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Debiting Deposit Acct w/o Sufficient Funds ODLOC

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Are there any federal regulations which prohibit debiting the deposit account without sufficient funds which is tied to the Overdraft Line of Credit (ODLOC) for the ODLOC payment owed?

No, but it makes absolutely no sense. The only thing that does is hide the past due status of the ODLOC and it is not going to make your safety and soundness regulators very happy.

First published on 04/04/2021

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