# Mass. Gen. Laws ch. 167D, sec. 5: Demand deposit account and savings account for persons 18 years of age or under or 65 years of age or older > Massachusetts · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S5 ## Section - **Citation:** Mass. Gen. Laws ch. 167D, sec. 5 - **Heading:** Demand deposit account and savings account for persons 18 years of age or under or 65 years of age or older - **Jurisdiction:** Massachusetts - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** MA Code / Part I / Title XXII / Chapter 167D / Section 5 ## Text Section 5. A natural person 18 years of age or under or 65 years of age or older may choose 1 demand deposit account and 1 savings account which, in each instance, shall include a joint account in which the spouse of the eligible depositor, regardless of age, is the joint tenant therein or the joint tenant would otherwise be an eligible depositor and which has been established and used for personal, family or household purposes, upon which no service, maintenance or other similar charge shall be imposed. No such account shall be subject to: (i) a minimum balance requirement; (ii) a charge for a deposit or withdrawal; or (iii) a fee for the initial order or subsequent refills of the basic line of checks offered by the bank, which shall include the name of the depositor. For the purposes of this section, the term ''savings account'' shall include a regular passbook, regular statement savings or regular NOW account, so-called. A savings account in trust for another person shall be covered by the notice, services, fee and charge provisions of this section only if the trustee is a person 18 years of age or under or 65 years of age or older. A consumer shall notify a bank of the consumer's eligibility for such accounts and provide proof of age in a form acceptable to the bank. A bank may, however, assess a fee for certain services in accordance with the bank's published service charge schedule, which shall include, stop payment orders, wire transfers, certified or bank checks, money orders, deposit items returned, transactions at electronic branches and through other electronic devices a reasonable charge, as determined by the commissioner, against any such account when payment on a check or other transaction on the account has been refused because of insufficient funds or paid despite insufficient funds. A bank shall post in each of its banking offices a notice informing consumers of the availability of the banking services under this section. A bank shall, in addition to the notice posting requirement, disclose annually to all depositors, in a manner of its choosing, the provisions of this section applicable to a person 18 years of age or younger or 65 years of age or older. For the purposes of this section, the term ''check or other transaction'' shall include, but not be limited to, a check for purposes of the federal Check Clearing for the 21st Century Act, 12 U.S.C. section 5002, an electronic funds transfer, as defined in section 1 of chapter 167B or regulations thereunder, or a transaction processed by an automated clearinghouse. Section 5. A natural person 18 years of age or under or 65 years of age or older may choose 1 demand deposit account and 1 savings account which, in each instance, shall include a joint account in which the spouse of the eligible depositor, regardless of age, is the joint tenant therein or the joint tenant would otherwise be an eligible depositor and which has been established and used for personal, family or household purposes, upon which no service, maintenance or other similar charge shall be imposed. No such account shall be subject to: (i) a minimum balance requirement; (ii) a charge for a deposit or withdrawal; or (iii) a fee for the initial order or subsequent refills of the basic line of checks offered by the bank, which shall include the name of the depositor. For the purposes of this section, the term ''savings account'' shall include a regular passbook, regular statement savings or regular NOW account, so-called. bject to: (i) a minimum balance requirement; (ii) a charge for a deposit or withdrawal; or (iii) a fee for the initial order or subsequent refills of the basic line of checks offered by the bank, which shall include the name of the depositor. For the purposes of this section, the term ''savings account'' shall include a regular passbook, regular statement savings or regular NOW account, so-called. A savings account in trust for another person shall be covered by the notice, services, fee and charge provisions of this section only if the trustee is a person 18 years of age or under or 65 years of age or older. A consumer shall notify a bank of the consumer's eligibility for such accounts and provide proof of age in a form acceptable to the bank. A bank may, however, assess a fee for certain services in accordance with the bank's published service charge schedule, which shall include, stop payment orders, wire transfers, certified or bank checks, money orders, deposit items returned, transactions at electronic branches and through other electronic devices a reasonable charge, as determined by the commissioner, against any such account when payment on a check or other transaction on the account has been refused because of insufficient funds or paid despite insufficient funds. A bank shall post in each of its banking offices a notice informing consumers of the availability of the banking services under this section. A bank shall, in addition to the notice posting requirement, disclose annually to all depositors, in a manner of its choosing, the provisions of this section applicable to a person 18 years of age or younger or 65 years of age or older. For the purposes of this section, the term ''check or other transaction'' shall include, but not be limited to, a check for purposes of the federal Check Clearing for the 21st Century Act, 12 U.S.C. section 5002, an electronic funds transfer, as defined in section 1 of chapter 167B or regulations thereunder, or a transaction processed by an automated clearinghouse. ## Nearby sections - [Mass. Gen. Laws ch. 167D, sec. 1 Definitions](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S1.md) - [Mass. Gen. Laws ch. 167D, sec. 2 Powers](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S2.md) - [Mass. Gen. Laws ch. 167D, sec. 3 Types of deposits which may be received by bank](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S3.md) - [Mass. Gen. Laws ch. 167D, sec. 3A Savings promotion raffles](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S3A.md) - [Mass. Gen. Laws ch. 167D, sec. 4 Limited access deposit accounts](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S4.md) - [Mass. Gen. Laws ch. 167D, sec. 5 Demand deposit account and savings account for persons 18 years of age or under or 65 years of age or older](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S5.md) - [Mass. Gen. Laws ch. 167D, sec. 6 Fee, charges or assessments; refusal of payment of deposited instruments; costs for processing deposited instrument](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S6.md) - [Mass. Gen. Laws ch. 167D, sec. 7 Provision of cancelled instruments or copies thereof](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S7.md) - [Mass. Gen. Laws ch. 167D, sec. 8 Collateral or security for deposit of money received](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S8.md) - [Mass. Gen. Laws ch. 167D, sec. 9 Deposits from residential dwelling unit lessor acting as trustee for security deposits](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S9.md) - [Mass. Gen. Laws ch. 167D, sec. 10 Deposits from condominium manager or managing agent acting as trustee for condominium funds](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S10.md) - [Mass. Gen. Laws ch. 167D, sec. 11 Lost, stolen or destroyed passbooks](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S11.md) - [Mass. Gen. Laws ch. 167D, sec. 12 Deposits of decedents; payment](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S12.md) - [Mass. Gen. Laws ch. 167D, sec. 13 Unusual demand by depositors for withdrawals; notice of intention to withdraw deposit or to apply for loan secured by deposit](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S13.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S5. Check the current official text before relying on it. Not legal advice.