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Last time I opened a bank account there was only a specific penalty for overdraft, but nothing beyond that in the contract.

> That contract would have included clauses establishing liability for overdrafts

Maybe the contract did not include such a clause? There's a reason why he got acquitted in the end.

He got acquitted of fraud. That doesn't mean he's still not liable for the $2M unless the bankruptcy court relieves that liability.

He was acquitted because they charged him criminally instead of in civil court. He should have had collections go after him while he deals with wage garnishments, not jail time.

Even if the contract did establish that, it's the bank's responsibility to handle the overdraft, it's not his responsibility to avoid overdrafting.