Holds on Other Funds (Other Accounts. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal. Pending Transactions When you review your account during the day, you may notice that we show some transactions as “pending”. These transactions impact your available balance but have not yet posted to your account and do not guarantee that we will pay these transactions to your account if you have a negative balance at that time. We may still return a transaction unpaid if your balance has insufficient funds during that business day’s nightly processing, even if it had been displayed as a “pending” transaction on a positive balance during the day. If a transaction that you made or authorized does not display as “pending,” you are still responsible for it, and it may still be posted against your account during nightly processing. Internal Preauthorized Payments/Transfers If you have scheduled automatic internal payment/transfer between Wellby accounts/loans and the preauthorized amount for the account transfer is not available on the date of disbursement, we will attempt to process the transaction up to 15 calendar days. If unsuccessful, the agreement will be canceled on the 16th day and resume on the next disbursement date. Transactions Using Our Telephone Banking System You may use our Telephone Banking Services to speak to us to get your account information, transfer funds between your accounts with us, or pay qualifying Wellby loans or credit cards. You must have a PIN to use the Telephone Banking Services. End of Day Transactions Transactions initiated after 10 pm will post immediately with the effective date of the next day. Account Transaction Limitations Federal Regulations pertaining to savings accounts (including savings accounts with check writing privileges and money market accounts) allow no more than six (6) transfers per month to a third party or to another account of the depositor at Wellby by means of preauthorized, automatic, telephone or online transfers (including transfers by personal computer or other data transmission). This limitation does not include withdrawals by mail, messenger, ATM, or in person and transfers to make payments on your loans with us. However, automatic overdraft protection transfers, phone transfers, Online and Mobile Banking transfers from these Accounts are included in this limitation. If you exceed the transaction limitations applicable to your account three (3) times in any twelve-month period you agree that we may convert your savings or money market account to an account that is not subject to federal transaction limits (a “transaction account”). We will notify you by mail if we convert your savings or money market account to a transaction account. Insufficient Funds, Overdrafts and Returned Items Uncollected/Held Funds We reserve the right to return and/or refuse to pay any check, in-person withdrawal, ATM withdrawal or other electronic item or instruction which is presented for payment against uncollected/held funds. A fee may be deducted from the account for any item drawing against uncollected funds, whether the item is paid or returned unpaid, in accordance with our then current Fee Schedules. Returning Items for Insufficient Funds You do not have the right to write a check or draft, to make an ATM or other withdrawal, or to initiate or have an automatic debit processed against your account for an amount that exceeds your available balance (If you’re enrolled in an overdraft protection, we’ll transfer available amounts to cover the transaction in accordance with the agreement governing your overdraft protection plan). At any time before final payment (as defined in the Uniform Commercial Code 4A) we may return any check, draft, image, negotiable order of withdrawal, electronic debit or other item presented for payment against your account when there are insufficient available funds in your account to pay the item or if for some other reason the item is not good or payable. In addition, we may charge a fee for each item returned in accordance with our then current Fee Schedule. Insufficient Funds and Returned Item Fees We will charge a fee during nightly processing for any item presented on a business day when your account is overdrawn, whether or not we pay the item. If we pay it, we will charge an Insufficient Funds Fee. If we return it, we will charge a Returned Item Fee (even if we later decide to pay that item after initially deciding to return it). Special rules for everyday debit card transactions are described in the Electronic Funds Transfer Service Terms. Refer to your product information and Fee Schedule for information about what fees apply and how fees are calculated for your account. Overdraft Protection Overdraft Protection allows you to link one of your accounts as your backup account to your checking account to help avoid problems associated with Overdrafts and insufficient or declined items. If your checking account does not have enough money, with your permission we will use the available funds from your backup account to authorize or pay transactions. See the Overdraft Services Disclosure for more information. Establishing or Canceling Overdraft Protection Any owner of both a qualifying checking account and the backup account may enroll in Overdraft Protection without the consent of other owners and both accounts must share at least one owner to maintain Overdraft Protection. Any owner of the checking account or the backup account may cancel Overdraft Protection (by terminating the service or closing the account) without the consent of other owners. A backup account can provide Overdraft Protection for more than one checking account, but a checking account can have only one backup account. A personal checking account may be linked to a Wellby savings account or a line of credit in good standing. We may cancel your Overdraft Protection service at any time. Your request to add or cancel Overdraft Protection will become effective within a reasonable time after approval. Overdraft Protection Transfers We will make one Overdraft Protection transfer per business day that will appear on your statement for both accounts. If you have enough available funds in your backup account, we will automatically transfer enough to bring your checking account balance to zero. If you do not have enough available funds in your backup account to bring your checking account balance to zero, but you have enough available funds to pay one or more transactions and/or your previous day’s negative balance, we will transfer that amount. If the amount transferred does not bring your checking account balance to zero, your checking account will become overdrawn and you may be charged Insufficient Funds or Returned Item fees. If we authorize your transaction, we will leave the funds in your backup account until we pay the transaction, which may take several days. However, if you use those funds before the transaction is paid there will not be available funds to make the transfer and your checking account may become overdrawn and charged an Insufficient Funds Fee. The available balance for a savings account is determined at the time that we authorize a transaction or at the end of business day processing. The available balance for a line of credit is determined at the end of the previous business day processing. We are not required to notify you if funds from the backup account cannot be transferred for Overdraft Protection (for example if the account is dormant, purged, restricted or not in good standing). Overdraft Situations An overdraft occurs when you do not have enough money in your designated account to cover a transaction, but we pay it anyway. Generally, we do not permit overdrafts for ATM withdrawals and cashback transactions and will not authorize and pay overdrafts for everyday debit card transactions against your designated account unless you have authorized us to do so. You understand and agree that even if you have authorized us to do so, you have no right to overdraw your account at any time, for any reason, and our decision to pay overdraft items is solely within our discretion. You further agree that if we elect to pay overdraft items, you must deposit additional funds into your designated account immediately in an amount sufficient to cover the overdraft and to pay us overdraft fees for each overdraft item in accordance with our then current Fee Schedule. If the amount of the overdraft causes you to exceed the amount of credit available on the overdraft protection line of credit or balance in the overdraft protection deposit account linked to the overdrawn deposit account, you agree to pay the amount by which the deposit account has been overdrawn plus all associated fees and charges as reflected in our current Fee Schedule and the applicable line of credit agreement. Overdraft Ease As a courtesy for members with accounts in good standing we offer Wellby Overdraft Ease which provides protection for your eligible Wellby accounts [insert eligible account types] and does not charge overdraft fees if your ending daily balance is overdrawn by $20.00 or less. If your account is overdrawn by more than $20.00, a fee will be charged on each overdraft transaction, regardless of the amount. Wellby may increase or decrease your Overdraft Ease Limit at any time in our sole discretion. You will not be notified of any change to your Limit. Each time Overdraft Ease is used, you will receive an email and/or push notification that Wellby approved the transaction, including the amount Wellby Overdraft Ease has covered and the updated balance in your eligible Wellby accounts. Overdraft Xxxxxxx Xxxxxxxxx Xxxxxxx is offered as a courtesy to our members who qualify for this service. Do not rely on Overdraft Xxxxxxx to pay your items regularly as it is intended only as a courtesy in the event you accidentally overdraw your account. Overdraft Xxxxxxx is a standard overdraft practice included on your Checking Account for checks and ACH transactions made using your Checking Account number, and automatic bill payments, unless you ask us to not use Overdraft Xxxxxxx for your account for these types of transactions. Due to regulatory requirements, members must “opt-in” to Overdraft Xxxxxxx for everyday debit card transactions. Your ability to “Opt-In” may be limited or restricted to prevent structured or intended abuse of the program. The amount of the Overdraft Xxxxxxx fee is set forth in the Fee Schedule. Overdraft Xxxxxxx can be revoked at our sole and absolute discretion. There are also other overdraft protection plans (a link to a Wellby Savings Account or a link to a Wellby Line of Credit, if you apply and qualify for such account(s)), and there are no fees associated with these overdraft protection plans. In the event these other overdraft protection plans are utilized, we will use our best efforts to transfer funds from the eligible Savings Account to your Checking Account, or to make an advance of funds under the eligible Line of Credit Agreement to your Checking Account, to remedy the overdraft. Our Overdraft Xxxxxxx service may be available when no other form of overdraft protection plan is available. We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction, even if you have asked us to do so. If we do not authorize and pay an overdraft, your transaction will be declined and fee(s) will be charged. In the event that we do pay any such order or item, we will not waive our right to dishonor any subsequent orders or items presented. Each Party to any of your accounts will be jointly and severally liable for overdrafts (including without limitation the applicable fees) and other obligations owed to us that are caused by any other Party to the account. The negative balance and applicable fees must be remedied by you within 45 days. You can make, change, or revoke your choices regarding standard overdraft practices and overdraft protection plans, and optional overdraft practices available for your account, in-person, verbally over the phone, via secured message or online chat. If you do not have enough Available Balance in your account to cover a transaction, and at the time of the transaction no overdraft practices or protection plans exist on your account (i.e., you have opted out of all of Wellby’s standard overdraft practices and overdraft protection plans and not opted into the optional Overdraft Xxxxxxx), then the transaction will be declined, the item will be returned unpaid due to insufficient funds, and an Insufficient Funds fee will be charged per item. Please see Overdraft Protection Services and the Truth in Savings Fee Disclosures. Overdrawn Accounts and Forced Closure/Charge Off You agree to deposit sufficient funds to cover any Overdraft and any service fees upon notice of an Overdraft, and to reimburse the Credit Union for any costs we incur in collecting the Overdraft from you, including, without limitation, reasonable attorneys’ fees and the costs of litigation to the extent permitted by law. Failure to deposit sufficient funds to cover an Overdraft may result in the Credit Union’s forced closure of the Account, also known as charge off. If your Account is closed for unsatisfactory handling, the Credit Union is permitted to report all Account owners to reporting agencies, as governed by the Fair Credit Reporting Act. The Credit Union has the right to legally collect the full amount of the charged off balance for the applicable period of time as permitted by state law. Preauthorized (Recurring) Transfers and Stop Payments You may use your account or debit card to make recurring payments. If these recurring payments vary in amount, the payee will tell you the amount and date of the next payment at least ten (10) days before the payment due date. You may choose to receive this notice from your payee only when the payment would differ by more than a certain amount from the previous payment or when the amount would fall outside certain limits that you set. You can stop some payments before the scheduled payment date in the following ways:
Appears in 5 contracts
Samples: Electronic Funds Transfer Agreement, www.wellbyfinancial.com, www.wellbyfinancial.com
Holds on Other Funds (Other Accounts. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately immediately, but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available until the time period, described elsewhere in this disclosure for withdrawalthe type you deposited, lapse. Pending Transactions When you review your account during the dayDELAYED AVAILABILITY In some cases, you may notice that we show some transactions as “pending”. These transactions impact your available balance but have not yet posted to your account and do not guarantee that we will pay these transactions to your account if you have a negative balance at that time. We may still return a transaction unpaid if your balance has insufficient not make all of the funds during that business day’s nightly processing, even if it had been displayed as a “pending” transaction on a positive balance during the day. If a transaction that you made or authorized does deposit by check available to you immediately. Depending on the type of check you deposit, funds may not display as “pending,” you are still responsible for itbe available until the business day after the day of your deposit. However, and it may still the first $200.00 of your deposits will be posted against your account during nightly processing. Internal Preauthorized Payments/Transfers If you have scheduled automatic internal payment/transfer between Wellby accounts/loans and the preauthorized amount for the account transfer is not available on the date first business day after the day we receive your deposit. If we are not going to make all of disbursementthe funds from your deposit available immediately, we will attempt to process notify you at the transaction up to 15 calendar daystime you make your deposit. We will also tell you when the funds will be available. If unsuccessfulyour deposit is not made directly to one of our employees, or if we decide to take this action after you have left the agreement premises, we will mail you the notice by the day after we receive your deposit. LONGER DELAYS MAY APPLY In addition, funds you deposit by check may be canceled delayed for a longer period under the following circumstances: · We believe a check you deposit will not be paid. · You deposit checks totaling more than $5,000.00 on the 16th day and resume on the next disbursement dateany one day. Transactions Using Our Telephone Banking System · You may use our Telephone Banking Services to speak to us to get redeposit a check that has been returned unpaid. · You have overdrawn your account informationrepeatedly in the last six months. · There is an emergency, transfer funds between your accounts with us, such as failure of communications or pay qualifying Wellby loans or credit cards. You must have a PIN to use the Telephone Banking Services. End of Day Transactions Transactions initiated after 10 pm will post immediately with the effective date of the next day. Account Transaction Limitations Federal Regulations pertaining to savings accounts (including savings accounts with check writing privileges and money market accounts) allow no more than six (6) transfers per month to a third party or to another account of the depositor at Wellby by means of preauthorized, automatic, telephone or online transfers (including transfers by personal computer or other data transmission). This limitation does not include withdrawals by mail, messenger, ATM, or in person and transfers to make payments on your loans with us. However, automatic overdraft protection transfers, phone transfers, Online and Mobile Banking transfers from these Accounts are included in this limitation. If you exceed the transaction limitations applicable to your account three (3) times in any twelve-month period you agree that we may convert your savings or money market account to an account that is not subject to federal transaction limits (a “transaction account”)equipment. We will notify you by mail if we convert delay your savings or money market account ability to a transaction account. Insufficient Funds, Overdrafts and Returned Items Uncollected/Held Funds We reserve the right to return and/or refuse to pay any check, in-person withdrawal, ATM withdrawal or other electronic item or instruction which is presented for payment against uncollected/held funds. A fee may be deducted from the account withdraw funds for any item drawing against uncollected funds, whether the item is paid or returned unpaid, in accordance with our then current Fee Schedules. Returning Items for Insufficient Funds You do not have the right to write a check or draft, to make an ATM or other withdrawal, or to initiate or have an automatic debit processed against your account for an amount that exceeds your available balance (If you’re enrolled in an overdraft protection, we’ll transfer available amounts to cover the transaction in accordance with the agreement governing your overdraft protection plan). At any time before final payment (as defined in the Uniform Commercial Code 4A) we may return any check, draft, image, negotiable order of withdrawal, electronic debit or other item presented for payment against your account when there are insufficient available funds in your account to pay the item or if for some other reason the item is not good or payable. In addition, we may charge a fee for each item returned in accordance with our then current Fee Schedule. Insufficient Funds and Returned Item Fees We will charge a fee during nightly processing for any item presented on a