Common use of Bank Account Balances Clause in Contracts

Bank Account Balances. You agree to maintain a positive balance and not to incur overdrafts. If you manage your Bank Account in such a way that it results in a negative balance or becomes overdrawn, you agree to rectify the matter by transferring sufficient funds from your linked external account to repay the overdrawn balance. Your failure to bring your Bank Account to a positive balance could result in the temporary or permanent suspension of your Bank Account and services. Further consequences may be enacted if you do not remedy the situation in a timely manner and may include: (1) the reporting of your negative balance to a reporting agency; (2) legal action; and/or (3) charging you fees for the overdraft in accordance with our Schedule of Fees.