OK SB287

Amends Oklahoma Statutes 12A O.S. 2001, Section 4-401 regarding when banks may charge customer accounts.

Clarifies that a bank may charge a customer's account for properly payable items, even if it creates an overdraft, provided the item is authorized by the customer and consistent with any customer-bank agreement.

Establishes that a customer is not liable for overdraft amounts if they neither signed the item nor benefited from its proceeds.

Sets the statute of limitations for a customer's claim that a charged item is not properly payable due to forged or unauthorized endorsement, beginning on the date the item is finally paid by the bank.

Becomes effective November 1, 2011.