To: Business Managers
From: Emily Coble, Cash Manager and Acting Director, Accounting Services
Date: July 17, 2014
Please see Policy 306 – Imprest Checking Bank Accounts for an update on Account Overdrafts. Bank of America has changed their policy to charge an overdraft fee for each day the bank account is overdrawn. Currently Bank of America is charging an overdraft fee of $40 per day and the fee is not contingent on the number of checks causing the overdraft. Please be sure to reconcile and reimburse your account as needed so as not to incur overdraft charges.