ACH Transactions. For ATM and one-time debit card transactions, you must affirmatively consent to such coverage. Without your consent, we may not authorize and pay ATM or one-time debit card transaction that will result in insufficient funds in your account. If you have established our Standard Overdraft Protection Program linking your share or deposit account with other suffixes within your account, you authorize us to transfer funds from another suffix of yours to cover an insufficient item, including transfers from a share or deposit account or your Credit Card account if you so designate. Services and fees for these transactions are shown in the document we use to capture affirmative consent and in our Fee Schedule. Except as otherwise agree in writing, if we exercise our right to use our discretion to pay such items that result in an insufficiency of funds in your account, we do not agree to pay them in the future and may discontinue coverage at any time without notice. If we pay these items or impose a fee that results in insufficient funds in your account, you agree to pay the insufficient amount, including the fee assessed by us, in accordance with our Courtesy Pay Overdraft Program or any other service you may have authorized with us, or if you not have such protections with us, in accordance with any overdraft payment policy we have, as applicable. Checks, drafts, transactions, and other items may not be processed in the order that you make them or in the order that we receive them. We may, at our discretion, pay a check, draft, or item, and execute the other transactions on your account in any order we choose. The order in which we process checks, drafts, or items, and execute other transactions on your account may affect the total amount of overdraft fees that may be charged to your account. Please contact us if you have any questions about how we pay checks or drafts and process transfers and withdrawals. You agree not to issue any check or draft that is payable on a future date (postdated). If you do issue a check or draft that is postdated and we pay it before that date, you agree that we shall have no liability to you for such payment. You agree not to deposit checks, drafts, or other items before they are properly payable. We are not obligated to pay any check or draft drawn on your account presented more than six (6) months past its date.
Appears in 3 contracts
Samples: Business Services Membership Account Agreement and Credit Application, Business Account Agreements and Disclosures, Business Services Membership Account Agreement and Credit Application
ACH Transactions. For ATM The Credit Union reserves the right to refuse to honor any requests to stop payment of any ACH Item for any reason consistent with good faith and one-time debit card transactionsthe exercise of ordinary care. Unless you give the correct Account number, you must affirmatively consent and correct Item amount, the Credit Union has no responsibility to such coverage. Without your consent, we may not authorize and pay ATM or one-time debit card transaction that will result in insufficient funds in your accountstop payment. If you have established our Standard Overdraft Protection Program linking the Credit Union credits your share or deposit account with other suffixes within your account, you authorize us to transfer funds from another suffix of yours to cover Account after paying an insufficient item, including transfers from Item over a share or deposit account or your Credit Card account if you so designate. Services valid and fees for these transactions are shown in the document we use to capture affirmative consent and in our Fee Schedule. Except as otherwise agree in writing, if we exercise our right to use our discretion to pay such items that result in an insufficiency of funds in your account, we do not agree to pay them in the future and may discontinue coverage at any time without notice. If we pay these items or impose a fee that results in insufficient funds in your accounttimely stop payment order, you agree to pay assist the insufficient amountCredit Union if it takes legal action upon the Item. You agree to hold harmless and indemnify the Credit Union against all claims, including costs, attorney’s fees, damages, and other expenses or losses that may be incurred by the fee assessed by usCredit Union, in accordance with our Courtesy Pay Overdraft Program or any other service you may have authorized with usits employees, or if agents on account of a stop payment order. This applies to ACH items you issue on your Account. You do not have such protections the right to stop payment on any Item or ACH issued by the Credit Union or drawn on any Account other than your Checking Account. We, at our full and complete discretion, may pay a check, other than a cashier’s, tellers or certified check, presented for payment more than six months after its date. If you do not want us to pay a stale-dated check, you must place a stop-payment order on the check in the manner described above. We strongly suggest that you date checks with usa current date. WE WILL NOT BE LIABLE TO YOU FOR PAYING CHECKS WHICH ARE POST-DATED, in accordance with any overdraft payment policy we have, as applicableSTALE DATED (OLDER THAN SIX MONTHS) OR DO NOT BEAR A DATE. Checks, drafts, transactions, transactions and other items may not be processed in the order that you make them or in the order that we receive them. We may, at our out sole discretion, pay a check, draft, draft or item, and execute the other transactions on your account Account in any order we choose. The order in which we process checks, drafts, or items, drafts and execute other transactions on your account items may affect the total amount of overdraft fees that you may be charged charged. Checks, drafts, and negotiable instruments are generally paid in order from smallest to largest. The Credit Union offers Money Market Accounts pursuant to this section and other applicable provisions contained in this Agreement or by policy established by the Credit Union. You authorize us to honor your account. Please contact us if you have any questions about how we pay checks or drafts withdrawals and process transfers and withdrawalstransfer requests against the funds in your Money Market Account. You agree that all provisions relating to Checking Account as stated in this Membership Agreement including, but not limited to, overdraft protection, shall apply to issue any check or draft that is payable on a future date (postdated)your Money Market Account. If you do issue a check or draft that is postdated Please refer to the Truth in Savings Disclosure, Fee Schedule and we pay it before that datetransaction limitations to determine applicable fees, you agree that we shall have no liability to you minimum balance and other requirements for such payment. You agree not to deposit checks, drafts, or other items before they are properly payable. We are not obligated to pay any check or draft drawn on your account presented more than six (6) months past its dateMoney Market Accounts.
