Available Balance. We use the “available balance” method to determine whether your account is overdrawn, that is, whether there is enough money in your account to pay for a transaction. Importantly, your “available” balance may not be the same as your account’s “actual” balance. This means an overdraft or an NSF transaction could occur regardless of your account’s actual balance. Your account’s actual balance (sometimes called the ledger balance) only includes transactions that have settled up to that point in time, that is, transactions (deposits and payments) that have posted to your account. The actual balance does not include outstanding transactions (such as checks that have not yet cleared and electronic transactions that have been authorized but which are still pending). The balance on your periodic statement is the ledger balance for your account as of the statement date. As the name implies, your available balance is calculated based on the money “available” in your account to make payments. In other words, the available balance takes transactions that have been authorized, but not yet settled, and subtracts them from the actual balance. In addition, when calculating your available balance, any “holds” placed on deposits that have not yet cleared are also subtracted from the actual balance. Among the transactions holds that may impact your available balance are preauthorized holds placed on accounts by merchants in connection with debit card point-of-sale (POS) transactions. When you use your debit card to make a purchase, you authorize the merchant to ask us to approve the transaction. When we approve the transaction, we must promise the merchant to pay for the purchase upon the merchant’s request. We call this “authorizing” the transaction. Our decision to authorize or decline the transaction is based on your account’s available balance at the time of the request, plus, at our sole discretion, any available overdraft coverage. There is often a delay between the date we authorize a debit card transaction and the date the merchant submits it to us for payment (settlement). We place a hold on your account for any authorized debit card transaction at the time we authorize it, and the hold remains on your account until we pay it. The amount of this temporary hold may be more or less than the actual amount of your purchase when the merchant submits it to us for payment. Preauthorized holds will reduce your available balance at the time of the transaction even though the transaction may not settle until the next day or sometimes a few days later. A preauthorized hold can result in overdraft or NSF Fees if additional items are presented for payment that exceed the reduced available balance resulting from the preauthorized hold. A delay of one to a few days can occur between the merchant’s authorization and final settlement of a POS transaction. Your account’s available balance can decrease due to other intervening transactions and/or fees. Therefore, the POS transaction could exceed your account’s available balance at the time of final settlement even if the available balance was sufficient to cover the transaction at the time it was authorized and may be assessed an overdraft fee. You agree that it is your responsibility to keep track of your available balance as you make transactions in order to avoid overdrafts and fees. Your monthly account statement does not report the holds affecting your account on any given day; as a result, the daily balances reported in your statement may not reflect your available balance(s) occurring on that day. If you have questions about your statement or overdrafts you have incurred, visit one of our branches or call (800) -850-5000 or (000) 000-0000. Re-presented Items: If an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money available in your account, and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee or Uncollected Funds fee for returning the payment. Be aware that such an item or payment may be presented for payment multiple times and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee or Uncollected Funds fee each time a payment is presented if the amount of money available in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented. Consult our Fee Schedule for the fees that apply when we pay your overdrafts or when we charge you an NSF fee or Uncollected Funds fee.
