Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-114. Types of savings contracts

(a) An association may make any type of savings account contract including a savings deposit account, a savings account subject to withdrawal on demand, and an optional type savings account subject to withdrawal by a Negotiable Order of Withdrawal. Savings accounts shall be issued in accordance with such regulations as the department shall prescribe. No type of account may be created by any association which imposes fines as penalties for late payment or nonpayment for a period of longer than six months. The resolution of the board creating the account may provide for transfer of the account at the termination of this period to another type of account.

(b) Any share certificates which may be outstanding upon the effective date of this act which were valid under prior law shall continue to be valid, with the same rights and privileges and subject to the same duties and liabilities as though such certificates were savings accounts opened in accordance with the terms of this act in the amount of the withdrawal value of such certificates.