§ 96-B — Payroll payment by banks or trust companies

New York § 96-B

• Jurisdiction: New York
• Law BNK: Banking
• Art. 3: Banks and Trust Companies

Text

§ 96-b. Payroll payment by banks or trust companies. l. Every bank\nand trust company shall have the power to enter into contracts with any\nmunicipal corporation, school district, district corporation, town or\ncounty improvement district, public authority, or public corporation to\nreceive in a single payment, for each pay period, the total payroll of\nsuch corporations, districts or authorities and deposit the same in\naccordance with the terms of such contract, which shall include\nprovision for deposits for withholding, retirement and insurance, if\nany.\n 2. The amount due each employee shall be disbursed or credited in\naccordance with the directions of each employee to saving or checking\naccounts, or loan or mortgage accounts within such bank or trust company\nor to a single account in another bank or trust company or savings bank\nor savings and loan association or may be payable in cash or by check to\nsuch employee.\n