§ 28-7-1-37 — Withdrawal of deposits

Indiana § 28-7-1-37

• Jurisdiction: Indiana
• Art. 7: SPECIALIZED FINANCIAL INSTITUTIONS
• Ch. 1: Credit Unions

Text

All members, regardless of age, may become
depositors in a credit union and shall be subject to the same duties and
liabilities respecting their deposits. Whenever a deposit is accepted by
a credit union 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may be withdrawn by the depositor by any of the following methods: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 credit union 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.7.