Common use of OVERDRAFT POLICY Clause in Contracts

OVERDRAFT POLICY. (1) Within thirty (30) sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written policy concerning the extension of overdrafts that shall include, at a minimum: (a) conditions and circumstances under which overdrafts will be allowed; (b) charges that will be levied against depositors using overdrafts; and, (c) conditions and circumstances under which overdrafts will be charged off. (2) Upon adoption, a copy of this policy shall be forwarded to the ADC.

OVERDRAFT POLICY. (1) Within thirty (30) sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written policy concerning the extension of overdrafts that shall include, at a minimum: (a) conditions and circumstances under which overdrafts will be allowed;, taking into consideration the requirements of 12 U.S.C. § 84 and (b) charges that will be levied against depositors using overdrafts; and, (c) conditions and circumstances under which overdrafts will be charged off. (2) Upon adoptionThe Board shall ensure that the Bank has processes, a copy personnel, and control systems to ensure implementation of this policy shall be forwarded and adherence to the ADCpolicy developed pursuant to this Article.

OVERDRAFT POLICY. (1) Within thirty (30) sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written policy concerning the extension of overdrafts that shall include, at a minimum: (a) conditions and circumstances under which overdrafts will be allowed, taking into consideration the requirements of 12 U.S.C. § 375b; (b) charges that will be levied against depositors using overdrafts; and,; (c) conditions and circumstances under which overdrafts will be charged off. (2) Upon adoption, a copy of this policy shall be forwarded to the ADC.be