6.2-1129 - (Effective October 1, 2010) Overdrafts by savings institution officers, directors or employees. - Virginia Statutes

§ 6.2-1129. (Effective October 1, 2010) Overdrafts by savings institutionofficers, directors or employees.

A. No savings institution shall pay an overdraft of an officer, director, oremployee of the institution on any account at the institution unless thepayment of funds is made in accordance with (i) a written, preauthorized,interest-bearing extension of credit plan that specifies a method ofrepayment or (ii) a written, preauthorized transfer of funds from anotheraccount of the account holder at the institution.

B. The prohibition set forth in subsection A does not apply to the payment ofinadvertent overdrafts on an account in an aggregate amount of $1,000 or lessif (i) the account is not overdrawn for more than five business days and (ii)the savings institution charges the officer, director, or employee the samefee charged any other customer of the institution in similar circumstances.

(1972, c. 796, § 6.1-195.40:2; 1982, c. 103; 1985, c. 425, § 6.1-194.22;2010, c. 794.)