Bill > H3462

This bill amends Chapter 41 of the General Laws to allow the treasurer of any city, town, or district that accepts this section to pay employees' salaries, wages, or other compensation through direct deposit into their bank accounts. This includes accounts at various financial institutions like savings banks, cooperative banks, trust companies, credit unions, national banking associations, federal savings or loan associations, or federal credit unions located in the Commonwealth, as well as savings and loan associations supervised by the commissioner of banks. A key provision is that if the initial deposit is made to an account at a specific institution, that institution must agree to terms with the treasurer that allow for the immediate direct transfer of the funds to another financial institution chosen by the employee.