Common use of OVERDRAFT POLICY Clause in Contracts

OVERDRAFT POLICY. (1) Within ninety (90) 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; (c) conditions and circumstances under which overdrafts will be permitted to principal shareholders or the related interests (as that term is defined in 12 C.F.R. Part 215) of executive officers, directors or principal shareholders; and (d) conditions and circumstances under which overdrafts will be charged off. (2) Upon adoption, a copy of this policy shall be forwarded to the Assistant Deputy Comptroller. (3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.

OVERDRAFT POLICY. (1) Within ninety thirty (9030) 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; (c) conditions and circumstances under which overdrafts will be permitted to principal shareholders or the related interests (as that term is defined in 12 C.F.R. Part 215) of executive officers, directors or principal shareholders; and (d) conditions and circumstances under which overdrafts will be charged off. (2) Upon adoption, a copy of this policy shall be forwarded to the Assistant Deputy Comptroller. (3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.

OVERDRAFT POLICY. (1) Within ninety thirty (9030) 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. § ss. 375b; (b) charges that will be levied against depositors using overdrafts; (c) conditions and circumstances under which overdrafts will be permitted to principal shareholders or the related interests (as that term is defined in 12 C.F.R. Part 215) of executive officers, directors or principal shareholders; and (d) conditions and circumstances under which overdrafts will be charged off. (2) Upon adoption, a copy of this policy shall be forwarded to the Assistant Deputy Comptroller. (3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.