A depository institution may contract with an employer with respect to the:
(1)
solicitation, collection, and receipt of savings by payroll deduction to be credited to a designated account of an employer’s employee who voluntarily elects to participate; or
Terms Used In Utah Code 7-1-609
Contract: A legal written agreement that becomes binding when signed.
Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:
(a)
holds or receives deposits, savings, or share accounts;
(b)
issues certificates of deposit; or
(c)
provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103
direct deposit by electronic or other medium of wages or salary paid by the employer to the account of the employee in a depository institution upon the employee’s designation in writing of the depository institution as the recipient of the deposits.
