Common use of At Participating Financial Institutions Clause in Contracts

At Participating Financial Institutions. You can use your card with linked accounts at participating financial institutions to obtain a cash withdrawn from a teller. Payments, Credits, and Transfers: You can send or receive electronic transfers from or to your accounts. We may do this by ACH as a member of the National Automated Clearing House Association (Nacha) or other similar networks. Electronic transfers may take various forms, such as: • Automatic electronic deposits to your Account, such as payroll or benefits payments • One-time or Automatic repeating charges to your Account for bill payments sent by a merchant or other payee with your authorization. The merchant or payee may ask you for the routing number and account information from your check or a canceled check to create these orders • A “check conversion” is a transfer where a merchant or other payee using a check that you have written to create an electronic transfer from your Account. The merchant may keep the check you wrote or return it to you Re-presented Draft Transactions and Fees: You may authorize a merchant to electronically collect a fee associated with the re-presentment of a draft that is returned due to insufficient or unavailable funds. If debited as an EFT from a consumer account, the resulting fee transaction is covered by the Electronic Funds Transfer Act and this disclosure. When a merchant re-presents a draft electronically, that transaction is not covered by the Electronic Funds Transfer Act or this disclosure. A description of the transaction will appear on your statement. Limitations on Transactions There are certain limitations on the use of electronic banking services. These include, but are not limited to, the following: Designated Accounts: You may only access your designated accounts with Wellby. Third-Party Transaction Limitation: For some accounts (see account terms), you may make up to six (6) transfers from your account per statement cycle to a third party or to another account of the depositor at Wellby, if by preauthorized or automatic transfer, telephone agreement, order or instruction. Three (3) of these transfers may be made by check, draft, debit card, or similar order, if applicable, made by the account owner(s) and payable to third parties. Daily Limitation: To reduce fraud risk, withdrawal limitations exist on all ATM/Debit Cards. Specifically, we limit the dollar amount and frequency of certain transactions that may be performed during any one (1) day. These limits are categorized into three transaction types: ATM, PIN/Point of Sale, and Non-PIN. You may not perform more than 15 transactions during any one (1) day. The limits listed below are default limits for our standard ATM/Debit Card products. Different limits may be assigned to individual cards using risk-based factors and on a case-by-case