Appears in 2 contracts
Samples: Membership Agreement, Membership Agreement
ACH Transactions. For ATM and one-time debit card transactions, you must affirmatively consent to such coverage. Without your consent, we the Credit Union may not authorize and pay an ATM or one-time debit card transaction that will result in insufficient funds in your account. If you have established our Standard Overdraft Protection Program a service linking your share or deposit account with other suffixes within your accountindividual or joint accounts, you authorize us to transfer funds from other another suffix account of yours to cover an insufficient item, including transfers from a share or deposit account, an overdraft line-of-credit account, or other account or your Credit Card account if you so designate. Services and fees for these transactions are shown in the document we use the Credit Union uses to capture your affirmative consent and in our Fee Schedulethe Schedule of Fees and Charges. Except as otherwise agree agreed in writing, if we exercise our right to use our discretion to pay such items that result in an insufficiency of funds in your account, we do not necessarily agree to pay them in the future and may discontinue coverage at any time without notice. If we pay these items or impose a fee that results in insufficient funds in your account, you agree to pay the insufficient amount, including the fee assessed by us, in accordance with our Courtesy Pay Overdraft Program standard overdraft services or any other service you may have authorized with us, or if you do not have such protections with us, in accordance with any overdraft payment policy we have, as applicable. ChecksIf this is a joint account (that is, draftsif two or more people are parties to this account), transactionsall of the joint owners are jointly and severally liable to repay the Credit Union the amount of any overdraft and service charges, regardless, which of the parties writes the draft that creates an overdraft.
b. How Transactions are Posted to Your Account. Basically, there are two types of transactions that affect your account: credits (deposits of money into your account) and other items may not be processed in the order debits (payments out of your account). It is important to understand how each is applied to your account so that you make them or in the order that know how much money you have and how much is available to you at any given time. This section explains generally how and when we post transactions to your account. Credits. Deposits are generally added to your account when we receive them. We mayHowever, at our discretion, pay in some cases when you deposit a check, draft, or itemthe full amount of the deposit may not be available to you at the time of deposit. Please refer to the Funds Availability Policy Disclosure for details regarding the timing and availability of funds from deposits. Debits. There are several types of debit transactions. Common debit transactions are generally described below. Keep in mind that there are many ways transactions are presented for payment by merchants, and execute the other transactions on your account in any order we choose. The order in which we process checks, drafts, or items, and execute other transactions on your account may affect the total amount of overdraft fees that may be charged to your account. Please contact us if you have any questions about how we pay checks or drafts and process transfers and withdrawals. You agree not to issue any check or draft that is payable on a future date (postdated). If you do issue a check or draft that is postdated and we pay it before that date, you agree that we shall have no liability to you for such payment. You agree not to deposit checks, drafts, or other items before they are properly payable. We are not obligated to pay any check or draft drawn on your account presented more than six (6) months past its datenecessarily in control of when transactions are received.
