6.2-1167 - (Effective October 1, 2010) Rules governing withdrawal. - Virginia Statutes

§ 6.2-1167. (Effective October 1, 2010) Rules governing withdrawal.

A. The holder of a savings account in a savings institution shall have theright to withdraw all or any part of his account. A savings institution shallhave the right to establish the rules governing the withdrawals and may fromtime to time fix the period of notice required to be given for withdrawal. Inno event shall a savings institution delay or postpone the whole or partialpayment of the value of any savings account pursuant to a written withdrawalapplication by a savings account holder for a period exceeding 30 daysfollowing the receipt of such application without first securing writtenpermission from the Commissioner.

B. The holder of a federal tax and loan account or note account as defined inregulations of the U.S. Treasury Department or other federal agency shallhave the right of immediate withdrawal of all or any part of such account. Inno event shall a savings institution delay or postpone the whole or partialpayment of such an account pursuant to a written application by the accountholder.

(Code 1950, § 6-201.2; 1960, c. 402; 1966, c. 584, § 6.1-148; 1972, c. 796, §6.1-195.21; 1979, c. 76; 1985, c. 425, § 6.1-194.50; 1990, c. 3; 1991, c.230, § 6.1-194.134; 2010, c. 794.)