SECTIONS 7100 - California Statutes

FINANCIAL CODE

SECTION 7100

7100. (a) Notwithstanding any other provision of law, but subject
to subdivision (b), an association may permit the owner of a deposit
or account to make withdrawals by negotiable or transferable
instruments for the purpose of making transfers to third parties.
(b) With respect to deposits or accounts on which interest or
dividends are paid, subdivision (a) shall apply only to the deposits
or accounts which consist solely of funds in which the entire
beneficial interest is held by one or more individuals or by an
organization which is operated primarily for religious,
philanthropic, charitable, educational, political, or other similar
purposes and which is not operated for profit.
(c) Notwithstanding any other provision of law, an association may
provide for the automatic transfer of funds services at the
direction of an account holder.