Temporary Overdrawings; Drawing Against Uncollected Deposits
CIRCULAR NO. 334 Series of 2002
Pursuant to Monetary Board Resolution No.618 dated April 25, 2002, Section X202.a of the Manual of Regulations for Banks is hereby amended to read as follows:
Section X202 Temporary overdrawings; Drawing Against Uncollected Deposits
"a: Temporary overdrawings. Temporary overdrawings against current account shall not be allowed, unless caused by normal bank charges and other fees incidental to handling such accounts. Banks which violate these regulations shall be subject to a fine of 1/10 of 1% per day of violation, computed on the basis of the amount of overdrawing or fines in amounts as may be determined by the Monetary Board, but not to exceed Thirty thousand pesos (P30,000) a day for each violation, whichever is lower.
"x x x."
This Circular shall take effect immediately.
FOR THE MONETARY BOARD:
ALBERTO V. REYES Officer-in-Charge
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