                                 CODE OF VIRGINIA

OVERDRAFTS BY BANK OFFICER OR DIRECTOR (§ 6.2-877)

No bank shall pay an overdraft of an executive officer or director of the bank
on an account at the bank unless the payment of funds is made in accordance with
(i) a written, preauthorized, interest-bearing extension of credit plan that
specifies a method of repayment or (ii) a written, preauthorized transfer of
funds from another account of the account holder at the bank. This prohibition
does not apply to the payment of inadvertent overdrafts on an account in an
aggregate amount of $1,000 or less if (a) the account is not overdrawn for more
than five business days and (b) the member bank charges the executive officer or
director the same fee charged any other customer of the bank in similar
circumstances.

HISTORY: 1981, c. 343, § 6.1-62.1; 2010, c. 794.