Common use of CHECKING ACCOUNT BALANCE Clause in Contracts

CHECKING ACCOUNT BALANCE. Your checking account has two kinds of balances: the “balance” and the “available balance.” Each can be checked when you review your account through digital banking, on our mobile application, at an ATM, or by calling us. It is important to understand how the two balances work so you know how much money is in your account at any given time. Your balance is the full amount of all deposits (even though some portion of a deposit may be on hold and may not be available to you) less payment transactions that have been presented and “posted” to your account (but not payment transactions that have been authorized and are pending). Thus, while the term “balance” may seem to indicate the amount in your account that is available for you to spend, that is not always the case. Any holds for purchase transactions, holds on deposits, or other checks, payments, and service charges that have not yet posted will not appear in your balance. For example, if you have a $50 balance, but you just wrote a check for $40, then your balance is still shown as $50 because it does not reflect the pending check transaction. At that point, you actually have $50, but you have already spent $40. Your available balance is the amount of money in your account that is available for you to use. The available balance is the balance less things like holds placed on deposits and pending transactions (such as pending debit card purchases) that we have authorized but that have not yet posted to your account. For example, assume you have a balance of $50 and an available balance of $50. If you were to use your debit card at a restaurant to buy lunch for $20, that merchant could ask us to authorize the payment. In that case, we will reduce your available balance by $20 because once we authorize the payment, we are obligated to pay it. Your balance would still be $50 because this transaction has not yet been presented to us and posted to your account, but your available balance would be $30 because you have committed to pay the restaurant $20. When the restaurant presents its bill for payment (which could be several days later), we will post the transaction to your account and your actual balance will be reduced by $20, and both your balance and your available balance will be $30. Available balance at the time transactions are presented to us and posted to your account (not when they are authorized) is used to determine when your account is overdrawn. The following example illustrates how this works: Assume your balance and available balance are each $100, and you use your debit card to pay a $60 bill at a restaurant. As a result, your available balance will be reduced by $60, so your available balance is now $40. However, your balance is still $100. Before the restaurant charge is presented to us for posting, a check that you wrote for $50 posts. Because you have only $40 available (you have committed to pay the restaurant $60), your account will be overdrawn by $10, even though your balance was $100 before the check posted and is still $50 after the check posts. In this case, we may pay the $50 check. Also, when the $60 restaurant charge is presented to us and posted to your account, your available balance is insufficient because of the intervening check, even though your available balance was sufficient to pay it when it was authorized. It is very important to understand you may still overdraw your account even though the available balance appears to show there are sufficient funds to cover a transaction that you want to make. This is because your available balance may not reflect all the outstanding checks and automatic bill payments that you have authorized, or other outstanding transactions that have not been authorized or paid from your account. In the example above, the outstanding check will not be reflected in your available balance until it is presented to us and posted to your account. In addition, your available balance may not reflect all of your debit card transactions. For example, if a merchant obtains our prior authorization but does not submit a one-time or everyday debit card transaction for payment within a time frame established by us (usually within three business days of authorization but could be longer for certain types of debit card transactions), we will release the authorization hold when required by card network rules. If the authorization hold is released, then your available balance will not reflect this pending transaction until it has been presented to us for payment and posted to your account.

CHECKING ACCOUNT BALANCE. Your checking account has two kinds of balances: the “balance” and the “available balance.” Each can be checked when you review your account through digital bankingonline, on our your mobile application, at an ATM, by phone, or by calling usat a branch. It is important to understand how the two balances work so you know how much money is in your account at any given time. Your balance is the full amount of all deposits (even though some portion of a deposit may be on hold and may not be available to you) less payment transactions that have been presented and “posted” to your account (but not payment transactions that have been authorized and are pending). Thus, while the term “balance” may seem to indicate the amount in your account that is available for you to spend, that is not always the case. Any holds for purchase transactions, holds on deposits, or other checks, payments, payments and service charges fees that have not yet posted will not appear in your balance. For example, if you have a $50 balance, but you just wrote a check for $40, then your balance is still shown as $50 because it does not reflect the pending check transaction. At that point, you actually have $50, but you have already spent $40. Your available balance is the amount of money in your account that is available for you to use. The available balance is the balance less things like holds placed on deposits and pending transactions (such as pending debit card purchases) that we have MSUFCU has authorized but that have not yet posted to your account. For example, assume you have a balance of $50 and an available balance of $50. If you were to use your debit card at a restaurant to buy lunch for $20, that merchant could ask us MSUFCU to authorize the payment. In that case, we MSUFCU will reduce your available balance by $20 because once we authorize the payment, we are obligated to pay it. Your balance would still be $50 because this transaction has not yet been presented to us and posted to your account, but your available balance would be $30 because you have committed to pay the restaurant $20. When the restaurant presents its bill for payment (which could be several days later), we MSUFCU will post the transaction to your account and your actual balance will be reduced by $20, and both your balance and your available balance will be $30. Available balance at the time transactions are presented to us MSUFCU and posted to your account (not when they are authorized) is used to determine when your account is overdrawn. The following example illustrates how this workswork: Assume your balance and available balance are each $100, and you use your debit card to pay a $60 bill at a restaurant. As a result, your available balance will be reduced by $60, so your available balance is now $40. However, your balance is still $100. Before the restaurant charge is presented to us MSUFCU for posting, a check that you wrote for $50 posts. Because you have only $40 available (you have committed to pay the restaurant $60), your account will be overdrawn by $10, even though your balance was $100 before the check posted and is still $50 after the check posts. In this case, we MSUFCU may pay the $50 check, but you will be charged an Overdraft fee. That fee will be deducted from your account, further reducing the balance and available balance. Also, when the $60 restaurant charge is presented to us MSUFCU and posted to your account, your available balance is insufficient because of the intervening check, and you will be charged a fee for that transaction as well, even though your available balance was sufficient to pay it when it was authorized. It is very important to understand that you may still overdraw your account even though the available balance appears to show there are sufficient funds to cover a transaction that you want to make. This is because your available balance may not reflect all the outstanding checks and automatic bill payments that you have authorized, or other outstanding transactions that have not been authorized or paid from your account. In the example above, the outstanding check will not be reflected in your available balance until it is presented to us MSUFCU and posted to your account. In addition, your available balance may not reflect all of your debit card transactions. For example, if a merchant obtains our MSUFCU’s prior authorization but does not submit a one-time or everyday debit card transaction for payment within a time frame established by us MSUFCU (usually within three business days of authorization but could be longer for certain types of debit card transactions), we MSUFCU will release the authorization hold on the transaction. MSUFCU will also release the authorization hold when required by card network rules. If the authorization hold is released, then your available balance will not reflect this pending transaction until it has been presented to us MSUFCU for payment and posted to your account.