Appears in 2 contracts
Samples: Banking Services Agreement, Banking Services Agreement
Available Balance. We use the “available balance” method to determine whether your account is overdrawn, that is, whether there is enough money in your account to pay for a transaction. Importantly, your “available” balance may not be the same as your account’s “actual” balance. This means an overdraft or an NSF transaction could occur regardless of your account’s actual balance. Your account’s actual balance (sometimes called the ledger balance) only includes transactions that have settled up to that point in time, that is, transactions (deposits and payments) that have posted to your account. The actual balance does not include outstanding transactions (such as checks that have not yet cleared and electronic transactions that have been authorized but which are still pending). The balance on your periodic statement is the ledger balance for your account as of the statement date. As the name implies, your available balance is calculated based on the money “available” in your account to make payments. In other words, the available balance takes transactions that have been authorized, but not yet settled, and subtracts them from the actual balance. In addition, when calculating your available balance, any “holds” placed on deposits that have not yet cleared are also subtracted from the actual balance. Among the transactions holds that may impact your available balance are preauthorized holds placed on accounts by merchants in connection with debit card point-of-sale (POS) transactions. When you use your debit card to make a purchase, you authorize the merchant to ask us to approve the transaction. When we approve the transaction, we must promise the merchant to pay for the purchase upon the merchant’s request. We call this “authorizing” the transaction. Our decision to authorize or decline the transaction is based on your account’s available balance at the time of the request, plus, at our sole discretion, any available overdraft coverage. There is often a delay between the date we authorize a debit card transaction and the date the merchant submits it to us for payment (settlement). We place a hold on your account for any authorized debit card transaction at the time we authorize it, and the hold remains on your account until we pay it. The amount of this temporary hold may be more or less than the actual amount of your purchase when the merchant submits it to us for payment. Preauthorized holds will reduce your available balance at the time of the transaction even though the transaction may not settle until the next day or sometimes a few days later. A preauthorized hold can result in overdraft or NSF Fees if additional items are presented for payment that exceed the reduced available balance resulting from the preauthorized hold. A delay of one to a few days can occur between the merchant’s authorization and final settlement of a POS transaction. Your account’s available balance can decrease due to other intervening transactions and/or fees. Therefore, the POS transaction could exceed your account’s available balance at the time of final settlement even if the available balance was sufficient to cover the transaction at the time it was authorized and may be assessed an overdraft fee. You agree that it is your responsibility to keep track of your available balance as you make transactions in order to avoid overdrafts and fees. Your monthly account statement does not report the holds affecting your account on any given day; as a result, the daily balances reported in your statement may not reflect your available balance(s) occurring on that day. If you have questions about your statement or overdrafts you have incurred, visit one of our branches or call (800) -850-5000 or (000) 000-0000. Re-presented Items: If an item drafted by you 0000 or (such as a check978) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money available in your account, and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee or Uncollected Funds fee for returning the payment. Be aware that such an item or payment may be presented for payment multiple times and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee or Uncollected Funds fee each time a payment is presented if the amount of money available in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented. Consult our Fee Schedule for the fees that apply when we pay your overdrafts or when we charge you an NSF fee or Uncollected Funds fee.745-
Appears in 1 contract
Samples: Business Banking Services Agreement
Available Balance. We use the “available balance” method to determine whether your account is overdrawn, that is, whether there is enough money in your account to pay for a transaction. Importantly, your “available” balance may not be the same as your account’s “actual” balance. This means an overdraft or an NSF transaction could occur regardless of your account’s actual balance. Your account’s actual balance (sometimes called the ledger balance) only includes transactions that have settled up to that point in time, that is, transactions (deposits and payments) that have posted to your account. The actual balance does not include outstanding transactions (such as checks that have not yet cleared and electronic transactions that have been authorized but which are still pending). The balance on your periodic statement is the ledger balance for your account as of the statement date. As the name implies, your available balance is calculated based on the money “available” in your account to make payments. In other words, the available balance takes transactions that have been authorized, but not yet settled, and subtracts them from the actual balance. In addition, when calculating your available balance, any “holds” placed on deposits that have not yet cleared are also subtracted from the actual balance. Among the transactions holds that may impact your available balance are preauthorized holds placed on accounts by merchants in connection with debit card point-of-sale (POS) transactions. When you use your debit card to make a purchase, you authorize the merchant to ask us to approve the transaction. When we approve the transaction, we must promise the merchant to pay for the purchase upon the merchant’s request. We call this “authorizing” the transaction. Our decision to authorize or decline the transaction is based on your account’s available balance at the time of the request, plus, at our sole discretion, any available overdraft coverage. There is often a delay between the date we authorize a debit card transaction and the date the merchant submits it to us for payment (settlement). We place a hold on