Code Section Group

Financial Code - FIN

DIVISION 2. SAVINGS ASSOCIATION LAW [5000 - 10009]

  ( Division 2 repealed and added by Stats. 1983, Ch. 1091, Sec. 2. )

CHAPTER 5. Savings Operations [6600 - 7154]

  ( Chapter 5 added by Stats. 1983, Ch. 1091, Sec. 2. )

ARTICLE 12. Withdrawals [7100- 7100.]
  ( Article 12 added by Stats. 1983, Ch. 1091, Sec. 2. )

7100.
  

(a) Notwithstanding any other provision of law, but subject to subdivision (b), an association may permit the owner of a deposit or account to make withdrawals by negotiable or transferable instruments for the purpose of making transfers to third parties.

(b) With respect to deposits or accounts on which interest or dividends are paid, subdivision (a) shall apply only to the deposits or accounts which consist solely of funds in which the entire beneficial interest is held by one or more individuals or by an organization which is operated primarily for religious, philanthropic, charitable, educational, political, or other similar purposes and which is not operated for profit.

(c) Notwithstanding any other provision of law, an association may provide for the automatic transfer of funds services at the direction of an account holder.

(Amended by Stats. 1988, Ch. 718, Sec. 12.)

FINFinancial Code - FIN12.