Alert August 26, 2008

Massachusetts Governor Signs Legislation Amending 18-65 Law

Massachusetts Governor Deval Patrick signed legislation that amends Massachusetts’ law on savings and checking accounts of persons 65 or older or 18 or younger. The amendment clarifies that a Massachusetts bank may assess fees on such accounts for certain services in accordance with the bank’s published service charge schedule, including stop payment orders, wire transfers, certified or bank checks, money orders, deposit items returned, transactions at electronic branches and through other electronic devices, and services not directly associated with the deposit, withdrawal or transfer of funds from such accounts that are approved by the Massachusetts Division of Banks. The amendment goes into effect on November 3, 2008. Click here for a copy of the amendment.