your account for any authorized debit card transaction at the time we authorize it, and the hold remains on your account until we pay it. The amount of this temporary hold may be more or less than the actual amount of your purchase when the merchant submits it to us for payment. Preauthorized holds will reduce your available balance at the time of the transaction even though the transaction may not settle until the next day or sometimes a few days later. A preauthorized hold can result in overdraft or NSF Fees if additional items are presented for payment that exceed the reduced available balance resulting from the preauthorized hold. A delay of one to a few days can occur between the merchant’s authorization and final settlement of a POS transaction. Your account’s available balance can decrease due to other intervening transactions and/or fees. Therefore, the POS transaction could exceed your account’s available balance at the time of final settlement even if the available balance was sufficient to cover the transaction at the time it was authorized and may be assessed an overdraft fee. You agree that it is your responsibility to keep track of your available balance as you make transactions in order to avoid overdrafts and fees. Your monthly account statement does not report the holds affecting your account on any given day; as a result, the daily balances reported in your statement may not reflect your available balance(s) occurring on that day. If you have questions about your statement or overdrafts you have incurred, visit one of our branches or call (800) -850-5000 or (000) 000-0000. Re-presented Items: If an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money available in your account, and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee or Uncollected Funds fee for returning the payment. Be aware that such an item or payment may be presented for payment multiple times and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee or Uncollected Funds fee each time a payment is presented if the amount of money available in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented. Consult our Fee Schedule for the fees that apply when we pay your overdrafts or when we charge you an NSF fee or Uncollected Funds fee...
Appears in 1 contract
Samples: Banking Services Agreement
Available Balance. We use the “available balance” method to determine whether your account is overdrawn, that is, whether there is enough money in your account to pay for a transaction. Importantly, your “available” balance may not be the same as your account’s “actual” balance. This means an overdraft or an NSF transaction could occur regardless of your account’s actual balance. Your account’s actual balance (sometimes called the ledger balance) only includes transactions that have settled up to that point in time, that is, transactions (deposits and payments) that have posted to your account. The actual balance does not include outstanding transactions (such as checks that have not yet cleared and electronic transactions that have been authorized but which are still pending). The balance on your periodic statement is the ledger balance for your account as of the statement date. As the name implies, your available balance is calculated based on the money “available” in your account to make payments. In other words, the available balance takes transactions that have been authorized, but not yet settled, and subtracts them from the actual balance. In addition, when calculating your available balance, any “holds” placed on deposits that have not yet cleared are also subtracted from the actual balance. Among the transactions holds that may impact your available balance are preauthorized holds placed on accounts by merchants in connection with debit card point-point- of-sale (POS) transactions. When you use your debit card to make a purchase, you authorize the merchant to ask us to approve the transaction. When we approve the transaction, we must promise the merchant to pay for the purchase upon the merchant’s request. We call this “authorizing” the transaction. Our decision to authorize or decline the transaction is based on your account’s available balance at the time of the request, plus, at our sole discretion, any available overdraft coverage. There is often a delay between the date we authorize a debit card transaction and the date the merchant submits it to us for payment (settlement). We place a hold on your account for any authorized debit card transaction at the time we authorize it, and the hold remains on your account until we pay it. The amount of this temporary hold may be more or less than the actual amount of your purchase when the merchant submits it to us for payment. Preauthorized holds will reduce your available balance at the time of the transaction even though the transaction may not settle until the next day or sometimes a few days later. A preauthorized hold can result in overdraft or NSF Fees if additional items are presented for payment that exceed the reduced available balance resulting from the preauthorized hold. A delay of one to a few days can occur between the merchant’s authorization and final settlement of a POS transaction. Your account’s available balance can decrease due to other intervening transactions and/or fees. Therefore, the POS transaction could exceed your account’s available balance at the time of final settlement even if the available balance was sufficient to cover the transaction at the time it was authorized and may be assessed an overdraft fee. You agree that it is your responsibility to keep track of your available balance as you make transactions in order to avoid overdrafts and fees. Your monthly account statement does not report the holds affecting your account on any given day; as a result, the daily balances reported in your statement may not reflect your available balance(s) occurring on that day. If you have questions about your statement or overdrafts you have incurred, visit one of our branches or call (800) -850-5000 or (000978) 000-0000745- 5555. Re-presented Items: If an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money available in your account, and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee or Uncollected Funds fee for returning the payment. Be aware that such an item or payment may be presented for payment multiple times and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee or Uncollected Funds fee each time a payment is presented if the amount of money available in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented. Consult our Fee Schedule for the fees that apply when we pay your overdrafts or when we charge you an NSF fee or Uncollected Funds fee.