business day when your account is overdrawn, whether or not we pay the item. If we pay it, we will charge an Insufficient Funds Fee. If we return it, we will charge a Returned Item Fee (even if we later decide to pay that item after initially deciding to return it). Special rules for everyday debit card transactions are described in the Electronic Funds Transfer Service Terms. Refer to your product information and Fee Schedule for information about what fees apply and how fees are calculated for your account. Overdraft Protection Overdraft Protection allows you to link one of your accounts as your backup account to your checking account to help avoid problems associated with Overdrafts and insufficient or declined items. If your checking account does not have enough money, with your permission we will use the available funds from your backup account to authorize or pay transactions. See the Overdraft Services Disclosure for more information. Establishing or Canceling Overdraft Protection Any owner of both a qualifying checking account and the backup account may enroll in Overdraft Protection without the consent of other owners and both accounts must share at least one owner to maintain Overdraft Protection. Any owner of the checking account or the backup account may cancel Overdraft Protection (by terminating the service or closing the account) without the consent of other owners. A backup account can provide Overdraft Protection for more than one checking account, but a checking account can have only one backup account. A personal checking account may be linked to a Wellby savings account or a line of credit in good standing. We may cancel your Overdraft Protection service at any time. Your request to add or cancel Overdraft Protection will become effective within a reasonable time after approval. Overdraft Protection Transfers We will make one Overdraft Protection transfer per business day that will appear on your statement for both accounts. If you have enough available funds in your backup account, we will automatically transfer enough to bring your checking account balance to zero. If you do not have enough available funds in your backup account to bring your checking account balance to zero, but you have enough available funds to pay one or more transactions and/or your previous day’s negative balance, we will transfer that amount. If the amount transferred does not bring your checking account balance to zero, your checking account will become overdrawn and you may be charged Insufficient Funds or Returned Item fees. If we authorize your transaction, we will leave the funds in your backup account until we pay the transaction, which may take several days. However, if you use those funds before the transaction is paid there will not be available funds to make the transfer and your checking account may become overdrawn and charged an Insufficient Funds Fee. The available balance for a savings account is determined at the time that we authorize a transaction or at the end of business day processing. The available balance for a line of credit is determined at the end of the previous business day processing. We are not required to notify you if funds from the backup account cannot be transferred for Overdraft Protection (for example if the account is dormant, purged, restricted or not in good standing). Overdraft Situations An overdraft occurs when you do not have enough money in your designated account to cover a transaction, but we pay it anyway. Generally, we do not permit overdrafts for ATM withdrawals and cashback transactions and will not authorize and pay overdrafts for everyday debit card transactions against your designated account unless you have authorized us to do so. You understand and agree that even if you have authorized us to do so, you have no right to overdraw your account at any time, for any reasonthese reasons, and our decision to pay overdraft items is solely within our discretion. You further agree that if we elect to pay overdraft items, you must deposit additional funds into your designated account immediately in an amount sufficient to cover the overdraft and to pay us overdraft fees for each overdraft item in accordance with our then current Fee Schedule. If the amount of the overdraft causes you to exceed the amount of credit available on the overdraft protection line of credit or balance in the overdraft protection deposit account linked to the overdrawn deposit account, you agree to pay the amount by which the deposit account has been overdrawn plus all associated fees and charges as reflected in our current Fee Schedule and the applicable line of credit agreement. Overdraft Ease As a courtesy for members with accounts in good standing we offer Wellby Overdraft Ease which provides protection for your eligible Wellby accounts [insert eligible account types] and does not charge overdraft fees if your ending daily balance is overdrawn by $20.00 or less. If your account is overdrawn by more than $20.00, a fee will be charged on each overdraft transaction, regardless of the amount. Wellby may increase or decrease your Overdraft Ease Limit at any time in our sole discretion. You will not be notified of any change to your Limit. Each time Overdraft Ease is used, you will receive an email and/or push notification that Wellby approved the transaction, including the amount Wellby Overdraft Ease has covered and the updated balance in your eligible Wellby accounts. Overdraft Xxxxxxx Xxxxxxxxx Xxxxxxx is offered as a courtesy to our members who qualify for this service. Do not rely on Overdraft Xxxxxxx to pay your items regularly as it is intended only as a courtesy in the event you accidentally overdraw your account. Overdraft Xxxxxxx is a standard overdraft practice included on your Checking Account for checks and ACH transactions made using your Checking Account number, and automatic bill payments, unless you ask us to not use Overdraft Xxxxxxx for your account for these types of transactions. Due to regulatory requirements, members must “opt-in” to Overdraft Xxxxxxx for everyday debit card transactions. Your ability to “Opt-In” may be limited or restricted to prevent structured or intended abuse of the program. The amount of the Overdraft Xxxxxxx fee is set forth in the Fee Schedule. Overdraft Xxxxxxx can be revoked at our sole and absolute discretion. There are also other overdraft protection plans (a link to a Wellby Savings Account or a link to a Wellby Line of Credit, if you apply and qualify for such account(s)), and there are no fees associated with these overdraft protection plans. In the event these other overdraft protection plans are utilized, we will use our best efforts to transfer funds from the eligible Savings Account to your Checking Account, or to make an advance of funds under the eligible Line of Credit Agreement to your Checking Account, to remedy the overdraft. Our Overdraft Xxxxxxx service may be available when no other form of overdraft protection plan is available. We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction, even if you have asked us to do so. If we do not authorize and pay an overdraft, your transaction will be declined and fee(s) will be charged. In the event that we do pay any such order or item, we will not waive our right to dishonor any subsequent orders or items presented. Each Party to any of your accounts will be jointly and severally liable for overdrafts (including without limitation the applicable fees) and other obligations owed to us that are caused by any other Party to the account. The negative balance and applicable fees must be remedied by you within 45 days. You can make, change, or revoke your choices regarding standard overdraft practices and overdraft protection plans, and optional overdraft practices available for your account, in-person, verbally over the phone, via secured message or online chat. If you do not have enough Available Balance in your account to cover a transaction, and at the time of the transaction no overdraft practices or protection plans exist on your account (i.e., you have opted out of all of Wellby’s standard overdraft practices and overdraft protection plans and not opted into the optional Overdraft Xxxxxxx), then the transaction will be declined, the item will be returned unpaid due to insufficient funds, and an Insufficient Funds fee will be charged per item. Please see Overdraft Protection Services and the Truth in Savings Fee Disclosures. Overdrawn Accounts and Forced Closure/Charge Off You agree to deposit sufficient funds to cover any Overdraft and any service fees upon notice of an Overdraft, and to reimburse the Credit Union for any costs we incur in collecting the Overdraft from you, including, without limitation, reasonable attorneys’ fees and the costs of litigation to the extent permitted by law. Failure to deposit sufficient funds to cover an Overdraft may result in the Credit Union’s forced closure of the Account, also known as charge off. If your Account is closed for unsatisfactory handling, the Credit Union is permitted to report all Account owners to reporting agencies, as governed by the Fair Credit Reporting Act. The Credit Union has the right to legally collect the full amount of the charged off balance for the applicable period of time as permitted by state law. Preauthorized (Recurring) Transfers and Stop Payments You may use your account or debit card to make recurring payments. If these recurring payments vary in amount, the payee will tell you the amount and date of the next payment at least ten (10) days before the payment due date. You may choose to receive this notice from your payee only when the payment would differ by more funds will be available. They will generally be available no later than a certain amount from the previous payment or when eleventh business day after the amount would fall outside certain limits that you set. You can stop some payments before the scheduled payment date in the following ways:day of your deposit.
Appears in 4 contracts
Samples: Membership and Account Agreement, Electronic Funds Transfer Agreement, Electronic Funds Transfer Agreement
Holds on Other Funds (Other Accounts. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available until the time period, described elsewhere in this disclosure for withdrawalthe type you deposited, lapse. Pending Transactions When you review your account during the dayDELAYED AVAILABILITY In some cases, you may notice that we show some transactions as “pending”. These transactions impact your available balance but have not yet posted to your account and do not guarantee that we will pay these transactions to your account if you have a negative balance at that time. We may still return a transaction unpaid if your balance has insufficient not make all of the funds during that business day’s nightly processing, even if it had been displayed as a “pending” transaction on a positive balance during the day. If a transaction that you made or authorized does deposit by check available to you immediately. Depending on the type of check you deposit, funds may not display as “pending,” you are still responsible for itbe available until the business day after the day of your deposit. However, and it may still the first $200.00 of your deposits will be posted against your account during nightly processing. Internal Preauthorized Payments/Transfers If you have scheduled automatic internal payment/transfer between Wellby accounts/loans and the preauthorized amount for the account transfer is not available on the date first business day after the day we receive your deposit. If we are not going to make all of disbursementthe funds from your deposit available immediately, we will attempt to process notify you at the transaction up to 15 calendar daystime you make your deposit. We will also tell you when the funds will be available. If unsuccessfulyour deposit is not made directly to one of our employees, or if we decide to take this action after you have left the agreement premises, we will mail you the notice by the day after we receive your deposit. LONGER DELAYS MAY APPLY In addition, funds you deposit by check may be canceled delayed for a longer period under the following circumstances: • We believe a check you deposit will not be paid. • You deposit checks totaling more than $5,000.00 on the 16th day and resume on the next disbursement dateany one day. Transactions Using Our Telephone Banking System • You may use our Telephone Banking Services to speak to us to get redeposit a check that has been returned unpaid. • You have overdrawn your account informationrepeatedly in the last six months. • There is an emergency, transfer funds between your accounts with us, such as failure of communications or pay qualifying Wellby loans or credit cards. You must have a PIN to use the Telephone Banking Services. End of Day Transactions Transactions initiated after 10 pm will post immediately with the effective date of the next day. Account Transaction Limitations Federal Regulations pertaining to savings accounts (including savings accounts with check writing privileges and money market accounts) allow no more than six (6) transfers per month to a third party or to another account of the depositor at Wellby by means of preauthorized, automatic, telephone or online transfers (including transfers by personal computer or other data transmission). This limitation does not include withdrawals by mail, messenger, ATM, or in person and transfers to make payments on your loans with us. However, automatic overdraft protection transfers, phone transfers, Online and Mobile Banking transfers from these Accounts are included in this limitation. If you exceed the transaction limitations applicable to your account three (3) times in any twelve-month period you agree that we may convert your savings or money market account to an account that is not subject to federal transaction limits (a “transaction account”)equipment. We will notify you by mail if we convert delay your savings or money market account ability to a transaction account. Insufficient Funds, Overdrafts and Returned Items Uncollected/Held Funds We reserve the right to return and/or refuse to pay any check, in-person withdrawal, ATM withdrawal or other electronic item or instruction which is presented for payment against uncollected/held funds. A fee may be deducted from the account withdraw funds for any item drawing against uncollected funds, whether the item is paid or returned unpaid, in accordance with our then current Fee Schedules. Returning Items for Insufficient Funds You do not have the right to write a check or draft, to make an ATM or other withdrawal, or to initiate or have an automatic debit processed against your account for an amount that exceeds your available balance (If you’re enrolled in an overdraft protection, we’ll transfer available amounts to cover the transaction in accordance with the agreement governing your overdraft protection plan). At any time before final payment (as defined in the Uniform Commercial Code 4A) we may return any check, draft, image, negotiable order of withdrawal, electronic debit or other item presented for payment against your account when there are insufficient available funds in your account to pay the item or if for some other reason the item is not good or payable. In addition, we may charge a fee for each item returned in accordance with our then current Fee Schedule. Insufficient Funds and Returned Item Fees We will charge a fee during nightly processing for any item presented on a business day when your account is overdrawn, whether or not we pay the item. If we pay it, we will charge an Insufficient Funds Fee. If we return it, we will charge a Returned Item Fee (even if we later decide to pay that item after initially deciding to return it). Special rules for everyday debit card transactions are described in the Electronic Funds Transfer Service Terms. Refer to your product information and Fee Schedule for information about what fees apply and how fees are calculated for your account. Overdraft Protection Overdraft Protection allows you to link one of your accounts as your backup account to your checking account to help avoid problems associated with Overdrafts and insufficient or declined items. If your checking account does not have enough money, with your permission we will use the available funds from your backup account to authorize or pay transactions. See the Overdraft Services Disclosure for more information. Establishing or Canceling Overdraft Protection Any owner of both a qualifying checking account and the backup account may enroll in Overdraft Protection without the consent of other owners and both accounts must share at least one owner to maintain Overdraft Protection. Any owner of the checking account or the backup account may cancel Overdraft Protection (by terminating the service or closing the account) without the consent of other owners. A backup account can provide Overdraft Protection for more than one checking account, but a checking account can have only one backup account. A personal checking account may be linked to a Wellby savings account or a line of credit in good standing. We may cancel your Overdraft Protection service at any time. Your request to add or cancel Overdraft Protection will become effective within a reasonable time after approval. Overdraft Protection Transfers We will make one Overdraft Protection transfer per business day that will appear on your statement for both accounts. If you have enough available funds in your backup account, we will automatically transfer enough to bring your checking account balance to zero. If you do not have enough available funds in your backup account to bring your checking account balance to zero, but you have enough available funds to pay one or more transactions and/or your previous day’s negative balance, we will transfer that amount. If the amount transferred does not bring your checking account balance to zero, your checking account will become overdrawn and you may be charged Insufficient Funds or Returned Item fees. If we authorize your transaction, we will leave the funds in your backup account until we pay the transaction, which may take several days. However, if you use those funds before the transaction is paid there will not be available funds to make the transfer and your checking account may become overdrawn and charged an Insufficient Funds Fee. The available balance for a savings account is determined at the time that we authorize a transaction or at the end of business day processing. The available balance for a line of credit is determined at the end of the previous business day processing. We are not required to notify you if funds from the backup account cannot be transferred for Overdraft Protection (for example if the account is dormant, purged, restricted or not in good standing). Overdraft Situations An overdraft occurs when you do not have enough money in your designated account to cover a transaction, but we pay it anyway. Generally, we do not permit overdrafts for ATM withdrawals and cashback transactions and will not authorize and pay overdrafts for everyday debit card transactions against your designated account unless you have authorized us to do so. You understand and agree that even if you have authorized us to do so, you have no right to overdraw your account at any time, for any reasonthese reasons, and our decision to pay overdraft items is solely within our discretion. You further agree that if we elect to pay overdraft items, you must deposit additional funds into your designated account immediately in an amount sufficient to cover the