The check is drawn on an account with reported overdrafts."
As the phrase appears in Model form C-13 it refers to an item "..drawn on an account with
repeated overdrafts." Generally, checks are not "drawn on" the account to which they are deposited.
If the account (customer) to which the item is being deposited is frequently overdrawn, then the basis for the exception hold is "repeat overdrafter" not "reasonable cause to doubt collectibility" as reflected in Model form C-13.