Appears in 1 contract
Samples: Business Banking Services Agreement
Available Balance. We use the “available balance” method to determine whether your account is overdrawn, that is, whether there is enough money in your account to pay for a transaction. Importantly, your “available” balance may not be the same as your account’s “actual” balance. This means an overdraft or an NSF transaction could occur regardless of your account’s actual balance. Your account’s actual balance (sometimes called the ledger balance) only includes transactions that have settled up to that point in time, that is, transactions (deposits and payments) that have posted to your account. The actual balance does not include outstanding transactions (such as checks that have not yet cleared and electronic transactions that have been authorized but which are still pending). The balance on your periodic statement is the ledger balance for your account as of the statement date. As the name implies, your available balance is calculated based on the money “available” in your account to make payments. In other words, the available balance takes transactions that have been authorized, but not yet settled, and subtracts them from the actual balance. In addition, when calculating your available balance, any “holds” placed on deposits that have not yet cleared are also subtracted from the actual balance. Among the transactions holds that may impact your available balance are preauthorized holds placed on accounts by merchants in connection with debit card point-of-sale (POS) transactions. When you use your debit card to make a purchase, you authorize the merchant to ask us to approve the transaction. When we approve the transaction, we must promise the merchant to pay for the purchase upon the merchant’s request. We call this “authorizing” the transaction. Our decision to authorize or decline the transaction is based on your account’s available balance at the time of the request, plus, at our sole discretion, any available overdraft coverage. There is often a delay between the date we authorize a debit card transaction and the date the merchant submits it to us for payment (settlement). We place a hold on your account for any authorized debit card transaction at the time we authorize it, and the hold remains on your account until we pay it. The amount of this temporary hold may be more or less than the actual amount of your purchase when the merchant submits it to us for payment. Preauthorized holds will reduce your available balance at the time of the transaction even though the transaction may not settle until the next day or sometimes a few days later. A preauthorized hold can result in overdraft or NSF Fees if additional items are presented for payment that exceed the reduced available balance resulting from the preauthorized hold. A delay of one to a few days can occur between the merchant’s authorization and final settlement of a POS transaction. Your account’s available balance can decrease due to other intervening transactions and/or fees. Therefore, the POS transaction could exceed your account’s available balance at the time of final settlement even if the available balance was sufficient to cover the transaction at the time it was authorized and may be assessed an overdraft fee. You agree that it is your responsibility to keep track of your available balance as you make transactions in order to avoid overdrafts and fees. Your monthly account statement does not report the holds affecting your account on any given day; as a result, the daily balances reported in your statement may not reflect your available balance(s) occurring on that day. If you have questions about your statement or overdrafts you have incurred, visit one of our branches or call (800000) -850000-5000 0000 or (000) 000-0000. Re-presented Items: If an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money available in your account, and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee or Uncollected Funds fee for returning the payment. Be aware that such an item or payment may be presented for payment multiple times and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee or Uncollected Funds fee each time a payment is presented if the amount of money available in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented. Consult our Fee Schedule for the fees that apply when we pay your overdrafts or when we charge you an NSF fee or Uncollected Funds fee...
Appears in 1 contract
Samples: Banking Services Agreement
