2007 Minnesota Statutes

47.77 TRANSFER OF ACCOUNTS PROHIBITED; NOTICE ON CLOSING.
(a) No financial institution shall initiate a transfer of a deposit account to another deposit
account bearing different identification information without sending at least 30 days' prior notice
to at least one of the deposit account holders at the last known address on file with the financial
institution. If the new account is subject to different terms, the financial institution must obtain
the written consent of at least one of the deposit account holders before the new terms become
effective.
(b) No financial institution shall initiate a closure of a deposit account without first sending
at least one of the deposit account holders a notice of intent to close the deposit account. The
notice must be sent to the deposit account holder's last known address on file with the financial
institution at least 30 days before the financial institution closes the deposit account; except
that, if the financial institution has reasonable suspicion to believe that account is being used in
connection with a check-related fraud or other crime or that funds will not be available to pay
items drawn on the account, the notice may be sent the same day as the account is closed.
(c) As used in this section, the following terms have the meanings given them. "Deposit
account" means a contract of deposit of funds between a depositor and a financial institution, and
includes a checking account, savings account, certificate of deposit share account, and other like
arrangement. "Financial institution" means any organization authorized to do business under
state or federal laws relating to financial institutions, including, without limitation, banks and
trust companies, savings banks, savings associations, industrial loan and thrift companies, and
credit unions.
History: 1987 c 349 art 1 s 11; 1995 c 202 art 1 s 25