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Is there an Illinois state law regarding employee overdrafts? – IBA Compliance Connection

Is there an Illinois state law regarding employee overdrafts?

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We are not aware of any Illinois law that would prohibit a bank employee from overdrawing his or her account. We also are not aware of any state or federal law that would prohibit a bank from applying its overdraft protection program to an employee, provided that the program otherwise complies with the requirements for overdraft protection programs. Please note, however, that there would be different concerns regarding the provision of an overdraft line of credit to employees.