12 CFR 7.1011
§ 7.1011 National bank acting as payroll issuer.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 7.1011, § 7.1011 National bank acting as payroll issuer, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/42957
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Full text
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.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.