O.C.G.A.

O.C.G.A. § 7-1-358 (2019)

Dormant accounts

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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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.

History

Code 1933, § 13-2067, enacted by Ga. L.

1966, p. 590, § 10; Code 1933, § 41A1611, enacted by Ga. L. 1974, p. 705, § 1.

Annotations

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. § 44-12-190 et

seq. First Union Nat’l Bank v. Collins, 221 Ga. App. 442, 471 S.E.2d 892, 1996 Ga. App. LEXIS 389 (1996), cert. denied, No.

S96C1460, 1996 Ga. LEXIS 958 (Ga. Sept. 5, 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 L. 1974, p. 705, § 1 (see now O.C.G.A. § 7-1-358) repealed by implication the prohibition against the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. § 44-12-190 et seq.). 1975 Op. Att’y Gen. No. 75-128.

Notes of Decisions

Cited in 1 case, 1996–1996 · leading case: First Union Nat. Bank of Ga v. Collins, 471 S.E.2d 892 (Ga. Ct. App. 1996).

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First Union Nat. Bank of Ga v. Collins, 471 S.E.2d 892 (Ga. Ct. App. 1996). · cites it 4× “In summary, the banks contend they assessed these service charges pursuant to OCGA § 7-1-358, which allows banks to impose reasonable service charges on dormant accounts.”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.