(a) A director, officer, or employee of a state bank may not knowingly, wilfully, and persistently overdraw the director’s, officer’s, or employee’s account or permit a customer to do so.

Terms Used In Alaska Statutes 06.05.212

  • bank: means a person doing a banking business, including persons subject to the law of this or another jurisdiction. See Alaska Statutes 06.05.990
  • Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(b) An overdraft of more than 30 days’ standing may not be allowed as an asset of the bank.
(c) The provisions of this section do not apply to an approved overdraft created under a check guaranty plan or other similar revolving credit plan.
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