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#210888 - 07/14/04 06:32 PM Withdrawal Slips used on Corporate accounts
BQA Offline
New Poster
Joined: Dec 2003
Posts: 10
SoCal
In the Banking world Corporations are not allowed to make withdrawals against their account using withdrawal slips; they must use checks. Does anyone know if this is true for Credit Unions as well?

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#210889 - 07/14/04 07:38 PM Re: Withdrawal Slips used on Corporate accounts
Tisa Offline
Platinum Poster
Tisa
Joined: Jun 2003
Posts: 938
Do you know the way to ...
Credit unions can't take corporate accounts unless it's specifically written into their charter that corporations can be members. And even then, they're difficult to monitor, as every shareholder must first be a member, and must remain a member as long as the corporation's account is open. (And you guys thought we had it easy?)

So I don't know of many credit unions where the issue of withdrawal slips vs. share drafts even comes up.
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Just a lowly 1st Year Law Student ("1L"), so don't take anything I say seriously!

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#210890 - 07/30/04 10:02 PM Re: Withdrawal Slips used on Corporate accounts
BQA Offline
New Poster
Joined: Dec 2003
Posts: 10
SoCal
Yes, our Credit Union has many Corporate accounts and it is stated in our charter that corporations can be members. Does anyone else have input on this issue of using withdrawal slips?

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#210891 - 08/03/04 12:39 AM Re: Withdrawal Slips used on Corporate accounts
Banker Boy Offline
Member
Banker Boy
Joined: Oct 2003
Posts: 69
Florida
Quote:

In the Banking world Corporations are not allowed to make withdrawals against their account using withdrawal slips; they must use checks. Does anyone know if this is true for Credit Unions as well?




This rule is not true at my bank. Withdrawal slips are permitted to withdraw from checking for both business & consumer accounts.

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