Appears in 2 contracts
Samples: Membership/Account Agreement, Membership/Account Agreement
ACH Transactions. For ATM We may accept on your behalf payments to your accounts which have been transmitted through one or more Automated Clearing Houses (ACH) and one-time debit card transactionswhich are not subject to the Electronic Fund Transfer Act and your rights and obligations with respect to such payments shall be construed in accordance with and governed by laws of the state of New York as provided by the operating rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your accounts. Credit given by us with respect to an ACH credit entry is provisional until we receive final settlement for such entry through the Federal Reserve Bank. If we do not receive such final settlement, you must affirmatively consent are hereby notified and agree that we are entitled to a refund of the amount credited to your account in connection with such coverageentry, and the party making payment to you via such entry shall not be deemed to have paid you the amount of such entry. Without Under the operating rules of the National Clearing House Association, which are applicable to ACH transactions involving your consentaccounts, we are not required to give next day notice to you of receipt of an ACH item and we will not do so. However, we will continue to notify you of the receipt of payments in the periodic statements we provide to you. ACH AND WIRE TRANSFER: We may (but are not obligated to) accept instructions from you to initiate ACH transfers of funds from your accounts. In addition, we may (but are not authorize obligated to) execute your payment orders for wire transfer of funds from your accounts. We may, in our sole discretion, establish transaction limits or other conditions applicable to ACH or wire transfers requested by you. Such conditions may include requiring you to enter into a Business Online Banking Access Agreement and/or other agreements specifying additional terms and pay ATM conditions applicable to your ACH or onewire transfer transactions. STOP PAYMENTS: Unless otherwise provided, the rules in this section cover stopping payment of items such as checks and drafts drawn on your accounts. Fees for stop-payment orders are set forth on our schedule of fees applicable to your accounts, as in effect from time to time. You may not stop payment on any certified check, official check, or any other check, draft, or payment guaranteed by us. Rules for stopping payment of other types of transfers of funds may be established by law or our policy or a separate agreement with you applicable to such transfers. RIGHT TO PAY OR RETURN: If a check, draft, transfer, ACH debit entry, debit card transaction that will result in insufficient transaction, or other electronic transactions is presented without sufficient funds in your accountaccount to pay it, we may, at our discretion, pay it (creating an overdraft) or return it (NSF). If you have established our Standard Overdraft Protection Program linking your share We may honor overdrafts of electronic transaction types such as, but not limited to, debit card, ACH, point of sale, or deposit account with other suffixes within your account, you authorize us to transfer funds from another suffix of yours to cover an insufficient item, including transfers from a share or deposit account or your Credit Card account if you so designateonline banking transactions. Services and fees for these transactions are shown in the document Unless we use to capture affirmative consent and in our Fee Schedule. Except as otherwise agree in writing, if we exercise our will not honor overdrafts of any type from the ATM or transactions conducted in person with a banking representative. While we reserve the right to use our discretion pay or not pay any item presented without sufficient funds, you may request that we not pay such items. In that case, we will return any item presented without sufficient funds (NSF). If you prefer that we not pay such items, you must contact us by calling us or by writing us and informing us that you do not want us to pay such any items that result presented without sufficient funds. If you do not notify us, we retain the right, in an insufficiency our discretion, to pay or not pay any item presented without sufficient funds. The amounts of the overdraft and NSF fees are disclosed in our schedule of fees applicable to your accounts, as in effect from time to time. OVERDRAFTS: If at any time, the available funds in your account are not sufficient to cover checks, draft, transfers, ACH debit entries, debit cards, or other electronic transactions presented for payment on your account, those checks and items will be handled in accordance with our overdraft procedures. You will be obligated to pay, and your account will then be subject to, a fee for the item, whether paid or returned, as set forth in our schedule of fees applicable to your accounts, as in effect from time to time. A fee is imposed for any overdraft created by checks, ACH, debit cards, or by other electronic means. Additionally, more than one overdraft fee may be charged against an account per day, depending on the number of checks, items, or other transactions presented on, and other withdrawals made from, the account. Except as otherwise agreed in writing, by covering one or any overdraft, we do not agree to pay them cover overdrafts in the future and may discontinue coverage covering overdrafts at any time without noticetime. If we pay these items a check, item or impose a fee other transaction that results in insufficient funds in would otherwise overdraw your account, you agree to pay the insufficient amount, including overdrafted amount to us immediately. We reserve the fee assessed by us, in accordance with our Courtesy Pay Overdraft Program or right to pursue collection of