12 CFR 7.1011 - National bank acting as payroll issuer.

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Title 12: Banks and Banking

CHAPTER I: COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY

PART 7: BANK ACTIVITIES AND OPERATIONS

Subpart A: Bank Powers

7.1011 - National bank acting as payroll issuer.

A national bank may disburse to an employee of a customer payroll funds deposited with the bank by that customer. The bank may disburse those funds by direct payment to the employee, by crediting an account in the employee's name at the disbursing bank, or by forwarding funds to another institution in which an employee maintains an account.

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