Common use of Card Account Balance Clause in Contracts

Card Account Balance. At any point, the outstanding account balance on your Card Account (“Card Account Balance”) is the amount that you have spent on your Card Account that has not yet been paid off. To calculate your Card Account Balance, we add the Transactions on your Card Account in the billing period to any outstanding balance from the previous billing period, and subtract any payments and credits received during the billing period. You may pay down the Card Account Balance at any time using funds from the Linked Bank Account, as defined below. If at any point your Card Account Balance exceeds the balance in your Secured Account (e.g., because a final Transaction amount exceeds the amount initially authorized when you used your card to make a transaction (the “Authorization Amount”)), we may initiate a transfer from your Linked Bank Account for the difference. We may also, at our sole discretion, limit your ability to use your Card Account, including but not limited to your ability to make additional Transactions on your Card until the difference is either added to your Secured Account or paid off on your Card Account Balance. Generally, your spend limit is equal to the balance in your Secured Account (the “Spend Limit”), subject to the Maximum Balance, as defined in the Secured Account Agreement. Deposits from your Linked Bank Account into your Secured Account will increase your Spend Limit within one Business Day after the transfer is settled. A “ Business Day” is Monday through Friday, excluding federal holidays. At our discretion, we may elect to increase your Spend Limit between the time a transfer is initiated to your Secured Account and the time that transfer settles. If we increase your Spend Limit prior to the settlement of an external transfer, that does not obligate us to do so again at any time in the future. The amount that you have available to spend on your Card Account (the “Available Credit”) is equal to the difference between your Spend Limit and your Card Account Balance. The Available Credit may be impacted by pending purchases, merchant credits for returns, reward program adjustments and authorization holds. If you attempt to complete a Transaction that would exceed your Available Credit, we may decline the Transaction and you must transfer additional funds into your Secured Account or make a payment on your Card Account Balance in order to proceed with the Transaction. The transfer of additional funds into your Secured Account can be done by making a manual transfer or as an automatic transfer as described in the Automatic Fund Transfers section of this agreement below. If at any time you have negative Available Credit, you are obligated to immediately make a payment to bring your Available Credit to at least $0, or we may, at our sole discretion, initiate an automatic transfer from your Linked Bank Account in the amount of the negative Available Credit. We may also, at our sole discretion, limit your ability to use your Card Account, including but not limited to your ability to make additional Transactions on your Card, until the negative Available Credit is eliminated. You authorize us, at our sole discretion, to automatically transfer funds from your Linked Bank Account to your Secured Account whenever you attempt a Transaction when your Available Credit is less than the Transaction amount in order to ensure you have sufficient Available Credit in your Card Account to complete the Transaction. There is no preset limit for the size, amount or frequency of these transfers into your Secured Account. If you disconnect your Linked Bank Account, you will no longer have access to these automatic transfers. We also reserve the right, at any time and at our sole discretion, to limit or decline any automatic transfer for any reason. For example, we may limit your access to automatic transfers if, among other reasons, we determine that there is a high likelihood that the transfer into your Secured Account will fail, which could result in your Card Account having negative Available Credit after the Transaction is completed. We may also limit your access to automatic transfers even if you pay on time and your Card Account is not in default. If we allow a Transaction based on an automatic transfer into the Secured Account, that does not obligate us to do so again at any time in the future. If an automatic transfer fails to clear and results in a negative Available Credit, you are obligated to immediately pay down your Card Account Balance or transfer additional funds into your Secured Account as described in the Available Credit section of this agreement. By using your Card, you hereby authorize us to automatically debit your Linked Bank Account as necessary to ensure that you have sufficient Available Credit to complete any Transaction made with your Card, subject to the Secured Account Agreement. We may resubmit any transfer that is returned for insufficient or uncollected funds or that is returned for any other reason, except as otherwise provided by the Automated Clearing House (ACH) rules or applicable law. Although Imprint does not charge fees on your Card Account, if your automatic transfer is rejected, you may be subject to fees from your external financial institution such as insufficient fund fees, reversal fees, or overdraft fees. You should confirm that there are sufficient funds in your Linked Bank Account to avoid failed transfers that may result in these third-party fees. Use of these automatic transfers may also result in multiple transfers into your Secured Account if, among other reasons, the final Transaction amount exceeds the Authorization Amount.