983 a. 167 ; 1995 a. 27 .