Missouri § 362.385 - Rate of interest.
Full text of Missouri Revised Statutes of Missouri § 362.385 — Rate of interest., with citation guidance and answers to common questions.
§ 362.385. Rate of interest.
No bank or trust company shall pay any interest on any deposits of money, public or private, which are payable on demand, at a rate of interest in excess of the current rate of interest authorized by the laws of the United States of America or by regulations issued under authority of these laws, to be paid on the deposits by member banks of the Federal Reserve System or by banks or trust companies whose deposits are insured by the Federal Deposit Insurance Corporation; and no bank or trust company wherein any deposits of such moneys shall be made shall become obligated or liable on account thereof except for the safekeeping thereof and for the payment of the amount of the deposits with interest thereon, if any, lawfully payable under the provisions of this chapter.
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(RSMo 1939 § 7984, A.L. 1967 p. 445)
---- end of effective 28 Aug 1967 ----
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 362.385
What does Revised Statutes of Missouri § 362.385 cover?
Section 362.385 ("Rate of interest.") is part of the Revised Statutes of Missouri, the codified statutory law of Missouri. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Missouri § 362.385?
A common citation format is "Revised Statutes of Missouri § 362.385" (Missouri). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Missouri law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Missouri official source linked on this page or consult a licensed Missouri attorney.
How does Missouri § 362.385 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Missouri can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Missouri.