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Overdraft Protection for Commercial Accounts

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Question: 
We would like to offer an overdraft protection product for our commercial accounts. What compliance issues will be involved? We have a consumer product already with the proper disclosures.
Answer: 

It would have to be an agreed upon feature and you would need a corporate resolution (or equivilent) authorizing the borrowing of funds, otherwise you risk never being paid back if there is a dispute.

First published on BankersOnline.com 5/23/05

First published on 05/23/2005

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