Skip to content

Joint Overdraft Guidance: Extension Past 60 Days?

Answered by: 

Question: 
I understand the Joint Overdraft Guidance states that overdrawn accounts should be charged off after 60 days. Is there anything that would allow for an extension past the 60 day mark? (i.e. a fraud investigation, pending transactions, approval from upper management, etc.)
Answer: 

Well, you can give it a shot, but I have never seen either a regulator or an accounting firm allow it as it could be considered an understatement of charge offs and an overstatement of your loan loss reserves since it goes against direct guidance from the regulators.

First published on 01/31/2021

Filed under: 
Filed under compliance as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics