Florida Statutes

Fla. Stat. § 136.04 (2025)

Depositories to keep demand and time deposits separate; how interest on deposits credited.

✓ 2025 Florida Statutes — current through the 2025 Regular Session

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136.04 Depositories to keep demand and time deposits separate; how interest on deposits credited.—Each bank acting as a depository shall keep all daily balance accounts which are subject to immediate checking, in an account or accounts separate from all savings or time deposit accounts. Funds in a saving or time deposit account shall not be subject to check without being transferred to the checking account by order of the board or officer having control of the same. Each board or officer at all times may transfer money from one of the classes or types of accounts to another. Interest shall be paid by depositories receiving savings or time deposit accounts at such rate or rates as may be agreed upon with respect to such savings or time deposit accounts by the depository and the board or officer having control of such account. All interest earned on any of such deposits shall be credited to the account and fund on which it was earned, and all interest shall be computed and credited quarterly.

History.—s. 5, ch. 6932, 1915; RGS 1562; s. 2, ch. 8527, 1921; CGL 2407; s. 3, ch. 59-23; s. 6, ch. 81-285.

Notes of Decisions

Cited in 1 case, 1968–1968 · leading case: Money v. State ex rel. Florida First Nat'l Bank at Port St. Joe, 206 So. 2d 436 (Fla. 1st DCA 1968).

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Money v. State ex rel. Florida First Nat'l Bank at Port St. Joe, 206 So. 2d 436 (Fla. 1st DCA 1968). · cites it 2× “02 provides that each qualified bank “ * * * shall be entitled to its or their pro rata share of the deposits * * Section 136.04 provides: “Interest shall be paid by banks receiving savings or time deposit accounts at such rate or rates as may be agreed upon.”

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