overdraft and to pay us overdraft fees for each overdraft item in accordance with our then current Fee Schedule. If the amount of the overdraft causes you to exceed the amount of credit available on the overdraft protection line of credit or balance in the overdraft protection deposit account linked to the overdrawn deposit account, you agree to pay the amount by which the deposit account has been overdrawn plus all associated fees and charges as reflected in our current Fee Schedule and the applicable line of credit agreement. Overdraft Ease As a courtesy for members with accounts in good standing we offer Wellby Overdraft Ease which provides protection for your eligible Wellby accounts [insert eligible account types] and does not charge overdraft fees if your ending daily balance is overdrawn by $20.00 or less. If your account is overdrawn by more than $20.00, a fee will be charged on each overdraft transaction, regardless of the amount. Wellby may increase or decrease your Overdraft Ease Limit at any time in our sole discretion. You will not be notified of any change to your Limit. Each time Overdraft Ease is used, you will receive an email and/or push notification that Wellby approved the transaction, including the amount Wellby Overdraft Ease has covered and the updated balance in your eligible Wellby accounts. Overdraft Xxxxxxx Xxxxxxxxx Xxxxxxx is offered as a courtesy to our members who qualify for this service. Do not rely on Overdraft Xxxxxxx to pay your items regularly as it is intended only as a courtesy in the event you accidentally overdraw your account. Overdraft Xxxxxxx is a standard overdraft practice included on your Checking Account for checks and ACH transactions made using your Checking Account number, and automatic bill payments, unless you ask us to not use Overdraft Xxxxxxx for your account for these types of transactions. Due to regulatory requirements, members must “opt-in” to Overdraft Xxxxxxx for everyday debit card transactions. Your ability to “Opt-In” may be limited or restricted to prevent structured or intended abuse of the program. The amount of the Overdraft Xxxxxxx fee is set forth in the Fee Schedule. Overdraft Xxxxxxx can be revoked at our sole and absolute discretion. There are also other overdraft protection plans (a link to a Wellby Savings Account or a link to a Wellby Line of Credit, if you apply and qualify for such account(s)), and there are no fees associated with these overdraft protection plans. In the event these other overdraft protection plans are utilized, we will use our best efforts to transfer funds from the eligible Savings Account to your Checking Account, or to make an advance of funds under the eligible Line of Credit Agreement to your Checking Account, to remedy the overdraft. Our Overdraft Xxxxxxx service may be available when no other form of overdraft protection plan is available. We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction, even if you have asked us to do so. If we do not authorize and pay an overdraft, your transaction will be declined and fee(s) will be charged. In the event that we do pay any such order or item, we will not waive our right to dishonor any subsequent orders or items presented. Each Party to any of your accounts will be jointly and severally liable for overdrafts (including without limitation the applicable fees) and other obligations owed to us that are caused by any other Party to the account. The negative balance and applicable fees must be remedied by you within 45 days. You can make, change, or revoke your choices regarding standard overdraft practices and overdraft protection plans, and optional overdraft practices available for your account, in-person, verbally over the phone, via secured message or online chat. If you do not have enough Available Balance in your account to cover a transaction, and at the time of the transaction no overdraft practices or protection plans exist on your account (i.e., you have opted out of all of Wellby’s standard overdraft practices and overdraft protection plans and not opted into the optional Overdraft Xxxxxxx), then the transaction will be declined, the item will be returned unpaid due to insufficient funds, and an Insufficient Funds fee will be charged per item. Please see Overdraft Protection Services and the Truth in Savings Fee Disclosures. Overdrawn Accounts and Forced Closure/Charge Off You agree to deposit sufficient funds to cover any Overdraft and any service fees upon notice of an Overdraft, and to reimburse the Credit Union for any costs we incur in collecting the Overdraft from you, including, without limitation, reasonable attorneys’ fees and the costs of litigation to the extent permitted by law. Failure to deposit sufficient funds to cover an Overdraft may result in the Credit Union’s forced closure of the Account, also known as charge off. If your Account is closed for unsatisfactory handling, the Credit Union is permitted to report all Account owners to reporting agencies, as governed by the Fair Credit Reporting Act. The Credit Union has the right to legally collect the full amount of the charged off balance for the applicable period of time as permitted by state law. Preauthorized (Recurring) Transfers and Stop Payments You may use your account or debit card to make recurring payments. If these recurring payments vary in amount, the payee will tell you the amount and date of the next payment at least ten (10) days before the payment due date. You may choose to receive this notice from your payee only when the payment would differ by more funds will be available. They will generally be available no later than a certain amount from the previous payment or when eleventh business day after the amount would fall outside certain limits that you set. You can stop some payments before the scheduled payment date in the following ways:day of your deposit.
Appears in 2 contracts
Samples: Electronic Funds Transfer Agreement, Electronic Funds Transfer Agreement
Holds on Other Funds (Other Accounts. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal. Pending Transactions When you review your account during the day, you may notice that we show some transactions as “pending”. These transactions impact your available balance but have not yet posted to your account and do not guarantee that we will pay these transactions to your account if you have a negative balance at that time. We may still return a transaction unpaid if your balance has insufficient funds during that business day’s nightly processing, even if it had been displayed as a “pending” transaction on a positive balance during the day. If a transaction that you made or authorized does not display as “pending,” you are still responsible for it, and it may still be posted against your account during nightly processing. Internal Preauthorized Payments/Transfers If you have scheduled automatic internal payment/transfer between Wellby accounts/loans and the preauthorized amount for the account transfer is not available on the date of disbursement, we will attempt to process the transaction up to 15 calendar days. If unsuccessful, the agreement will be canceled on the 16th day and resume on the next disbursement date. Transactions Using Our Telephone Banking System You may use our Telephone Banking Services to speak to us to get your account information, transfer funds between your accounts with us, or pay qualifying Wellby loans or credit cards. You must have a PIN to use the Telephone Banking Services. End of Day Transactions Transactions initiated after 10 pm will post immediately with the effective date of the next day. Account Transaction Limitations Federal Regulations pertaining to savings accounts (including savings accounts with check writing privileges and money market accounts) allow no more than six (6) transfers per month to a third party or to another account of the depositor at Wellby by means of preauthorized, automatic, telephone or online transfers (including transfers by personal computer or other data transmission). This limitation does not include withdrawals by mail, messenger, ATM, or in person and transfers to make payments on your loans with us. However, automatic overdraft protection transfers, phone transfers, Online and Mobile Banking transfers from these Accounts are included in this limitation. If you exceed the transaction limitations applicable to your account three (3) times in any twelve-month period you agree that we may convert your savings or money market account to an account that is not subject to federal transaction limits (a “transaction account”). We will notify you by mail if we convert your savings or money market account to a transaction account. Insufficient Funds, Overdrafts and Returned Items Uncollected/Held Funds We reserve the right to return and/or refuse to pay any check, in-person withdrawal, ATM withdrawal or other electronic item or instruction which is presented for payment against uncollected/held funds. A fee may be deducted from the account for any item drawing against uncollected funds, whether the item is paid or returned unpaid, in accordance with our then current Fee Schedules. Returning Items for Insufficient Funds You do not have the right to write a check or draft, to make an ATM or other withdrawal, or to initiate or have an automatic debit processed against your account for an amount that exceeds your available balance (If you’re enrolled in an overdraft protection, we’ll transfer available amounts to cover the transaction in accordance with the agreement governing your overdraft protection plan). At any time before final payment (as defined in the Uniform Commercial Code 4A) we may return any check, draft, image, negotiable order of withdrawal, electronic debit or other item presented for payment against your account when there are insufficient available funds in your account to pay the item or if for some other reason the item is not good or payable. In addition, we may charge a fee for each item returned in accordance with our then current Fee Schedule. Insufficient Funds and Returned Item Fees We will charge a fee during nightly processing for any item presented on a business day when your account is overdrawn, whether or not we pay the item. If we pay it, we will charge an Insufficient Funds Fee. If we return it, we will charge a Returned Item Fee (even if we later decide to pay that item after initially deciding to return it). Special rules for everyday debit card transactions are described in the Electronic Funds Transfer Service Terms. Refer to your product information and Fee Schedule for information about what fees apply and how fees are calculated for your account. Overdraft Protection Overdraft Protection allows you to link one of your accounts as your backup account to your checking account to help avoid problems associated with Overdrafts and insufficient or declined items. If your checking account does not have enough money, with your permission we will use the available funds from your backup account to authorize or pay transactions. See the Overdraft Services Disclosure for more information. Establishing or Canceling Overdraft Protection Any owner of both a qualifying checking account and the backup account may enroll in Overdraft Protection without the consent of other owners and both accounts must share at least one owner to maintain Overdraft Protection. Any owner of the checking account or the backup account may cancel Overdraft Protection (by terminating the service or closing the account) without the consent of other owners. A backup account can provide Overdraft Protection for more than one checking account, but a checking account can have only one backup account. A personal checking account may be linked to a Wellby savings account or a line of credit in good standing. We may cancel your Overdraft Protection service at any time. Your request to add or cancel Overdraft Protection will become effective within a reasonable time after approval. Overdraft Protection Transfers We will make one Overdraft Protection transfer per business day that will appear on your statement for both accounts. If you have enough available funds in your backup account, we will automatically transfer enough to bring your checking account balance to zero. If you do not have enough available funds in your backup account to bring your checking account balance to zero, but you have enough available funds to pay one or more transactions and/or your previous day’s negative balance, we will transfer that amount. If the amount transferred does not bring your checking account balance to zero, your checking account will become overdrawn and you may be charged Insufficient Funds or Returned Item fees. If we authorize your transaction, we will leave the funds in your backup account until we pay the transaction, which may take several days. However, if you use those funds before the transaction is paid there will not be available funds to make the transfer and your checking account may become overdrawn and charged an Insufficient Funds Fee. The available balance for a savings account is determined at the time that we authorize a transaction or at the end of business day processing. The available balance for a line of credit is determined at the end of the previous business day processing. We are not required to notify you if funds from the backup account cannot be transferred for Overdraft Protection (for example if the account is dormant, purged, restricted or not in good standing). Overdraft Situations An overdraft occurs when you do not have enough money a sufficient available balance in your designated account to cover a transaction, but we pay it anyway. Generally, we do not permit overdrafts for ATM withdrawals and cashback transactions and will not authorize and pay overdrafts for everyday debit card transactions against your designated account unless you have authorized us to do so. You understand and agree that even if you have authorized us to do so, you have no right to overdraw your account at any time, for any reason, and our decision to pay overdraft items is solely within our discretion. You further agree that if we elect to pay overdraft items, you must deposit additional funds into your designated account immediately in an amount sufficient to cover the overdraft and to pay us overdraft fees for each overdraft item in accordance with our then current Fee Schedule. If the amount of the overdraft causes you to exceed the amount of credit available on the overdraft protection line of credit or balance in the overdraft protection deposit account linked to the overdrawn deposit account, you agree to pay the amount by which the deposit account has been overdrawn plus all associated fees and charges as reflected in our current Fee Schedule and the applicable line of credit agreement. Overdraft Ease As a courtesy for members Protection Overdraft Protection allows you to link one of your accounts as your backup account to your checking account to help avoid problems associated with accounts in good standing we offer Wellby Overdraft Ease which provides protection for your eligible Wellby accounts [insert eligible account types] Overdrafts and does not charge overdraft fees if your ending daily balance is overdrawn by $20.00 insufficient or lessdeclined items. If your checking account is overdrawn does not have a sufficient available balance, with your permission when you opt-in, we will use the available funds from your backup account to authorize or pay transactions. See the Overdraft Protection Service Disclosure for more information. Establishing or Canceling Overdraft Protection Any owner of both a qualifying checking account and the backup account may enroll in Overdraft Protection without the consent of other owners. Any owner of the checking account or the backup account may cancel Overdraft Protection (by terminating the service or closing the account) without the consent of other owners. A backup account can provide Overdraft Protection for more than $20.00one checking account, but a fee will checking account can have only one backup account. A personal checking account may be charged on each linked to a Wellby savings account or a line of credit in good standing. If you wish to designate a different savings account for Overdraft Protection transfers, you may call us at (000) 000-0000, visit a local branch or send us a secure eMessage through online banking. Changes to your overdraft transaction, regardless of the amount. Wellby may increase or decrease your Overdraft Ease Limit services can be made at any time by visiting our website, by phone at (000) 000-0000, or by visiting a local branch. Any requested change may be subject to processing time and may not occur immediately. We will provide a confirmation of election changes. We may cancel your Overdraft Protection service at any time. Overdraft Protection Transfers If you have a sufficient available balance in our sole discretionyour backup account, we will automatically transfer enough funds to bring your checking account balance to zero. You If you do not have a sufficient available balance in your backup account to bring your checking account balance to zero, but you have sufficient available funds to pay one or more transactions and/or your previous day’s negative balance, we will transfer that amount. If the amount transferred does not bring your checking account balance to zero, your checking account will become overdrawn, and you may be charged Insufficient Funds or Returned Item fees. If we authorize your transaction, we will leave the funds in your backup account until we pay the transaction, which may take several days. However, if you use those funds before the transaction is paid there will not be notified sufficient available balance to make the transfer and your checking account may become overdrawn and charged an Insufficient Funds Fee. The available balance for a savings account is determined at the time we authorize a transaction or at the end of any change business day processing. The available balance for a line of credit is determined at the end of the previous business day processing. We are not required to your Limit. Each time notify you if funds from the backup account cannot be transferred for Overdraft Ease Protection (for example if the account is useddormant, you will receive an email and/or push notification that Wellby approved the transactionpurged, including the amount Wellby Overdraft Ease has covered and the updated balance restricted or not in your eligible Wellby accountsgood standing). Overdraft Xxxxxxx Xxxxxxxxx and Overdraft Xxxxxxx is with Debit Card Coverage Overdraft Xxxxxxx and Overdraft Xxxxxxx with Debit Card Coverage are offered as a courtesy to our members who qualify for this service. Do not rely on Overdraft Xxxxxxx services to pay your items regularly as it is intended only as a courtesy in the event you accidentally overdraw your account. Overdraft Xxxxxxx is a standard overdraft practice included on your Checking Account for checks and ACH transactions made using your Checking Account number, and automatic bill payments, unless you ask us to not use Overdraft Xxxxxxx for your account for these types of transactions. Due to regulatory requirements, members must “opt-in” to Overdraft Xxxxxxx for everyday debit card transactions. Your ability to “Opt-In” or use of the program may be limited or restricted to prevent structured or intended abuse of the program. The amount of Fees associated with the Overdraft Xxxxxxx fee is programs are set forth in the Fee Schedule. Overdraft Xxxxxxx can be revoked at our sole and absolute discretion. There are also other overdraft