Section S. The board may adopt rules to carry out the provisions of this section, including provision for reports to the chairman by a guardian of the use of moneys paid to minors and reports to the chairman by a designated payee of compensation to a minor, in accordance with this section

9. Direct  deposit.  (a)  Compensation  payments  or  any  portion  of
  compensation  payments  may be allowed, upon the written request from an
  injured worker or a person entitled to a death benefit provided by  this
  chapter,  to  be  deposited  directly  in  a  bank for any purpose to an
  account in the name of such injured worker or person entitled to a death
  benefit, on forms provided by the board, and duly  filed  in  accordance
  with  such  regulations,  provided that an injured worker's employer, if
  such employer is an authorized self insured employer, or otherwise  such
  employer's  insurance  carrier, has elected to permit the direct deposit
  of such compensation payments.
    (b) The board is hereby authorized to promulgate reasonable rules  and
  regulations,  as  may  be necessary, to administer the direct deposit of
  injured worker's compensation payments. In regard to the  deposit  of  a
  portion  of  an  injured worker's compensation payment, such regulations

  may establish a minimum dollar amount and may limit the  maximum  number
  of partial deposits allowed.
    (c)  As  used  in  this  subdivision,  the  term  "bank"  includes any
  financial institution which is  a  member  of  the  New  York  automated
  clearinghouse or any financial institution designated by the board.