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#671615 - 01/24/07 10:45 PM Closing Accounts Due To Overdrafts
Too Young To Retire Offline
Member
Joined: Jun 2005
Posts: 97
Refresh my memory. I know accounts that are in overdraft have to be closed after 60 days. Is that time frame governed by state or federal? Where can I find it? We're located in IN if it's a state.
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Operations Compliance
#671734 - 01/25/07 12:23 AM Re: Closing Accounts Due To Overdrafts Too Young To Retire
SavannahOne Offline
Diamond Poster
Joined: Sep 2005
Posts: 1,163
Georgia
If you have an ODP program it is covered in the ODP guidance.

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#671768 - 01/25/07 03:41 AM Re: Closing Accounts Due To Overdrafts SavannahOne
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 84,652
Galveston, TX
Actually the 60 day time limit applies to all banks whether they have an ODP program or not and 45 days for a credit union. It is a Safety and Soundness issue and not an ODP issue.

http://www.ncua.gov/letters/2005/CU/05-CU-03Encl.pdf
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#671845 - 01/25/07 02:43 PM Re: Closing Accounts Due To Overdrafts rlcarey
Too Young To Retire Offline
Member
Joined: Jun 2005
Posts: 97
Thank you so much! That's exactly what I was looking for! Have a great day!
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