protection plans (a link to a Wellby Savings Account or a link to a Wellby Line of Credit, if you apply and qualify for such account(s)), and there are no fees associated with these overdraft protection plans. In the event these other overdraft protection plans are utilized, we will use our best efforts to transfer funds from the eligible Savings Account to your Checking Account, or to make an advance of funds under the eligible Line of Credit Agreement to your Checking Account, to remedy the overdraft. Our Overdraft Xxxxxxx service may be available when no other form of overdraft protection plan is available. We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction, even if you have asked us to do so. We may not assess a fee if the amount you are overdrawn after all transactions have cleared or posted for the business day is less than $20. If we do not authorize and pay an overdraft, your transaction will be declined declined, and fee(s) will be charged. In the event that we do pay any such order or item, we will not waive our right to dishonor any subsequent orders or items presented. Each Party to any of your accounts will be jointly and severally liable for overdrafts (including without limitation the applicable fees) and other obligations owed to us that are caused by any other Party to the account. The negative balance and applicable fees must be remedied by you within 45 forty-five (45) days. You can make, change, or revoke your choices regarding standard overdraft practices and overdraft protection plans, and optional overdraft practices available for your account, in-person, verbally over the phone, via secured message or online chat. If you do not have enough Available Balance a sufficient available balance in your account to cover a transaction, and at the time of the transaction no overdraft practices or protection plans exist on your account (i.e., you have opted out of all of Wellby’s standard overdraft practices and overdraft protection plans and not opted into the optional Overdraft XxxxxxxXxxxxxx services), then the transaction will be declined, the item will be returned unpaid due to insufficient funds, and an Insufficient Funds fee will be charged per item. Please see Overdraft Protection Services and the Truth in Savings Fee DisclosuresDisclosures for additional details. Establishing or Canceling Overdraft Xxxxxxx and Overdraft Xxxxxxx with Debit Card Coverage Any owner on the account has the right to elect or update coverage at any time by completing the online form at xxxxxxxxxxxxxxx.xxx/xxxxxxx-xxxxx or visiting a Wellby branch. You can also review the Overdraft Xxxxxxx Disclosure anytime online at xxxxxxxxxxxxxxx.xxx/xxxxxxxxxxx. Overdrawn Accounts and Forced Closure/Charge Off You agree to deposit sufficient funds to cover any Overdraft and any service fees upon notice of an Overdraft, and to reimburse the Credit Union for any costs we incur in collecting the Overdraft from you, including, without limitation, reasonable attorneys’ fees fees, and the costs of litigation to the extent permitted by law. Failure to deposit sufficient funds to cover an Overdraft within forty-five (45) days, may result in the Credit Union’s forced closure of the Account, also known as charge off. If your Account is closed for unsatisfactory handling, the Credit Union is permitted to report all Account owners to reporting agencies, as governed by the Fair Credit Reporting Act. The Credit Union has the right to legally collect the full amount of the charged off balance for the applicable period of time as permitted by state law. Preauthorized (Recurring) Transfers and Stop Payments You may use your account or debit card to make recurring payments. If these recurring payments vary in amount, the payee will tell you the amount and date of the next payment at least ten (10) days before the payment due date. You may choose to receive this notice from your payee only when the payment would differ by more than a certain amount from the previous payment or when the amount would fall outside certain limits that you set. You can stop some payments before the scheduled payment date in the following ways:
Appears in 2 contracts
Holds on Other Funds (Other Accounts. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately immediately, but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available until the time period, described elsewhere in this disclosure for withdrawalthe type you deposited, lapse. Pending Transactions When you review your account during the dayDELAYED AVAILABILITY In some cases, you may notice that we show some transactions as “pending”. These transactions impact your available balance but have not yet posted to your account and do not guarantee that we will pay these transactions to your account if you have a negative balance at that time. We may still return a transaction unpaid if your balance has insufficient not make all of the funds during that business day’s nightly processing, even if it had been displayed as a “pending” transaction on a positive balance during the day. If a transaction that you made or authorized does deposit by check available to you immediately. Depending on the type of check you deposit, funds may not display as “pending,” you are still responsible for itbe available until the second business day after the day of your deposit. However, and it may still the first $250.00 of your deposits will be posted against your account during nightly processing. Internal Preauthorized Payments/Transfers If you have scheduled automatic internal payment/transfer between Wellby accounts/loans and the preauthorized amount for the account transfer is not available on the date first business day after the day we receive your deposit. If we are not going to make all of disbursementthe funds from your deposit available immediately, we will attempt to process notify you at the transaction up to 15 calendar daystime you make your deposit. We will also tell you when the funds will be available. If unsuccessfulyour deposit is not made directly to one of our employees, or if we decide to take this action after you have left the agreement premises, we will mail you the notice by the day after we receive your deposit. LONGER DELAYS MAY APPLY In addition, funds you deposit by check may be canceled delayed for a longer period under the following circumstances: · We believe a check you deposit will not be paid. · You deposit checks totaling more than $5,750.00 on the 16th day and resume on the next disbursement dateany one day. Transactions Using Our Telephone Banking System · You may use our Telephone Banking Services to speak to us to get redeposit a check that has been returned unpaid. · You have overdrawn your account informationrepeatedly in the last six months. · There is an emergency, transfer funds between your accounts with us, such as failure of communications or pay qualifying Wellby loans or credit cards. You must have a PIN to use the Telephone Banking Services. End of Day Transactions Transactions initiated after 10 pm will post immediately with the effective date of the next day. Account Transaction Limitations Federal Regulations pertaining to savings accounts (including savings accounts with check writing privileges and money market accounts) allow no more than six (6) transfers per month to a third party or to another account of the depositor at Wellby by means of preauthorized, automatic, telephone or online transfers (including transfers by personal computer or other data transmission). This limitation does not include withdrawals by mail, messenger, ATM, or in person and transfers to make payments on your loans with us. However, automatic overdraft protection transfers, phone transfers, Online and Mobile Banking transfers from these Accounts are included in this limitation. If you exceed the transaction limitations applicable to your account three (3) times in any twelve-month period you agree that we may convert your savings or money market account to an account that is not subject to federal transaction limits (a “transaction account”)equipment. We will notify you by mail if we convert delay your savings or money market account ability to a transaction account. Insufficient Funds, Overdrafts and Returned Items Uncollected/Held Funds We reserve the right to return and/or refuse to pay any check, in-person withdrawal, ATM withdrawal or other electronic item or instruction which is presented for payment against uncollected/held funds. A fee may be deducted from the account withdraw funds for any item drawing against uncollected funds, whether the item is paid or returned unpaid, in accordance with our then current Fee Schedules. Returning Items for Insufficient Funds You do not have the right to write a check or draft, to make an ATM or other withdrawal, or to initiate or have an automatic debit processed against your account for an amount that exceeds your available balance (If you’re enrolled in an overdraft protection, we’ll transfer available amounts to cover the transaction in accordance with the agreement governing your overdraft protection plan). At any time before final payment (as defined in the Uniform Commercial Code 4A) we may return any check, draft, image, negotiable order of withdrawal, electronic debit or other item presented for payment against your account when there are insufficient available funds in your account to pay the item or if for some other reason the item is not good or payable. In addition, we may charge a fee for each item returned in accordance with our then current Fee Schedule. Insufficient Funds and Returned Item Fees We will charge a fee during nightly processing for any item presented on a business day when your account is overdrawn, whether or not we pay the item. If we pay it, we will charge an Insufficient Funds Fee. If we return it, we will charge a Returned Item Fee (even if we later decide to pay that item after initially deciding to return it). Special rules for everyday debit card transactions are described in the Electronic Funds Transfer Service Terms. Refer to your product information and Fee Schedule for information about what fees apply and how fees are calculated for your account. Overdraft Protection Overdraft Protection allows you to link one of your accounts as your backup account to your checking account to help avoid problems associated with Overdrafts and insufficient or declined items. If your checking account does not have enough money, with your permission we will use the available funds from your backup account to authorize or pay transactions. See the Overdraft Services Disclosure for more information. Establishing or Canceling Overdraft Protection Any owner of both a qualifying checking account and the backup account may enroll in Overdraft Protection without the consent of other owners and both accounts must share at least one owner to maintain Overdraft Protection. Any owner of the checking account or the backup account may cancel Overdraft Protection (by terminating the service or closing the account) without the consent of other owners. A backup account can provide Overdraft Protection for more than one checking account, but a checking account can have only one backup account. A personal checking account may be linked to a Wellby savings account or a line of credit in good standing. We may cancel your Overdraft Protection service at any time. Your request to add or cancel Overdraft Protection will become effective within a reasonable time after approval. Overdraft Protection Transfers We will make one Overdraft Protection transfer per business day that will appear on your statement for both accounts. If you have enough available funds in your backup account, we will automatically transfer enough to bring your checking account balance to zero. If you do not have enough available funds in your backup account to bring your checking account balance to zero, but you have enough available funds to pay one or more transactions and/or your previous day’s negative balance, we will transfer that amount. If the amount transferred does not bring your checking account balance to zero, your checking account will become overdrawn and you may be charged Insufficient Funds or Returned Item fees. If we authorize your transaction, we will leave the funds in your backup account until we pay the transaction, which may take several days. However, if you use those funds before the transaction is paid there will not be available funds to make the transfer and your checking account may become overdrawn and charged an Insufficient Funds Fee. The available balance for a savings account is determined at the time that we authorize a transaction or at the end of business day processing. The available balance for a line of credit is determined at the end of the previous business day processing. We are not required to notify you if funds from the backup account cannot be transferred for Overdraft Protection (for example if the account is dormant, purged, restricted or not in good standing). Overdraft Situations An overdraft occurs when you do not have enough money in your designated account to cover a transaction, but we pay it anyway. Generally, we do not permit overdrafts for ATM withdrawals and cashback transactions and will not authorize and pay overdrafts for everyday debit card transactions against your designated account unless you have authorized us to do so. You understand and agree that even if you have authorized us to do so, you have no right to overdraw your account at any time, for any reasonthese reasons, and our decision to pay overdraft items is solely within our discretion. You further agree that if we elect to pay overdraft items, you must deposit additional funds into your designated account immediately in an amount sufficient to cover the overdraft and to pay us overdraft fees for each overdraft item in accordance with our then current Fee Schedule. If the amount of the overdraft causes you to exceed the amount of credit available on the overdraft protection line of credit or balance in the overdraft protection deposit account linked to the overdrawn deposit account, you agree to pay the amount by which the deposit account has been overdrawn plus all associated fees and charges as reflected in our current Fee Schedule and the applicable line of credit agreement. Overdraft Ease As a courtesy for members with accounts in good standing we offer Wellby Overdraft Ease which provides protection for your eligible Wellby accounts [insert eligible account types] and does not charge overdraft fees if your ending daily balance is overdrawn by $20.00 or less. If your account is overdrawn by more than $20.00, a fee will be charged on each overdraft transaction, regardless of the amount. Wellby may increase or decrease your Overdraft Ease Limit at any time in our sole discretion. You will not be notified of any change to your Limit. Each time Overdraft Ease is used, you will receive an email and/or push notification that Wellby approved the transaction, including the amount Wellby Overdraft Ease has covered and the updated balance in your eligible Wellby accounts. Overdraft Xxxxxxx Xxxxxxxxx Xxxxxxx is offered as a courtesy to our members who qualify for this service. Do not rely on Overdraft Xxxxxxx to pay your items regularly as it is intended only as a courtesy in the event you accidentally overdraw your account. Overdraft Xxxxxxx is a standard overdraft practice included on your Checking Account for checks and ACH transactions made using your Checking Account number, and automatic bill payments, unless you ask us to not use Overdraft Xxxxxxx for your account for these types of transactions. Due to regulatory requirements, members must “opt-in” to Overdraft Xxxxxxx for everyday debit card transactions. Your ability to “Opt-In” may be limited or restricted to prevent structured or intended abuse of the program. The amount of the Overdraft Xxxxxxx fee is set forth in the Fee Schedule. Overdraft Xxxxxxx can be revoked at our sole and absolute discretion. There are also other overdraft protection plans (a link to a Wellby Savings Account or a link to a Wellby Line of Credit, if you apply and qualify for such account(s)), and there are no fees associated with these overdraft protection plans. In the event these other overdraft protection plans are utilized, we will use our best efforts to transfer funds from the eligible Savings Account to your Checking Account, or to make an advance of funds under the eligible Line of Credit Agreement to your Checking Account, to remedy the overdraft. Our Overdraft Xxxxxxx service may be available when no other form of overdraft protection plan is available. We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction, even if you have asked us to do so. If we do not authorize and pay an overdraft, your transaction will be declined and fee(s) will be charged. In the event that we do pay any such order or item, we will not waive our right to dishonor any subsequent orders or items presented. Each Party to any of your accounts will be jointly and severally liable for overdrafts (including without limitation the applicable fees) and other obligations owed to us that are caused by any other Party to the account. The negative balance and applicable fees must be remedied by you within 45 days. You can make, change, or revoke your choices regarding standard overdraft practices and overdraft protection plans, and optional overdraft practices available for your account, in-person, verbally over the phone, via secured message or online chat. If you do not have enough Available Balance in your account to cover a transaction, and at the time of the transaction no overdraft practices or protection plans exist on your account (i.e., you have opted out of all of Wellby’s standard overdraft practices and overdraft protection plans and not opted into the optional Overdraft Xxxxxxx), then the transaction will be declined, the item will be returned unpaid due to insufficient funds, and an Insufficient Funds fee will be charged per item. Please see Overdraft Protection Services and the Truth in Savings Fee Disclosures. Overdrawn Accounts and Forced Closure/Charge Off You agree to deposit sufficient funds to cover any Overdraft and any service fees upon notice of an Overdraft, and to reimburse the Credit Union for any costs we incur in collecting the Overdraft from you, including, without limitation, reasonable attorneys’ fees and the costs of litigation to the extent permitted by law. Failure to deposit sufficient funds to cover an Overdraft may result in the Credit Union’s forced closure of the Account, also known as charge off. If your Account is closed for unsatisfactory handling, the Credit Union is permitted to report all Account owners to reporting agencies, as governed by the Fair Credit Reporting Act. The Credit Union has the right to legally collect the full amount of the charged off balance for the applicable period of time as permitted by state law. Preauthorized (Recurring) Transfers and Stop Payments You may use your account or debit card to make recurring payments. If these recurring payments vary in amount, the payee will tell you the amount and date of the next payment at least ten (10) days before the payment due date. You may choose to receive this notice from your payee only when the payment would differ by more funds will be available. They will generally be available no later than a certain amount from the previous payment or when eleventh business day after the amount would fall outside certain limits that you set. You can stop some payments before the scheduled payment date in the following ways:day of your deposit.