CHECKING ACCOUNT BALANCE. Your checking account has two kinds of balances: the “balance” and the “available balance.” Each can be checked when you review your account through digital bankingonline, on our your mobile application, at an ATM, by phone, or by calling usat a branch. It is important to understand how the two balances work so you know how much money is in your account at any given time. Your balance is the full amount of all deposits (even though some portion of a deposit may be on hold and may not be available to you) less payment transactions that have been presented and “posted” to your account (but not payment transactions that have been authorized and are pending). Thus, while the term “balance” may seem to indicate the amount in your account that is available for you to spend, that is not always the case. Any holds for purchase transactions, holds on deposits, or other checks, payments, payments and service charges fees that have not yet posted will not appear in your balance. For example, if you have a $50 balance, but you just wrote a check for $40, then your balance is still shown as $50 because it does not reflect the pending check transaction. At that point, you actually have $50, but you have already spent $40. Your available balance is the amount of money in your account that is available for you to use. The available balance is the balance less things like holds placed on deposits and pending transactions (such as pending debit card purchases) that we have MSUFCU has authorized but that have not yet posted to your account. For example, assume you have a balance of $50 and an available balance of $50. If you were to use your debit card at a restaurant to buy lunch for $20, that merchant could ask us MSUFCU to authorize the payment. In that case, we MSUFCU will reduce your available balance by $20 because once we authorize the payment, we are obligated to pay it. Your balance would still be $50 because this transaction has not yet been presented to us and posted to your account, but your available balance would be $30 because you have committed to pay the restaurant $20. When the restaurant presents its bill xxxx for payment (which could be several days later), we MSUFCU will post the transaction to your account and your actual balance will be reduced by $20, and both your balance and your available balance will be $30. Available balance at the time transactions are presented to us MSUFCU and posted to your account (not when they are authorized) is used to determine when your account is overdrawn. The following example illustrates how this workswork: Assume your balance and available balance are each $100, and you use your debit card to pay a $60 bill xxxx at a restaurant. As a result, your available balance will be reduced by $60, so your available balance is now $40. However, your balance is still $100. Before the restaurant charge is presented to us MSUFCU for posting, a check that you wrote for $50 posts. Because you have only $40 available (you have committed to pay the restaurant $60), your account will be overdrawn by $10, even though your balance was $100 before the check posted and is still $50 after the check posts. In this case, we MSUFCU may pay the $50 check, but you will be charged an Overdraft fee. That fee will be deducted from your account, further reducing the balance and available balance. Also, when the $60 restaurant charge is presented to us MSUFCU and posted to your account, your available balance is insufficient because of the intervening check, and you will be charged a fee for that transaction as well, even though your available balance was sufficient to pay it when it was authorized. It is very important to understand that you may still overdraw your account even though the available balance appears to show there are sufficient funds to cover a transaction that you want to make. This is because your available balance may not reflect all the outstanding checks and automatic bill xxxx payments that you have authorized, or other outstanding transactions that have not been authorized or paid from your account. In the example above, the outstanding check will not be reflected in your available balance until it is presented to us MSUFCU and posted to your account. In addition, your available balance may not reflect all of your debit card transactions. For example, if a merchant obtains our MSUFCU’s prior authorization but does not submit a one-time or everyday debit card transaction for payment within a time frame established by us MSUFCU (usually within three business days of authorization but could be longer for certain types of debit card transactions), we MSUFCU will release the authorization hold on the transaction. MSUFCU will also release the authorization hold when required by card network rules. If the authorization hold is released, then your available balance will not reflect this pending transaction until it has been presented to us MSUFCU for payment and posted to your account.