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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
200
:
CONSUMER PROTECTION
Subchapter
005
:
BANK PRODUCTS; PROHIBITIONS
§
10502. Definitions relating to basic banking
As used in
sections 10501 through 10504 of this title, the following terms shall have the
following meanings:
(1) "Basic
checking account" means a deposit account on which the consumer is
permitted to make payments or transfers by check, money order, or other
negotiable instruments and which is maintained by such person for personal,
family, or household purposes.
(2) "Basic
savings account" means a savings account or statement savings which is
maintained by such person for personal, family, or household purposes.
(3)
"Consumer" means a natural person. (Added 1999, No. 153 (Adj. Sess.),
§ 2, eff. Jan. 1, 2001.)