362.385. Rate of interest. - Missouri Statutes

Rate of interest.

362.385. No bank or trust company shall pay any interest onany deposits of money, public or private, which are payable ondemand, at a rate of interest in excess of the current rate ofinterest authorized by the laws of the United States of Americaor by regulations issued under authority of these laws, to bepaid on the deposits by member banks of the Federal ReserveSystem or by banks or trust companies whose deposits are insuredby the Federal Deposit Insurance Corporation; and no bank ortrust company wherein any deposits of such moneys shall be madeshall become obligated or liable on account thereof except forthe safekeeping thereof and for the payment of the amount of thedeposits with interest thereon, if any, lawfully payable underthe provisions of this chapter.

(RSMo 1939 § 7984, A.L. 1967 p. 445)