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#2162733 - 02/01/18 04:21 PM Overdraft Chargeoffs
Oscar Offline
Member
Joined: Aug 2017
Posts: 53
Hello,

I have a senior officer insisting that we can set our charge off timeframe at 90 days. The last guidance I have seen is the joint guidance from 2005 that states overdraft balances should be charged off no later than 60 days. Has there been any recent guidance changing that?

Thank you,

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Operations Compliance
#2162764 - 02/01/18 06:19 PM Re: Overdraft Chargeoffs Oscar
BrianC Online
Power Poster
BrianC
Joined: Nov 2004
Posts: 6,689
Illinois
60 days is still the requirement and has been long before 2005, (note for credit unions the requirement is 45 days.)
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#2162768 - 02/01/18 06:36 PM Re: Overdraft Chargeoffs Oscar
Oscar Offline
Member
Joined: Aug 2017
Posts: 53
Thank you for confirming!

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#2162800 - 02/01/18 08:31 PM Re: Overdraft Chargeoffs Oscar
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Quote:
I have a senior officer insisting


The preface to many misguided decisions. If only insistence was a badge of knowledge.

P.S. The purpose behind "the rule" is to assure the accuracy of the bank's income statement. It really has nothing at all to do with overdraft programs per se.
Last edited by Ken_Pegasus; 02/01/18 09:09 PM. Reason: Add P.S.
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