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Reg O Overdraft Limitations
Answer by Jim Bedsole, BOL Guru
Guru Bios
Question: Do the Reg O overdraft limitations apply to checking accounts that the executive or director signs on, but has no ownership of the funds (excluding related interests)? For example, an account that he/she is Trustee of or an account that requires his/her authorizing signature on the check.
Answer: No, it only applies to an account owned by the director or executive officer (or one from which he/she derives economic benefit from the proceeds).
First published on BankersOnline.com 11/13/06
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