S.B. 616: California’s New Automatic Exemption Applicable to a Deposit Account

Compliance Bulletin

Under California law, a deposit account owner currently enjoys two groups of automatic protections relating to a deposit account maintained with a financial institution when a creditor or other claimant seeks funds in the account. The financial institution is obligated to grant the protections without further actions by the accountholder. 

For more information, please click here to view the Compliance Bulletin.