Appears in 2 contracts
Samples: Membership and Account Agreement, Membership and Account Agreement
Holds on Other Funds (Other Accounts. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal. Pending Transactions When you review your account during the day, you may notice that we show some transactions as “pending”. These transactions impact your available balance but have not yet posted to your account and do not guarantee that we will pay these transactions to your account if you have a negative balance at that time. We may still return a transaction unpaid if your balance has insufficient funds during that business day’s nightly processing, even if it had been displayed as a “pending” transaction on a positive balance during the day. If a transaction that you made or authorized does not display as “pending,” you are still responsible for it, and it may still be posted against your account during nightly processing. Internal Preauthorized Payments/Transfers If you have scheduled automatic internal payment/transfer between Wellby accounts/loans and the preauthorized amount for the account transfer is not available on the date of disbursement, we will attempt to process the transaction up to 15 calendar days. If unsuccessful, the agreement will be canceled on the 16th day and resume on the next disbursement date. Transactions Using Our Telephone Banking System You may use our Telephone Banking Services to speak to us to get your account information, transfer funds between your accounts with us, or pay qualifying Wellby loans or credit cards. You must have a PIN to use the Telephone Banking Services. End of Day Transactions Transactions initiated after 10 pm will post immediately with the effective date of the next day. Account Transaction Limitations Federal Regulations pertaining to savings accounts (including savings accounts with check writing privileges and money market accounts) allow no more than six (6) transfers per month to a third party or to another account of the depositor at Wellby by means of preauthorized, automatic, telephone or online transfers (including transfers by personal computer or other data transmission). This limitation does not include withdrawals by mail, messenger, ATM, or in person and transfers to make payments on your loans with us. However, automatic overdraft protection transfers, phone transfers, Online and Mobile Banking transfers from these Accounts are included in this limitation. If you exceed the transaction limitations applicable to your account three (3) times in any twelve-month period you agree that we may convert your savings or money market account to an account that is not subject to federal transaction limits (a “transaction account”). We will notify you by mail if we convert your savings or money market account to a transaction account. Insufficient Funds, Overdrafts and Returned Items Uncollected/Held Funds We reserve the right to return and/or refuse to pay any check, in-person withdrawal, ATM withdrawal or other electronic item or instruction which is presented for payment against uncollected/held funds. A fee may be deducted from the account for any item drawing against uncollected funds, whether the item is paid or returned unpaid, in accordance with our then current Fee Schedules. Returning Items for Insufficient Funds You do not have the right to write a check or draft, to make an ATM or other withdrawal, or to initiate or have an automatic debit processed against your account for an amount that exceeds your available balance (If you’re enrolled in an overdraft protection, we’ll transfer available amounts to cover the transaction in accordance with the agreement governing your overdraft protection plan). At any time before final payment (as defined in the Uniform Commercial Code 4A) we may return any check, draft, image, negotiable order of withdrawal, electronic debit or other item presented for payment against your account when there are insufficient available funds in your account to pay the item or if for some other reason the item is not good or payable. In addition, we may charge a fee for each item returned in accordance with our then current Fee Schedule. Insufficient Funds and Returned Item Fees We will charge a fee during nightly processing for any item presented on a business day when your account is overdrawn, whether or not we pay the item. If we pay it, we will charge an Insufficient Funds Fee. If we return it, we will charge a Returned Item Fee (even if we later decide to pay that item after initially deciding to return it). Special rules for everyday debit card transactions are described in the Electronic Funds Transfer Service Terms. Refer to your product information and Fee Schedule for information about what fees apply and how fees are calculated for your account. Overdraft Protection Overdraft Protection allows you to link one of your accounts as your backup account to your checking account to help avoid problems associated with Overdrafts and insufficient or declined items. If your checking account does not have enough money, with your permission we will use the available funds from your backup account to authorize or pay transactions. See the Overdraft Services Disclosure for more information. Establishing or Canceling Overdraft Protection Any owner of both a qualifying checking account and the backup account may enroll in Overdraft Protection without the consent of other owners and both accounts must share at least one owner to maintain Overdraft Protection. Any owner of the checking account or the backup account may cancel Overdraft Protection (by terminating the service or closing the account) without the consent of other owners. A backup account can provide Overdraft Protection for more than one checking account, but a checking account can have only one backup account. A personal checking account may be linked to a Wellby savings account or a line of credit in good standing. We may cancel your Overdraft Protection service at any time. Your request to add or cancel Overdraft Protection will become effective within a reasonable time after approval. Overdraft Protection Transfers We will make one Overdraft Protection transfer per business day that will appear on your statement for both accounts. If you have enough available funds in your backup account, we will automatically transfer enough to bring your checking account balance to zero. If you do not have enough available funds in your backup account to bring your checking account balance to zero, but you have enough available funds to pay one or more transactions and/or your previous day’s negative balance, we will transfer that amount. If the amount transferred does not bring your checking account balance to zero, your checking account will become overdrawn and you may be charged Insufficient Funds or Returned Item fees. If we authorize your transaction, we will leave the funds in your backup account until we pay the transaction, which may take several days. However, if you use those funds before the transaction is paid there will not be available funds to make the transfer and your checking account may become overdrawn and charged an Insufficient Funds Fee. The available balance for a savings account is determined at the time that we authorize a transaction or at the end of business day processing. The available balance for a line of credit is determined at the end of the previous business day processing. We are not required to notify you if funds from the backup account cannot be transferred for Overdraft Protection (for example if the account is dormant, purged, restricted or not in good standing). Overdraft Situations An overdraft occurs when you do not have enough money a sufficient available balance in your designated account to cover a transaction, but we pay it anyway. Generally, we do not permit overdrafts for ATM withdrawals and cashback transactions and will not authorize and pay overdrafts for everyday debit card transactions against your designated account unless you have authorized us to do so. You understand and agree that even if you have authorized us to do so, you have no right to overdraw your account at any time, for any reason, and our decision to pay overdraft items is solely within our discretion. You further agree that if we elect to pay overdraft items, you must deposit additional funds into your designated account immediately in an amount sufficient to cover the overdraft and to pay us overdraft fees for each overdraft item in accordance with our then current Fee Schedule. If the amount of the overdraft causes you to exceed the amount of credit available on the overdraft protection line of credit or balance in the overdraft protection deposit account linked to the overdrawn deposit account, you agree to pay the amount by which the deposit account has been overdrawn plus all associated fees and charges as reflected in our current Fee Schedule and the applicable line of credit agreement. Overdraft Ease As a courtesy for members Protection Overdraft Protection allows you to link one of your accounts as your backup account to your checking account to help avoid problems associated with accounts in good standing we offer Wellby Overdraft Ease which provides protection for your eligible Wellby accounts [insert eligible account types] Overdrafts and does not charge overdraft fees if your ending daily balance is overdrawn by $20.00 insufficient or lessdeclined items. If your checking account is overdrawn does not have a sufficient available balance, with your permission when you opt-in, we will use the available funds from your backup account to authorize or pay transactions. See the Overdraft Protection Service Disclosure for more information. Establishing or Canceling Overdraft Protection Any owner of both a qualifying checking account and the backup account may enroll in Overdraft Protection without the consent of other owners. Any owner of the checking account or the backup account may cancel Overdraft Protection (by terminating the service or closing the account) without the consent of other owners. A backup account can provide Overdraft Protection for more than $20.00one checking account, but a fee will checking account can have only one backup account. A personal checking account may be charged on each linked to a Wellby savings account or a line of credit in good standing. If you wish to designate a different savings account for Overdraft Protection transfers, you may call us at (000) 000-0000, visit a local branch or send us a secure eMessage through online banking. Changes to your overdraft transaction, regardless of the amount. Wellby may increase or decrease your Overdraft Ease Limit services can be made at any time by visiting our website, by phone at (000) 000-0000, or by visiting a local branch. Any requested change may be subject to processing time and may not occur immediately. We will provide a confirmation of election changes. We may cancel your Overdraft Protection service at any time. Overdraft Protection Transfers If you have a sufficient available balance in our sole discretionyour backup account, we will automatically transfer enough funds to bring your checking account balance to zero. You If you do not have a sufficient available balance in your backup account to bring your checking account balance to zero, but you have sufficient available funds to pay one or more transactions and/or your previous day’s negative balance, we will transfer that amount. If the amount transferred does not bring your checking account balance to zero, your checking account will become overdrawn, and you may be charged Insufficient Funds or Returned Item fees. If we authorize your transaction, we will leave the funds in your backup account until we pay the transaction, which may take several days. However, if you use those funds before the transaction is paid there will not be notified sufficient available balance to make the transfer and your checking account may become overdrawn and charged an Insufficient Funds Fee. The available balance for a savings account is determined at the time we authorize a transaction or at the end of any change business day processing. The available balance for a line of credit is determined at the end of the previous business day processing. We are not required to your Limit. Each time notify you if funds from the backup account cannot be transferred for Overdraft Ease Protection (for example if the account is useddormant, you will receive an email and/or push notification that Wellby approved the transactionpurged, including the amount Wellby Overdraft Ease has covered and the updated balance restricted or not in your eligible Wellby accountsgood standing). Overdraft Xxxxxxx Xxxxxxxxx and Overdraft Xxxxxxx is with Debit Card Coverage Overdraft Xxxxxxx and Overdraft Xxxxxxx with Debit Card Coverage are offered as a courtesy to our members who qualify for this service. Do not rely on Overdraft Xxxxxxx services to pay your items regularly as it is intended only as a courtesy in the event you accidentally overdraw your account. Overdraft Xxxxxxx is a standard overdraft practice included on your Checking Account for checks and ACH transactions made using your Checking Account number, and automatic bill payments, unless you ask us to not use Overdraft Xxxxxxx for your account for these types of transactions. Due to regulatory requirements, members must “opt-in” to Overdraft Xxxxxxx for everyday debit card transactions. Your ability to “Opt-In” or use of the program may be limited or restricted to prevent structured or intended abuse of the program. The amount of Fees associated with the Overdraft Xxxxxxx fee is programs are set forth in the Fee Schedule. Overdraft Xxxxxxx can be revoked at our sole and absolute discretion. There are also other overdraft protection plans (a link to a Wellby Savings Account or a link to a Wellby Line of Credit, if you apply and qualify for such account(s)), and there are no fees associated with these overdraft protection plans. In the event these other overdraft protection plans are utilized, we will use our best efforts to transfer funds from the eligible Savings Account to your Checking Account, or to make an advance of funds under the eligible Line of Credit Agreement to your Checking Account, to remedy the overdraft. Our Overdraft Xxxxxxx service may be available when no other form of overdraft protection plan is available. We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction, even if you have asked us to do so. We may not assess a fee if the amount you are overdrawn after all transactions have cleared or posted for the business day is less than $20. If we do not authorize and pay an overdraft, your transaction will be declined declined, and fee(s) will be charged. In the event that we do pay any such order or item, we will not waive our right to dishonor any subsequent orders or items presented. Each Party to any of your accounts will be jointly and severally liable for overdrafts (including without limitation the applicable fees) and other obligations owed to us that are caused by any other Party to the account. The negative balance and applicable fees must be remedied by you within 45 forty-five (45) days. You can make, change, or revoke your choices regarding standard overdraft practices and overdraft protection plans, and optional overdraft practices available for your account, in-person, verbally over the phone, via secured message or online chat. If you do not have enough Available Balance a sufficient available balance in your account to cover a transaction, and at the time of the transaction no overdraft practices or protection plans exist on your account (i.e., you have opted out of all of Wellby’s standard overdraft practices and overdraft protection plans and not opted into the optional Overdraft XxxxxxxXxxxxxx services), then the transaction will be declined, the item will be returned unpaid due to insufficient funds, and an Insufficient Funds fee will be charged per item. Please see Overdraft Protection Services and the Truth in Savings Fee DisclosuresDisclosures for additional details. Establishing or Canceling Overdraft Xxxxxxx and Overdraft Xxxxxxx with Debit Card Coverage Any owner on the account has the right to elect or update coverage at any time. You may change Overdraft Xxxxxxx preferences by completing the online form at xxxxxxxxxxxxxxx.xxx/xxxxxxx-xxxxx or visiting a Wellby branch. You may change Overdraft Xxxxxxx with Debit Card Coverage preferences by accessing your account online or via mobile banking and changing elections via the Overdraft Xxxxxxx Debit Card Coverage tool located in account settings, or completing the online form at xxxxxxxxxxxxxxx.xxx/xxxxxxx-xxxxx, or visiting a Wellby branch. You can also review the Overdraft Xxxxxxx Disclosure anytime online at xxxxxxxxxxxxxxx.xxx/xxxxxxxxxxx. Overdrawn Accounts and Forced Closure/Charge Off You agree to deposit sufficient funds to cover any Overdraft and any service fees upon notice of an Overdraft, and to reimburse the Credit Union for any costs we incur in collecting the Overdraft from you, including, without limitation, reasonable attorneys’ fees fees, and the costs of litigation to the extent permitted by law. Failure to deposit sufficient funds to cover an Overdraft within forty-five (45) days, may result in the Credit Union’s forced closure of the Account, also known as charge off. If your Account is closed for unsatisfactory handling, the Credit Union is permitted to report all Account owners to reporting agencies, as governed by the Fair Credit Reporting Act. The Credit Union has the right to legally collect the full amount of the charged off balance for the applicable period of time as permitted by state law. Preauthorized (Recurring) Transfers and Stop Payments You may use your account or debit card to make recurring payments. If these recurring payments vary in amount, the payee will tell you the amount and date of the next payment at least ten (10) days before the payment due date. You may choose to receive this notice from your payee only when the payment would differ by more than a certain amount from the previous payment or when the amount would fall outside certain limits that you set. You can stop some payments before the scheduled payment date in the following ways:
Appears in 1 contract
Samples: www.wellbyfinancial.com
Holds on Other Funds (Other Accounts. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available until the time period, described elsewhere in this disclosure for withdrawalthe type you deposited, lapsed. Pending Transactions When you review your account during the dayDELAYED AVAILABILITY In some cases, you may notice that we show some transactions as “pending”. These transactions impact your available balance but have not yet posted to your account and do not guarantee that we will pay these transactions to your account if you have a negative balance at that time. We may still return a transaction unpaid if your balance has insufficient not make all of the funds during that business day’s nightly processing, even if it had been displayed as a “pending” transaction on a positive balance during the day. If a transaction that you made or authorized does deposit by check available to you immediately. Depending on the type of check that you deposit, funds may not display as “pending,” you are still responsible for itbe available until the business day after the day of your deposit. However, and it may still the first $200.00 of your deposit will be posted against your account during nightly processing. Internal Preauthorized Payments/Transfers If you have scheduled automatic internal payment/transfer between Wellby accounts/loans and the preauthorized amount for the account transfer is not available on the date first business day after the day we receive your deposit. If we are not going to make all of disbursementthe funds from your deposit available immediately, we will attempt to process notify you at the transaction up to 15 calendar daystime you make your deposit. We will also tell you when the funds will be available. If unsuccessfulyour deposit is not made directly to one of our employees, or if we decide to take this action after you have left the agreement premises, we will mail you the notice by the day after we receive your deposit. LONGER DELAYS MAY APPLY In addition, funds you deposit by check may be canceled delayed for a longer period under the following circumstances: • We believe a check you deposit will not be paid. • You deposit checks totaling more than $5,000.00 on the 16th day and resume on the next disbursement dateany one day. Transactions Using Our Telephone Banking System • You may use our Telephone Banking Services to speak to us to get redeposit a check that has been returned unpaid. • You have overdrawn your account informationrepeatedly in the last six months. • There is an emergency, transfer funds between your accounts with us, such as failure of communications or pay qualifying Wellby loans or credit cards. You must have a PIN to use the Telephone Banking Services. End of Day Transactions Transactions initiated after 10 pm will post immediately with the effective date of the next day. Account Transaction Limitations Federal Regulations pertaining to savings accounts (including savings accounts with check writing privileges and money market accounts) allow no more than six (6) transfers per month to a third party or to another account of the depositor at Wellby by means of preauthorized, automatic, telephone or online transfers (including transfers by personal computer or other data transmission). This limitation does not include withdrawals by mail, messenger, ATM, or in person and transfers to make payments on your loans with us. However, automatic overdraft protection transfers, phone transfers, Online and Mobile Banking transfers from these Accounts are included in this limitation. If you exceed the transaction limitations applicable to your account three (3) times in any twelve-month period you agree that we may convert your savings or money market account to an account that is not subject to federal transaction limits (a “transaction account”)equipment. We will notify you by mail if we convert delay your savings or money market account ability to a transaction account. Insufficient Funds, Overdrafts and Returned Items Uncollected/Held Funds We reserve the right to return and/or refuse to pay any check, in-person withdrawal, ATM withdrawal or other electronic item or instruction which is presented for payment against uncollected/held funds. A fee may be deducted from the account withdraw funds for any item drawing against uncollected funds, whether the item is paid or returned unpaid, in accordance with our then current Fee Schedules. Returning Items for Insufficient Funds You do not have the right to write a check or draft, to make an ATM or other withdrawal, or to initiate or have an automatic debit processed against your account for an amount that exceeds your available balance (If you’re enrolled in an overdraft protection, we’ll transfer available amounts to cover the transaction in accordance with the agreement governing your overdraft protection plan). At any time before final payment (as defined in the Uniform Commercial Code 4A) we may return any check, draft, image, negotiable order of withdrawal, electronic debit or other item presented for payment against your account when there are insufficient available funds in your account to pay the item or if for some other reason the item is not good or payable. In addition, we may charge a fee for each item returned in accordance with our then current Fee Schedule. Insufficient Funds and Returned Item Fees We will charge a fee during nightly processing for any item presented on a business day when your account is overdrawn, whether or not we pay the item. If we pay it, we will charge an Insufficient Funds Fee. If we return it, we will charge a Returned Item Fee (even if we later decide to pay that item after initially deciding to return it). Special rules for everyday debit card transactions are described in the Electronic Funds Transfer Service Terms. Refer to your product information and Fee Schedule for information about what fees apply and how fees are calculated for your account. Overdraft Protection Overdraft Protection allows you to link one of your accounts as your backup account to your checking account to help avoid problems associated with Overdrafts and insufficient or declined items. If your checking account does not have enough money, with your permission we will use the available funds from your backup account to authorize or pay transactions. See the Overdraft Services Disclosure for more information. Establishing or Canceling Overdraft Protection Any owner of both a qualifying checking account and the backup account may enroll in Overdraft Protection without the consent of other owners and both accounts must share at least one owner to maintain Overdraft Protection. Any owner of the checking account or the backup account may cancel Overdraft Protection (by terminating the service or closing the account) without the consent of other owners. A backup account can provide Overdraft Protection for more than one checking account, but a checking account can have only one backup account. A personal checking account may be linked to a Wellby savings account or a line of credit in good standing. We may cancel your Overdraft Protection service at any time. Your request to add or cancel Overdraft Protection will become effective within a reasonable time after approval. Overdraft Protection Transfers We will make one Overdraft Protection transfer per business day that will appear on your statement for both accounts. If you have enough available funds in your backup account, we will automatically transfer enough to bring your checking account balance to zero. If you do not have enough available funds in your backup account to bring your checking account balance to zero, but you have enough available funds to pay one or more transactions and/or your previous day’s negative balance, we will transfer that amount. If the amount transferred does not bring your checking account balance to zero, your checking account will become overdrawn and you may be charged Insufficient Funds or Returned Item fees. If we authorize your transaction, we will leave the funds in your backup account until we pay the transaction, which may take several days. However, if you use those funds before the transaction is paid there will not be available funds to make the transfer and your checking account may become overdrawn and charged an Insufficient Funds Fee. The available balance for a savings account is determined at the time that we authorize a transaction or at the end of business day processing. The available balance for a line of credit is determined at the end of the previous business day processing. We are not required to notify you if funds from the backup account cannot be transferred for Overdraft Protection (for example if the account is dormant, purged, restricted or not in good standing). Overdraft Situations An overdraft occurs when you do not have enough money in your designated account to cover a transaction, but we pay it anyway. Generally, we do not permit overdrafts for ATM withdrawals and cashback transactions and will not authorize and pay overdrafts for everyday debit card transactions against your designated account unless you have authorized us to do so. You understand and agree that even if you have authorized us to do so, you have no right to overdraw your account at any time, for any reasonthese reasons, and our decision to pay overdraft items is solely within our discretion. You further agree that if we elect to pay overdraft items, you must deposit additional funds into your designated account immediately in an amount sufficient to cover the overdraft and to pay us overdraft fees for each overdraft item in accordance with our then current Fee Schedule. If the amount of the overdraft causes you to exceed the amount of credit available on the overdraft protection line of credit or balance in the overdraft protection deposit account linked to the overdrawn deposit account, you agree to pay the amount by which the deposit account has been overdrawn plus all associated fees and charges as reflected in our current Fee Schedule and the applicable line of credit agreement. Overdraft Ease As a courtesy for members with accounts in good standing we offer Wellby Overdraft Ease which provides protection for your eligible Wellby accounts [insert eligible account types] and does not charge overdraft fees if your ending daily balance is overdrawn by $20.00 or less. If your account is overdrawn by more than $20.00, a fee will be charged on each overdraft transaction, regardless of the amount. Wellby may increase or decrease your Overdraft Ease Limit at any time in our sole discretion. You will not be notified of any change to your Limit. Each time Overdraft Ease is used, you will receive an email and/or push notification that Wellby approved the transaction, including the amount Wellby Overdraft Ease has covered and the updated balance in your eligible Wellby accounts. Overdraft Xxxxxxx Xxxxxxxxx Xxxxxxx is offered as a courtesy to our members who qualify for this service. Do not rely on Overdraft Xxxxxxx to pay your items regularly as it is intended only as a courtesy in the event you accidentally overdraw your account. Overdraft Xxxxxxx is a standard overdraft practice included on your Checking Account for checks and ACH transactions made using your Checking Account number, and automatic bill payments, unless you ask us to not use Overdraft Xxxxxxx for your account for these types of transactions. Due to regulatory requirements, members must “opt-in” to Overdraft Xxxxxxx for everyday debit card transactions. Your ability to “Opt-In” may be limited or restricted to prevent structured or intended abuse of the program. The amount of the Overdraft Xxxxxxx fee is set forth in the Fee Schedule. Overdraft Xxxxxxx can be revoked at our sole and absolute discretion. There are also other overdraft protection plans (a link to a Wellby Savings Account or a link to a Wellby Line of Credit, if you apply and qualify for such account(s)), and there are no fees associated with these overdraft protection plans. In the event these other overdraft protection plans are utilized, we will use our best efforts to transfer funds from the eligible Savings Account to your Checking Account, or to make an advance of funds under the eligible Line of Credit Agreement to your Checking Account, to remedy the overdraft. Our Overdraft Xxxxxxx service may be available when no other form of overdraft protection plan is available. We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction, even if you have asked us to do so. If we do not authorize and pay an overdraft, your transaction will be declined and fee(s) will be charged. In the event that we do pay any such order or item, we will not waive our right to dishonor any subsequent orders or items presented. Each Party to any of your accounts will be jointly and severally liable for overdrafts (including without limitation the applicable fees) and other obligations owed to us that are caused by any other Party to the account. The negative balance and applicable fees must be remedied by you within 45 days. You can make, change, or revoke your choices regarding standard overdraft practices and overdraft protection plans, and optional overdraft practices available for your account, in-person, verbally over the phone, via secured message or online chat. If you do not have enough Available Balance in your account to cover a transaction, and at the time of the transaction no overdraft practices or protection plans exist on your account (i.e., you have opted out of all of Wellby’s standard overdraft practices and overdraft protection plans and not opted into the optional Overdraft Xxxxxxx), then the transaction will be declined, the item will be returned unpaid due to insufficient funds, and an Insufficient Funds fee will be charged per item. Please see Overdraft Protection Services and the Truth in Savings Fee Disclosures. Overdrawn Accounts and Forced Closure/Charge Off You agree to deposit sufficient funds to cover any Overdraft and any service fees upon notice of an Overdraft, and to reimburse the Credit Union for any costs we incur in collecting the Overdraft from you, including, without limitation, reasonable attorneys’ fees and the costs of litigation to the extent permitted by law. Failure to deposit sufficient funds to cover an Overdraft may result in the Credit Union’s forced closure of the Account, also known as charge off. If your Account is closed for unsatisfactory handling, the Credit Union is permitted to report all Account owners to reporting agencies, as governed by the Fair Credit Reporting Act. The Credit Union has the right to legally collect the full amount of the charged off balance for the applicable period of time as permitted by state law. Preauthorized (Recurring) Transfers and Stop Payments You may use your account or debit card to make recurring payments. If these recurring payments vary in amount, the payee will tell you the amount and date of the next payment at least ten (10) days before the payment due date. You may choose to receive this notice from your payee only when the payment would differ by more funds will be available. They will generally be available no later than a certain amount from the previous payment or when 11th business day after the amount would fall outside certain limits that you set. You can stop some payments before the scheduled payment date in the following ways:day of your deposit.