previously dishonored items at any other service you may have authorized with us, or if you not have such protections with us, in accordance with any overdraft payment policy we have, as applicabletime. Checks, drafts, PAYMENT ORDER OF ITEMS: We process and post transactions, both credits and other items may not be processed in debits, throughout the order that you make them or in the order that we receive them. We may, at our discretion, pay a check, draft, or item, and execute the other transactions on your account in any order we chooseday. The order in which you write checks and authorize other withdrawals from your Account will not necessarily be the same as the order in which we process checks, drafts, or items, receive and execute other post these transactions on to your account may Account. This can affect the total amount of overdraft fees that may be charged to incurred on your account. Please contact us if TRANSFER LIMITATIONS: For savings and money market accounts you have any questions about how we pay checks or drafts and process transfers and withdrawals. You agree not may make up to issue any check or draft that is payable on a future date (postdated). If you do issue a check or draft that is postdated and we pay it before that date, you agree that we shall have no liability to you for such payment. You agree not to deposit checks, drafts, or other items before they are properly payable. We are not obligated to pay any check or draft drawn on your account presented more than six (6) months past its datetransfers or withdrawals by means of a preauthorized, automatic, computer, or telephonic transfer to another account of yours or (for TELEPHONE TRANSFERS: A telephone transfer of funds from one of your accounts to another account with us, if otherwise arranged for or permitted, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. Unless a different limitation is disclosed in writing, we restrict the number of transfers from a savings account to another account or to third parties, to a maximum of six (6) per month (less the number of "preauthorized transfers" during the month).
Appears in 2 contracts
Samples: Business and Commercial Deposit Account Terms & Conditions, Business and Commercial Deposit Account Terms & Conditions
ACH Transactions. For ATM and one-time debit card transactions, you must affirmatively consent to such coverage. Without your consent, we may not authorize and pay ATM or one-time debit card transaction that will result in insufficient funds in your account. If you have established our Standard Overdraft Protection Program linking your share or deposit account with other suffixes within your account, you authorize us to transfer funds from another suffix of yours to cover an insufficient item, including transfers from a share or deposit account or your Credit Card account if you so designate. Services and fees for these transactions are shown in the document we use to capture affirmative consent and in our Fee Schedule. Except as otherwise agree agreed in writing, if we exercise our right to use our discretion to pay such items that result in an insufficiency of funds in your account, we do not agree to pay them in the future and may discontinue coverage at any time without notice. If we pay these items or impose a fee that results in insufficient funds in your account, you agree to pay the insufficient amount, including the fee assessed by us, in accordance with our Courtesy Pay Overdraft Program standard overdraft services or any other service you may have authorized with us, or if you do not have such protections with us, in accordance with any overdraft payment policy we have, as applicable.
b. Order of Payments. Checks, drafts, transactions, and other items may not be processed in the order that you make them or in the order that we receive them. We may, at our discretion, pay a check, draft, or item, and execute the other transactions on your account in any order we choose. The order in which we process checks, drafts, or items, and execute other transactions on your account may affect the total amount of overdraft fees that may be charged to your account. Please contact us if you have any questions about how we pay checks or drafts and process transfers and withdrawals.
15. POSTDATED AND STALEDATED CHECKS OR DRAFTS - You agree not to issue any check or draft that is payable on a future date (postdated). If you do issue a check or draft that is postdated and we pay it before that date, you agree that we shall have no liability to you for such payment. You agree not to deposit checks, drafts, or other items before they are properly payable. We are not obligated to pay any check or draft drawn on your account that is presented more than six (6) months past its date.
16. STOP PAYMENT ORDERS -
a. Stop Payment Order Request. Any owner may request a stop payment order on any check or draft drawn on the owner's account. To be binding, the order must be in writing, dated and signed, and must accurately describe the check or draft, including the exact account number, the check or draft number, and the exact amount of the check or draft. This exact information is necessary for the Credit Union's computer to identify the check or draft. If we receive incorrect or incomplete information, we will not be responsible for failing to stop payment on the check or draft. In addition, we must receive sufficient advance notice of the stop payment order to allow us a reasonable opportunity to act on it. If we recredit your account after paying a check or draft over a valid and timely stop payment order, you agree to sign a statement describing the dispute with the payee, to assign to us all of your rights against the payee or other holders of the check or draft, and to assist us in any legal action.
Appears in 1 contract
Samples: Membership and Account Agreement