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#6774 - 11/16/01 10:25 PM Preferential interest paid on deposit accounts?
Princess Romeo Offline

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Princess Romeo
Joined: Jun 2001
Posts: 8,272
Where the heart is
Okay - It's Friday again and I'm having brain fade. I know there is a prohibition aganist paying a preferential rate to an Insider, such as a Director, Executive, Shareholder, etc.

However, I cannot locate exactly where that prohibition is stated.

Can someone give me a reference or a link?

Thanks!

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General Discussion
#6775 - 11/17/01 02:56 AM Re: Preferential interest paid on deposit accounts?
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,748
On the Net
I believe what you want is 12 USC 376.

12USC-CH3-Sec. 376. Rate Of Interest Paid To Directors, Etc.

No member bank shall pay to any director, officer, attorney, or employee a greater rate of interest on the deposits of such director, officer, attorney, or employee than that paid to other depositors on similar deposits with such member bank.

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Andy Zavoina
Opinions stated are not necessarily that of my employer.

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My opinions are not necessarily my employers.
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