NCUA Issues Final Rule On Overdraft Protection

March 17, 2000, 1:00 a.m. EST 1 Min Read

- ALEXANDRIA, Va. (03/17/00) - The NCUA Board votedThursday to enact a final regulation requiring all federal creditunions offering overdraft protection on share draft accounts tohave written policies. The new regulation will allow a maximum of45 days for a member to balance his or her overdraft and willrequire the credit union to set specific dollar limits onoverdrafts for each individual member. The credit union's overdraftpolicy must also describe the fees or charges the credit union willassess for overdrafts.

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