Additional Card Method Requirements. If School offers the Card Method, the provisions of this Section 2.4 are applicable to the Services offered in connection therewith. (a) Prepaid Card Accounts. TMS represents, warrants, and covenants that: (i) Students shall not incur any cost (A) for opening a Prepaid Card Account or initially receiving a Prepaid Card, (B) assessed by the Card Method Bank when conducting a point-of-sale transactions, for conducting a balance inquiry or withdrawal of funds at a domestic ATM that belongs to the surcharge-free regional or national network; (ii) Prepaid Card Accounts are set up at the Card Method Bank to meet requirements for pass-through deposit insurance; (iii) No credit shall be extended or associated with the Prepaid Card Account, and no fee shall be charged, for any withdrawal that exceeds the balance in the Prepaid Card Account; provided, however, that a transaction or a withdrawal that exceeds the balance in the Prepaid Card Account may be permitted only for an inadvertently authorized overdraft, so long as no fee is charged to the Student for such inadvertently authorized overdrafts; and (iv) A Prepaid Card shall not be converted into a credit card.
Appears in 13 contracts
Samples: Student Refund Management Services Agreement, Student Refund Management Services Agreement, Student Refund Management Services Agreement
