An association may contract with the proper authorities of any public or nonpublic elementary or secondary school or institution of higher learning, or any public or charitable institution caring for minors, for the participation and implementation by the association in any school or institutional thrift or savings plan, and it may accept savings accounts at the school or institution, either by its own collector or by any representative of the school or institution that becomes the agent of the association for that purpose.
Savings OperationsContracts for Savings Programs
Section § 6700
This law allows an association to partner with schools or institutions, whether public or private, that cater to minors. It permits them to take part in thrift or savings plans set up by these schools or institutions. The association can also collect savings through its own collector or someone from the school or institution who acts as their agent.
thrift plan savings plan school partnerships
Section § 6701
This law section allows associations to enter into contracts with employers for specific financial transactions. First, they can manage savings programs where employees voluntarily save money through payroll deductions into designated accounts. Second, they can handle direct deposits of employees' wages or salaries into their accounts, provided the employee gives written permission.
An association may contract with any employer, as follows:
(a)CA Financial Code § 6701(a) With respect to the solicitation, collection, and receipt of savings by payroll deduction to be credited to a designated account or accounts of its employees who voluntarily elect to participate.
(b)CA Financial Code § 6701(b) With respect to the direct deposit of wages or salary paid to the account of the employee by electronic or other medium upon authorization in writing by the employee and designation of the association as the recipient of the deposits.
payroll deduction direct deposit employee savings
Section § 6702
This law allows an organization to pay its employees or other agents in cash or goods for bringing in new deposits. It's up to the organization to decide the method of payment, whether cash or merchandise.
An association may pay commissions or fees in cash or merchandise for soliciting deposits to any employee of the association or to any broker or agent as determined by the association.
association fees commissions soliciting deposits
