Deficit Funds Transfers. Customer further authorizes and directs Bank to make transfers to the Master Account from the Line of Credit each Business Day, in accordance with the Enrollment Form, as necessary to return the Master Account to a positive balance at the close of the Business Day.
Deficit Funds Transfers. Customer further authorizes and directs Bank to make transfers from the Money Market Account and/or the Line of Credit to the Sweep Accounts, as appropriate to maintain the Target Balance in the Sweep Accounts or as otherwise provided in the Treasury Management Services Enrollment/Application. You will incur a fee for each transfer after the sixth (6th) debit transaction from your Money Market Account per month or monthly statement cycle. These account types may have no more than six (6) debit transactions in a monthly statement cycle, and no more than three (3) of these can be checks or drafts payable to a third party. The regulations define a limited debit transaction to include the pre- authorized transfers from the Money Market Account authorized hereunder. Transfers in excess of this monthly limit will result in the assessment of the excessive transfer fee (as provided in the Fee Schedule) and reanalysis of your accounts under the Services Agreement.
Deficit Funds Transfers. Customer further authorizes and directs Bank to make transfers from the Money Market Account and/or the Line of Credit to the Sweep Accounts, as appropriate to maintain the Target Balance in the Sweep Accounts or as otherwise provided in the Treasury Management Services Enrollment/Application. Federal regulators limit the number of debit transactions a money market account may have. These account types may have no more than six (6) debit transactions per month or monthly statement cycle. A debit transaction is a check, debit/check card transaction, transfer, or pre-authorized transfer, including those made by phone or modem. Unlimited transactions are permitted if made by the customer in person, by mail, through an ATM or by phone if the check is mailed to the customer. If an account continually exceeds the allowed debit transactions, we may convert it to a checking account.
