§ 28-15-5-3 — Methods of withdrawing deposits

Indiana § 28-15-5-3

• Jurisdiction: Indiana
• Art. 15: SAVINGS ASSOCIATIONS
• Ch. 5: Withdrawal of Deposit Accounts

Text

All persons, regardless of age, may become
depositors in a savings association and shall be subject to the same
duties and liabilities respecting their deposits. Whenever a deposit is
accepted by a savings association in the name of any person, regardless
of age, the deposit may be withdrawn by the depositor by any of the
following methods:
(1) Check or other instrument in writing. The check or other
instrument in writing constitutes a receipt or acquittance if it is
signed by the depositor, and constitutes a valid release and
discharge to the savings association for all payments so made.
(2) Electronic means through:
(A) preauthorized direct withdrawal;
(B) an automated teller machine;
(C) a debit card;
(D) a transfer by telephone;
(E) a network, including the Internet; or
(F) any:
(i) electronic terminal;
(ii) computer;
(iii) magnetic tape; or
(iv) other electronic means.
However, this section may not be construed to affect the rights,
liabilities, or responsibilities of participants in an electronic fund
transfer under the federal Electronic Fund Transfer Act (15 U.S.C.
1693 et seq.).

Legislative History

As added by P.L.81-2001, SEC.8.