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2018 Georgia Code 7-1-358 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)

O.C.G.A. 7-1-358 Case Law from Google Scholar Amendments to OCGA 7-1-358

TITLE 7 BANKING AND FINANCE

Section 1. Financial Institutions, 7-1-1 through 7-1-1021.

ARTICLE 2 BANKS AND TRUST COMPANIES

7-1-358. Dormant accounts.

In accordance with and subject to the limitation of such regulations as the department may prescribe, a bank may, from time to time, charge a dormant account a reasonable service charge.

(Code 1933, § 13-2067, enacted by Ga. L. 1966, p. 590, § 10; Code 1933, § 41A-1611, enacted by Ga. L. 1974, p. 705, § 1.)

JUDICIAL DECISIONS

Dormant checks, money orders, and drafts deemed "dormant accounts."

- O.C.G.A. § 7-1-358 and a related regulation do not allow assessment of service charges only against dormant deposit accounts; thus, charges against dormant checks, money orders, and drafts qualified as "lawful charges" and were properly withheld from the Department of Revenue when funds were remitted under the Unclaimed Property Act, O.C.G.A. Art. 5, Ch. 12, T. 44. First Union Nat'l Bank v. Collins, 221 Ga. App. 442, 471 S.E.2d 892 (1996).

OPINIONS OF THE ATTORNEY GENERAL

Repeals contrary provision in Disposition of Unclaimed Property Act.

- Ga. L. 1974, p. 705, § 1 (see now O.C.G.A. § 7-1-358) repealed by implication the prohibition against the imposition of a service charge on dormant bank accounts contained in the Disposition of Unclaimed Property Act (see now O.C.G.A. Art. 5, Ch. 12, T. 44). 1975 Op. Att'y Gen. No. 75-128.

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