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Can you summarize 5 DECO 947?
Bank Revolving Credit > Overdraft accounts.
Short Summary
This legal document governs the offering and extension of credit under a revolving credit plan in connection with a demand deposit account or other transaction account maintained by the borrower with the bank. It states that any charges customarily imposed by the bank on the demand deposit or transaction account may continue to be imposed on the account without specific reference in the agreement governing the revolving credit plan. If the balance in the account is insufficient to pay such a charge, it may be charged to the borrower’s account under the plan as a loan. The document does not mention any exemptions or penalties.
Whom does it apply to?
Borrowers who have a demand deposit account or other transaction account maintained with the bank
What does it govern?
Bank Revolving Credit
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Delaware