Massachusetts General Laws ch. 167J sec. 7 – Payment of interest on deposit accounts
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Section 7. A bank may pay interest on deposit accounts in accordance with applicable law. Rates of interest may vary based on the type of account or on the terms and conditions applicable to the account. Such corporation by its by-laws, may provide that fractional parts of a dollar shall not be included in principal in computing interest and may provide that interest shall not be paid on deposits of less than $10.
Terms Used In Massachusetts General Laws ch. 167J sec. 7
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.