§ 6.1-194.22. Overdrafts by savings institution officers, directors or employees
A. No savings institution shall pay an overdraft of an officer, director or employee of the institution on any account or accounts at the institution unless the payment of funds is made in accordance with (i) a written, preauthorized, interest-bearing extension of credit plan that specifies a method of repayment or (ii) a written, preauthorized transfer of funds from another account of the account holder at the institution.
B. The prohibition set forth in subsection A of this section does not apply to the payment of inadvertent overdrafts on an account in an aggregate amount of $1,000 or less, provided that (i) the account is not overdrawn for more than five business days, and (ii) the savings institution charges the officer, director or employee the same fee charged any other customer of the institution in similar circumstances.
(Code 1950, § 6.1-195.40:2; 1982, c. 103; 1985, c. 425.)
Sections: Previous 6.1-194.15 6.1-194.16 6.1-194.17 6.1-194.18 6.1-194.19 6.1-194.20 6.1-194.21 6.1-194.22 6.1-194.23 6.1-194.24 6.1-194.25 6.1-194.26 6.1-194.27 6.1-194.28 6.1-194.29 NextLast modified: April 2, 2009