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      Overdrafts

Overdrafts If a bank honors a check written by a political committee with insufficient funds in its checking or savings account, no contribution from the bank results as long as the overdraft: Is made on an account subject to automatic overdraft protection;Is subject to a definite interest rate which is the usual and customary rate; andIs subject to a definite repayment schedule. An overdraft that does not meet the conditions is a prohibited contribution. Note that if the overdraft protection is based on a line of credit extended by the bank, draws on that line of credit must be disclosed on Schedule C-1. Reporting bounced checks If a committee reports the receipt of a check and later finds it cannot be negotiated because of insufficient funds in the donor’s account, the committee deducts the amount from its next report as follows: If the receipt was not itemized in a previous report, deduct the amount of the check from the total for unitemized contributions (Line 11(a)(ii) on the Detailed Summary Page).If the receipt was itemized previously, itemize the return of the check as a negative entry on a Schedule A for the appropriate line number. Checks received and returned by the bank in the same reporting period do not need to be reported.
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          Types of contributionsWho can and can't contribute to a nonconnected PACContribution limits to nonconnected PACs Need help? Get help from the FEC by phone or email
 Legal citations Regulations 11 CFR 100.82(d)Bank loans 11 CFR 114.2Prohibitions on contributions, expenditures and electioneering communications


This information is not intended to replace the law or to change its meaning, nor does this information create or confer any rights for or on any person or bind the Federal Election Commission or the public. The reader is encouraged also to consult the Federal Election Campaign Act of 1971, as amended (52 U.S.C. 30101 et seq.), Commission regulations (Title 11 of the Code of Federal Regulations), Commission advisory opinions and applicable court decisions.


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