Appears in 1 contract
Samples: media.msufcu.org
Holds on Other Funds (Other Accounts. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawalwithdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited. Pending Transactions When Substitute Check Policy Disclosure Substitute Checks and Your Rights What is a Substitute Check?: To make check processing faster, federal law permits financial institutions to replace original checks with “substitute checks.” These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: “This is a legal copy of your check. You can use it the same way you review would use the original check.” You may use a substitute check as proof of payment just like the original check. Some or all of the checks that you receive back from us may be substitute checks. This notice describes rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your account during the dayaccount. However, you may notice have rights under other law with respect to those transactions. What Are My Rights Regarding Substitute Checks?: In certain cases, federal law provides a special procedure that we show some transactions as “pending”. These transactions impact your available balance but have not yet allows you to request a refund for losses you suffer if a substitute check is posted to your account and do not guarantee that we will pay these transactions to your account if you have a negative balance at that time. We may still return a transaction unpaid if your balance has insufficient funds during that business day’s nightly processing, even if it had been displayed as a “pending” transaction on a positive balance during the day. If a transaction that you made or authorized does not display as “pending,” you are still responsible (for it, and it may still be posted against your account during nightly processing. Internal Preauthorized Payments/Transfers If you have scheduled automatic internal payment/transfer between Wellby accounts/loans and the preauthorized amount for the account transfer is not available on the date of disbursement, we will attempt to process the transaction up to 15 calendar days. If unsuccessful, the agreement will be canceled on the 16th day and resume on the next disbursement date. Transactions Using Our Telephone Banking System You may use our Telephone Banking Services to speak to us to get your account information, transfer funds between your accounts with us, or pay qualifying Wellby loans or credit cards. You must have a PIN to use the Telephone Banking Services. End of Day Transactions Transactions initiated after 10 pm will post immediately with the effective date of the next day. Account Transaction Limitations Federal Regulations pertaining to savings accounts (including savings accounts with check writing privileges and money market accounts) allow no more than six (6) transfers per month to a third party or to another account of the depositor at Wellby by means of preauthorized, automatic, telephone or online transfers (including transfers by personal computer or other data transmission). This limitation does not include withdrawals by mail, messenger, ATM, or in person and transfers to make payments on your loans with us. However, automatic overdraft protection transfers, phone transfers, Online and Mobile Banking transfers from these Accounts are included in this limitation. If you exceed the transaction limitations applicable to your account three (3) times in any twelve-month period you agree that we may convert your savings or money market account to an account that is not subject to federal transaction limits (a “transaction account”). We will notify you by mail if we convert your savings or money market account to a transaction account. Insufficient Funds, Overdrafts and Returned Items Uncollected/Held Funds We reserve the right to return and/or refuse to pay any check, in-person withdrawal, ATM withdrawal or other electronic item or instruction which is presented for payment against uncollected/held funds. A fee may be deducted from the account for any item drawing against uncollected funds, whether the item is paid or returned unpaid, in accordance with our then current Fee Schedules. Returning Items for Insufficient Funds You do not have the right to write a check or draft, to make an ATM or other withdrawal, or to initiate or have an automatic debit processed against your account for an amount that exceeds your available balance (If you’re enrolled in an overdraft protection, we’ll transfer available amounts to cover the transaction in accordance with the agreement governing your overdraft protection plan). At any time before final payment (as defined in the Uniform Commercial Code 4A) we may return any check, draft, image, negotiable order of withdrawal, electronic debit or other item presented for payment against your account when there are insufficient available funds in your account to pay the item or if for some other reason the item is not good or payable. In addition, we may charge a fee for each item returned in accordance with our then current Fee Schedule. Insufficient Funds and Returned Item Fees We will charge a fee during nightly processing for any item presented on a business day when your account is overdrawn, whether or not we pay the item. If we pay it, we will charge an Insufficient Funds Fee. If we return it, we will charge a Returned Item Fee (even if we later decide to pay that item after initially deciding to return it). Special rules for everyday debit card transactions are described in the Electronic Funds Transfer Service Terms. Refer to your product information and Fee Schedule for information about what fees apply and how fees are calculated for your account. Overdraft Protection Overdraft Protection allows you to link one of your accounts as your backup account to your checking account to help avoid problems associated with Overdrafts and insufficient or declined items. If your checking account does not have enough money, with your permission we will use the available funds from your backup account to authorize or pay transactions. See the Overdraft Services Disclosure for more information. Establishing or Canceling Overdraft Protection Any owner of both a qualifying checking account and the backup account may enroll in Overdraft Protection without the consent of other owners and both accounts must share at least one owner to maintain Overdraft Protection. Any owner of the checking account or the backup account may cancel Overdraft Protection (by terminating the service or closing the account) without the consent of other owners. A backup account can provide Overdraft Protection for more than one checking account, but a checking account can have only one backup account. A personal checking account may be linked to a Wellby savings account or a line of credit in good standing. We may cancel your Overdraft Protection service at any time. Your request to add or cancel Overdraft Protection will become effective within a reasonable time after approval. Overdraft Protection Transfers We will make one Overdraft Protection transfer per business day that will appear on your statement for both accounts. If you have enough available funds in your backup account, we will automatically transfer enough to bring your checking account balance to zero. If you do not have enough available funds in your backup account to bring your checking account balance to zero, but you have enough available funds to pay one or more transactions and/or your previous day’s negative balance, we will transfer that amount. If the amount transferred does not bring your checking account balance to zero, your checking account will become overdrawn and you may be charged Insufficient Funds or Returned Item fees. If we authorize your transaction, we will leave the funds in your backup account until we pay the transaction, which may take several days. Howeverexample, if you use those funds before think that we withdrew the transaction is paid there will not be available funds to make wrong amount from your account or that we withdrew money from your account more than once for the transfer and your checking account may become overdrawn and charged an Insufficient Funds Feesame check). The available balance losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for a savings account is determined at the time that we authorize a transaction or at the end of business day processingexample, non-sufficient funds fees). The available balance for a line amount of credit your refund under this procedure is determined at limited to the end amount of the previous business day processing. We are not required to notify you if funds from the backup account cannot be transferred for Overdraft Protection (for example if the account is dormant, purged, restricted your loss or not in good standing). Overdraft Situations An overdraft occurs when you do not have enough money in your designated account to cover a transaction, but we pay it anyway. Generally, we do not permit overdrafts for ATM withdrawals and cashback transactions and will not authorize and pay overdrafts for everyday debit card transactions against your designated account unless you have authorized us to do so. You understand and agree that even if you have authorized us to do so, you have no right to overdraw your account at any time, for any reason, and our decision to pay overdraft items is solely within our discretion. You further agree that if we elect to pay overdraft items, you must deposit additional funds into your designated account immediately in an amount sufficient to cover the overdraft and to pay us overdraft fees for each overdraft item in accordance with our then current Fee Schedule. If the amount of the overdraft causes you substitute check, whichever is less. You also are entitled to exceed dividends on the amount of credit available on the overdraft protection line of credit or balance in the overdraft protection deposit account linked to the overdrawn deposit account, you agree to pay the amount by which the deposit account has been overdrawn plus all associated fees and charges as reflected in our current Fee Schedule and the applicable line of credit agreement. Overdraft Ease As a courtesy for members with accounts in good standing we offer Wellby Overdraft Ease which provides protection for your eligible Wellby accounts [insert eligible account types] and does not charge overdraft fees refund if your ending daily balance account is overdrawn by $20.00 or lessa dividend-bearing account. If your account is overdrawn by more than $20.00, a fee will be charged on each overdraft transaction, regardless loss exceeds the amount of the amountsubstitute check, you may be able to recover additional amounts under other law. Wellby If you use this procedure, you may increase receive up to $2,500 of your refund (plus dividends, if your account earns dividends) within 10 business days after we receive your claim and the remainder of your refund (plus dividends, if your account earns dividends) not later than 45 calendar days after we receive your claim. We may reverse the refund (including any dividends on the refund) if we later are able to demonstrate that the substitute check was correctly posted to your account. How Do I Make a Claim for a Refund?: If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact your local branch or decrease your Overdraft Ease Limit call 000.000.0000 or log onto the Member Connect section of the LGFCU website at any time in our sole discretionxxxxx.xxx to complete the appropriate form. You must contact us within 60 calendar days of the date that we mailed (or otherwise delivered by a means to which you agreed) the substitute check in question or the date of the account statement showing that the substitute check was posted to your account, whichever is later. We will extend this time period if you were not able to make a timely claim because of extraordinary circumstances. Your claim must include a description of why you have suffered a loss (for example, you think the amount withdrawn was incorrect), an estimate of the amount of your loss, an explanation of why the substitute check you received is insufficient to confirm that you suffered a loss, and a copy of the substitute check and the following information to help us identify the substitute check: the check number, the name of the person to whom you wrote the check and the amount of the check. Deposits to and Withdrawals from Your Account Deposits You may make deposits in person, by mail or by any other method we make available, including ATMs. We will not be notified of any change to your Limit. Each time Overdraft Ease is used, you will responsible for deposits made by or through a depository not staffed by our personnel until we actually receive an email and/or push notification that Wellby approved the transaction, including the amount Wellby Overdraft Ease has covered and the updated balance in your eligible Wellby accounts. Overdraft Xxxxxxx Xxxxxxxxx Xxxxxxx is offered as a courtesy to our members who qualify for this service. Do not rely on Overdraft Xxxxxxx to pay your items regularly as it is intended only as a courtesy in the event you accidentally overdraw your account. Overdraft Xxxxxxx is a standard overdraft practice included on your Checking Account for checks and ACH transactions made using your Checking Account number, and automatic bill payments, unless you ask us to not use Overdraft Xxxxxxx for your account for these types of transactions. Due to regulatory requirements, members must “opt-in” to Overdraft Xxxxxxx for everyday debit card transactions. Your ability to “Opt-In” may be limited or restricted to prevent structured or intended abuse of the program. The amount of the Overdraft Xxxxxxx fee is set forth in the Fee Schedule. Overdraft Xxxxxxx can be revoked at our sole and absolute discretion. There are also other overdraft protection plans (a link to a Wellby Savings Account or a link to a Wellby Line of Credit, if you apply and qualify for such account(s)), and there are no fees associated with these overdraft protection plans. In the event these other overdraft protection plans are utilized, we will use our best efforts to transfer funds from the eligible Savings Account to your Checking Account, or to make an advance of funds under the eligible Line of Credit Agreement to your Checking Account, to remedy the overdraft. Our Overdraft Xxxxxxx service may be available when no other form of overdraft protection plan is availabledeposits. We pay overdrafts may, at our discretion, which means we do not guarantee that we will always authorize and pay refuse any type of transaction, even if you have asked us to do so. If we do not authorize and pay an overdraft, your transaction will be declined and fee(s) will be charged. In the event that we do pay any such order or item, we will not waive our right to dishonor any subsequent orders or items presented. Each Party to any of your accounts will be jointly and severally liable for overdrafts (including without limitation the applicable fees) and other obligations owed to us that are caused by any other Party to the account. The negative balance and applicable fees must be remedied by you within 45 days. You can make, change, or revoke your choices regarding standard overdraft practices and overdraft protection plans, and optional overdraft practices available for your account, in-person, verbally over the phone, via secured message or online chat. If you do not have enough Available Balance in your account to cover a transaction, and at the time of the transaction no overdraft practices or protection plans exist on your account (i.e., you have opted out of all of Wellby’s standard overdraft practices and overdraft protection plans and not opted into the optional Overdraft Xxxxxxx), then the transaction will be declined, the item will be returned unpaid due to insufficient funds, and an Insufficient Funds fee will be charged per item. Please see Overdraft Protection Services and the Truth in Savings Fee Disclosures. Overdrawn Accounts and Forced Closure/Charge Off You agree to deposit sufficient funds to cover any Overdraft and any service fees upon notice of an Overdraft, and to reimburse the Credit Union for any costs we incur in collecting the Overdraft from you, including, without limitation, reasonable attorneys’ fees and the costs of litigation to the extent permitted by law. Failure to deposit sufficient funds to cover an Overdraft may result in the Credit Union’s forced closure of the Account, also known as charge off. If your Account is closed for unsatisfactory handling, the Credit Union is permitted to report all Account owners to reporting agencies, as governed by the Fair Credit Reporting Act. The Credit Union has the right to legally collect the full amount of the charged off balance for the applicable period of time as permitted by state law. Preauthorized (Recurring) Transfers and Stop Payments You may use your account or debit card to make recurring payments. If these recurring payments vary in amount, the payee will tell you the amount and date of the next payment at least ten (10) days before the payment due date. You may choose to receive this notice from your payee only when the payment would differ by more than a certain amount from the previous payment or when the amount would fall outside certain limits that you set. You can stop some payments before the scheduled payment date in the following ways:deposits.
