Many banks charge a daily OD fee - some based on the dollar amount of the OD - in addition to an NSF charge. There is no prohibition against it as long as it is properly disclosed on your Fee Schedule and in your Account Agreement.
That being said, I would caution you to read the revisions to Reg. DD regaridng OD Protection programs before you venture into anything new. With all the hype about OD fees right now, it would be prudent to show that you have conducted due dillegence in this area to any examiner that walks in the door.
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