The period of such notice varies from a minimum of ten days to a maximum of about sixty days.

In ordinary circumstances it is not needful or usual for a bank to exercise this right, but it is a needful safeguard in times of commercial crises.
This requirement of notice is greatly to the advantage of depositors collectively and thus of the community as a whole.

It is not an undue limitation of the rights of the individual depositor.

It is unfair for the individual, in a period of financial stress, to seek his own safety in a manner which is impossible for all, and thus to endanger the interests of all.[9] The mutual savings banks in 1914 had (on the average) but six tenths of a cent of actual cash (and "checks and cash items") in their tills for every dollar of deposits, but in addition they had for every dollar of deposits four cents due on demand from state and national (commercial) banks.

In the aggregate these demand deposits amounted to the large sum of $172,000,000, a large part of which bore a low rate of interest.
The depositors in savings banks have a direct legal claim on the bank as a corporation.