Page 7 from the FIL you referenced:
In some cases, an institution may allow a consumer to cover an overdraft through an extended repayment plan when the consumer is unable to bring the account to a positive balance within the required time frames. The existence of the repayment plan, however, would not extend the charge-off determination period beyond 60 days (or shorter period if applicable) as measured from the date of the overdraft. Any payments received after the account is charged off (up to the amount charged off against allowance) should be reported as a recovery.
If the repayment plan contains more than 4 installment payments, you may also have a Reg. Z issue. Is there a way you can charge off the account balance without closing the account?