Available Balance at Posting; Additional Information Sample Clauses

Available Balance at Posting; Additional Information. As indicated above, for overdraft purposes, The Summit determines whether or not a transaction will exceed the account’s available balance by reviewing the available balance at the time of posting when the merchant submits the transaction to The Summit for payment (and not when the transaction was authorized). While The Summit may review the available balance at the time of authorization to determine whether to pay a transaction and The Summit may place an authorization hold on funds, The Summit determines whether or not an overdraft will occur (and whether an overdraft fee will be charged) by reviewing the available balance at the time the transaction is posted to the account. Example: Assume you have a Current Balance of $100 and an Available Balance of $100. If you conduct a Signature- based debit card transaction at a grocery store to buy groceries for $60, then the merchant could ask the Credit Union to pre-authorize the payment. In that case, an “authorization hold” may be placed on your account for $60. Your Current Balance is still $100 because the transaction has not yet posted. Your Available Balance would be $40 because it is reduced by the amount of the authorization hold ($60). Before the grocery store transaction is presented to the Credit Union for posting, a check that you had written for $50 posts to your account. Because your Available Balance was $40 (you had committed to paying the grocery store $60), your account would be overdrawn by $10 when the $50 check posts. In this case, The Summit may pay the $50 check, but you will be charged an overdraft fee. The overdraft fee will be deducted from your account, further reducing the Current Balance and the Available Balance. Assuming the current overdraft fee was $35, your Current Balance after the $50 check posts (but before the $60 grocery store transaction posts) would be $15 (which is $100 minus the $50 check and minus the $35 overdraft fee). And, your Available Balance after the $50 check posts (but before the $60 grocery store transaction posts) would be negative $45 (-$45) which is determined by reducing the Available Balance by $50 for the posting of the check and also $35 for the overdraft fee. Remember, the Available Balance was $40 (the beginning Available Balance of $100 minus the $60 authorization hold for the grocery store transaction) and, thus, the further reductions by $50 and by $35 resulted in an Available Balance negative $45 (-$45). Additionally, when the merchant present...
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Related to Available Balance at Posting; Additional Information

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