Appears in 1 contract
Samples: www.lgfcu.org
Holds on Other Funds (Other Accounts. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately immediately, but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available until the time period, described elsewhere in this disclosure for withdrawalthe type you deposited, lapse. Pending Transactions When you review your account during the dayDELAYED AVAILABILITY In some cases, you may notice that we show some transactions as “pending”. These transactions impact your available balance but have not yet posted to your account and do not guarantee that we will pay these transactions to your account if you have a negative balance at that time. We may still return a transaction unpaid if your balance has insufficient not make all of the funds during that business day’s nightly processing, even if it had been displayed as a “pending” transaction on a positive balance during the day. If a transaction that you made or authorized does deposit by check available to you immediately. Depending on the type of check you deposit, funds may not display as “pending,” you are still responsible for itbe available until the second business day after the day of your deposit. However, and it may still the first $250.00 of your deposits will be posted against your account during nightly processing. Internal Preauthorized Payments/Transfers If you have scheduled automatic internal payment/transfer between Wellby accounts/loans and the preauthorized amount for the account transfer is not available on the date first business day after the day we receive your deposit. If we are not going to make all of disbursementthe funds from your deposit available immediately, we will attempt to process notify you at the transaction up to 15 calendar daystime you make your deposit. We will also tell you when the funds will be available. If unsuccessfulyour deposit is not made directly to one of our employees, or if we decide to take this action after you have left the agreement premises, we will mail you the notice by the day after we receive your deposit. LONGER DELAYS MAY APPLY In addition, funds you deposit by check may be canceled delayed for a longer period under the following circumstances: · We believe a check you deposit will not be paid. · You deposit checks totaling more than $5,750.00 on the 16th day and resume on the next disbursement dateany one day. Transactions Using Our Telephone Banking System · You may use our Telephone Banking Services to speak to us to get redeposit a check that has been returned unpaid. · You have overdrawn your account informationrepeatedly in the last six months. · There is an emergency, transfer funds between your accounts with us, such as failure of communications or pay qualifying Wellby loans or credit cards. You must have a PIN to use the Telephone Banking Services. End of Day Transactions Transactions initiated after 10 pm will post immediately with the effective date of the next day. Account Transaction Limitations Federal Regulations pertaining to savings accounts (including savings accounts with check writing privileges and money market accounts) allow no more than six (6) transfers per month to a third party or to another account of the depositor at Wellby by means of preauthorized, automatic, telephone or online transfers (including transfers by personal computer or other data transmission). This limitation does not include withdrawals by mail, messenger, ATM, or in person and transfers to make payments on your loans with us. However, automatic overdraft protection transfers, phone transfers, Online and Mobile Banking transfers from these Accounts are included in this limitation. If you exceed the transaction limitations applicable to your account three (3) times in any twelve-month period you agree that we may convert your savings or money market account to an account that is not subject to federal transaction limits (a “transaction account”)equipment. We will notify you by mail if we convert delay your savings or money market account ability to a transaction account. Insufficient Funds, Overdrafts and Returned Items Uncollected/Held Funds We reserve the right to return and/or refuse to pay any check, in-person withdrawal, ATM withdrawal or other electronic item or instruction which is presented for payment against uncollected/held funds. A fee may be deducted from the account withdraw funds for any item drawing against uncollected funds, whether the item is paid or returned unpaid, in accordance with our then current Fee Schedules. Returning Items for Insufficient Funds You do not have the right to write a check or draft, to make an ATM or other withdrawal, or to initiate or have an automatic debit processed against your account for an amount that exceeds your available balance (If you’re enrolled in an overdraft protection, we’ll transfer available amounts to cover the transaction in accordance with the agreement governing your overdraft protection plan). At any time before final payment (as defined in the Uniform Commercial Code 4A) we may return any check, draft, image, negotiable order of withdrawal, electronic debit or other item presented for payment against your account when there are insufficient available funds in your account to pay the item or if for some other reason the item is not good or payable. In addition, we may charge a fee for each item returned in accordance with our then current Fee Schedule. Insufficient Funds and Returned Item Fees We will charge a fee during nightly processing for any item presented on a business day when your account is overdrawn, whether or not we pay the item. If we pay it, we will charge an Insufficient Funds Fee. If we return it, we will charge a Returned Item Fee (even if we later decide to pay that item after initially deciding to return it). Special rules for everyday debit card transactions are described in the Electronic Funds Transfer Service Terms. Refer to your product information and Fee Schedule for information about what fees apply and how fees are calculated for your account. Overdraft Protection Overdraft Protection allows you to link one of your accounts as your backup account to your checking account to help avoid problems associated with Overdrafts and insufficient or declined items. If your checking account does not have enough money, with your permission we will use the available funds from your backup account to authorize or pay transactions. See the Overdraft Services Disclosure for more information. Establishing or Canceling Overdraft Protection Any owner of both a qualifying checking account and the backup account may enroll in Overdraft Protection without the consent of other owners and both accounts must share at least one owner to maintain Overdraft Protection. Any owner of the checking account or the backup account may cancel Overdraft Protection (by terminating the service or closing the account) without the consent of other owners. A backup account can provide Overdraft Protection for more than one checking account, but a checking account can have only one backup account. A personal checking account may be linked to a Wellby savings account or a line of credit in good standing. We may cancel your Overdraft Protection service at any time. Your request to add or cancel Overdraft Protection will become effective within a reasonable time after approval. Overdraft Protection Transfers We will make one Overdraft Protection transfer per business day that will appear on your statement for both accounts. If you have enough available funds in your backup account, we will automatically transfer enough to bring your checking account balance to zero. If you do not have enough available funds in your backup account to bring your checking account balance to zero, but you have enough available funds to pay one or more transactions and/or your previous day’s negative balance, we will transfer that amount. If the amount transferred does not bring your checking account balance to zero, your checking account will become overdrawn and you may be charged Insufficient Funds or Returned Item fees. If we authorize your transaction, we will leave the funds in your backup account until we pay the transaction, which may take several days. However, if you use those funds before the transaction is paid there will not be available funds to make the transfer and your checking account may become overdrawn and charged an Insufficient Funds Fee. The available balance for a savings account is determined at the time that we authorize a transaction or at the end of business day processing. The available balance for a line of credit is determined at the end of the previous business day processing. We are not required to notify you if funds from the backup account cannot be transferred for Overdraft Protection (for example if the account is dormant, purged, restricted or not in good standing). Overdraft Situations An overdraft occurs when you do not have enough money in your designated account to cover a transaction, but we pay it anyway. Generally, we do not permit overdrafts for ATM withdrawals and cashback transactions and will not authorize and pay overdrafts for everyday debit card transactions against your designated account unless you have authorized us to do so. You understand and agree that even if you have authorized us to do so, you have no right to overdraw your account at any time, for any reasonthese reasons, and our decision to pay overdraft items is solely within our discretion. You further agree that if we elect to pay overdraft items, you must deposit additional funds into your designated account immediately in an amount sufficient to cover the overdraft and to pay us overdraft fees for each overdraft item in accordance with our then current Fee Schedule. If the amount of the overdraft causes you to exceed the amount of credit available on the overdraft protection line of credit or balance in the overdraft protection deposit account linked to the overdrawn deposit account, you agree to pay the amount by which the deposit account has been overdrawn plus all associated fees and charges as reflected in our current Fee Schedule and the applicable line of credit agreement. Overdraft Ease As a courtesy for members with accounts in good standing we offer Wellby Overdraft Ease which provides protection for your eligible Wellby accounts [insert eligible account types] and does not charge overdraft fees if your ending daily balance is overdrawn by $20.00 or less. If your account is overdrawn by more than $20.00, a fee will be charged on each overdraft transaction, regardless of the amount. Wellby may increase or decrease your Overdraft Ease Limit at any time in our sole discretion. You will not be notified of any change to your Limit. Each time Overdraft Ease is used, you will receive an email and/or push notification that Wellby approved the transaction, including the amount Wellby Overdraft Ease has covered and the updated balance in your eligible Wellby accounts. Overdraft Xxxxxxx Xxxxxxxxx Xxxxxxx is offered as a courtesy to our members who qualify for this service. Do not rely on Overdraft Xxxxxxx to pay your items regularly as it is intended only as a courtesy in the event you accidentally overdraw your account. Overdraft Xxxxxxx is a standard overdraft practice included on your Checking Account for checks and ACH transactions made using your Checking Account number, and automatic bill payments, unless you ask us to not use Overdraft Xxxxxxx for your account for these types of transactions. Due to regulatory requirements, members must “opt-in” to Overdraft Xxxxxxx for everyday debit card transactions. Your ability to “Opt-In” may be limited or restricted to prevent structured or intended abuse of the program. The amount of the Overdraft Xxxxxxx fee is set forth in the Fee Schedule. Overdraft Xxxxxxx can be revoked at our sole and absolute discretion. There are also other overdraft protection plans (a link to a Wellby Savings Account or a link to a Wellby Line of Credit, if you apply and qualify for such account(s)), and there are no fees associated with these overdraft protection plans. In the event these other overdraft protection plans are utilized, we will use our best efforts to transfer funds from the eligible Savings Account to your Checking Account, or to make an advance of funds under the eligible Line of Credit Agreement to your Checking Account, to remedy the overdraft. Our Overdraft Xxxxxxx service may be available when no other form of overdraft protection plan is available. We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction, even if you have asked us to do so. If we do not authorize and pay an overdraft, your transaction will be declined and fee(s) will be charged. In the event that we do pay any such order or item, we will not waive our right to dishonor any subsequent orders or items presented. Each Party to any of your accounts will be jointly and severally liable for overdrafts (including without limitation the applicable fees) and other obligations owed to us that are caused by any other Party to the account. The negative balance and applicable fees must be remedied by you within 45 days. You can make, change, or revoke your choices regarding standard overdraft practices and overdraft protection plans, and optional overdraft practices available for your account, in-person, verbally over the phone, via secured message or online chat. If you do not have enough Available Balance in your account to cover a transaction, and at the time of the transaction no overdraft practices or protection plans exist on your account (i.e., you have opted out of all of Wellby’s standard overdraft practices and overdraft protection plans and not opted into the optional Overdraft Xxxxxxx), then the transaction will be declined, the item will be returned unpaid due to insufficient funds, and an Insufficient Funds fee will be charged per item. Please see Overdraft Protection Services and the Truth in Savings Fee Disclosures. Overdrawn Accounts and Forced Closure/Charge Off You agree to deposit sufficient funds to cover any Overdraft and any service fees upon notice of an Overdraft, and to reimburse the Credit Union for any costs we incur in collecting the Overdraft from you, including, without limitation, reasonable attorneys’ fees and the costs of litigation to the extent permitted by law. Failure to deposit sufficient funds to cover an Overdraft may result in the Credit Union’s forced closure of the Account, also known as charge off. If your Account is closed for unsatisfactory handling, the Credit Union is permitted to report all Account owners to reporting agencies, as governed by the Fair Credit Reporting Act. The Credit Union has the right to legally collect the full amount of the charged off balance for the applicable period of time as permitted by state law. Preauthorized (Recurring) Transfers and Stop Payments You may use your account or debit card to make recurring payments. If these recurring payments vary in amount, the payee will tell you the amount and date of the next payment at least ten (10) days before the payment due date. You may choose to receive this notice from your payee only when the payment would differ by more funds will be available. They will generally be available no later than a certain amount from the previous payment or when 11th business day after the amount would fall outside certain limits that you set. You can stop some payments before the scheduled payment date in the following ways:day of your deposit.
Appears in 1 contract
Samples: Electronic Funds Transfer Agreement
Holds on Other Funds (Other Accounts. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawalwithdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited. Pending Transactions When Substitute Check Policy Disclosure Substitute Checks and Your Rights What is a Substitute Check?: To make check processing faster, federal law permits financial institutions to replace original checks with “substitute checks.” These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: “This is a legal copy of your check. You can use it the same way you review would use the original check.” You may use a substitute check as proof of payment just like the original check. Some or all of the checks that you receive back from us may be substitute checks. This notice describes rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your account during the dayaccount. However, you may notice have rights under other law with respect to those transactions. What are My Rights Regarding Substitute Checks?: In certain cases, federal law provides a special procedure that we show some transactions as “pending”. These transactions impact your available balance but have not yet allows you to request a refund for losses you suffer if a substitute check is posted to your account and do not guarantee that we will pay these transactions to your account if you have a negative balance at that time. We may still return a transaction unpaid if your balance has insufficient funds during that business day’s nightly processing, even if it had been displayed as a “pending” transaction on a positive balance during the day. If a transaction that you made or authorized does not display as “pending,” you are still responsible (for it, and it may still be posted against your account during nightly processing. Internal Preauthorized Payments/Transfers If you have scheduled automatic internal payment/transfer between Wellby accounts/loans and the preauthorized amount for the account transfer is not available on the date of disbursement, we will attempt to process the transaction up to 15 calendar days. If unsuccessful, the agreement will be canceled on the 16th day and resume on the next disbursement date. Transactions Using Our Telephone Banking System You may use our Telephone Banking Services to speak to us to get your account information, transfer funds between your accounts with us, or pay qualifying Wellby loans or credit cards. You must have a PIN to use the Telephone Banking Services. End of Day Transactions Transactions initiated after 10 pm will post immediately with the effective date of the next day. Account Transaction Limitations Federal Regulations pertaining to savings accounts (including savings accounts with check writing privileges and money market accounts) allow no more than six (6) transfers per month to a third party or to another account of the depositor at Wellby by means of preauthorized, automatic, telephone or online transfers (including transfers by personal computer or other data transmission). This limitation does not include withdrawals by mail, messenger, ATM, or in person and transfers to make payments on your loans with us. However, automatic overdraft protection transfers, phone transfers, Online and Mobile Banking transfers from these Accounts are included in this limitation. If you exceed the transaction limitations applicable to your account three (3) times in any twelve-month period you agree that we may convert your savings or money market account to an account that is not subject to federal transaction limits (a “transaction account”). We will notify you by mail if we convert your savings or money market account to a transaction account. Insufficient Funds, Overdrafts and Returned Items Uncollected/Held Funds We reserve the right to return and/or refuse to pay any check, in-person withdrawal, ATM withdrawal or other electronic item or instruction which is presented for payment against uncollected/held funds. A fee may be deducted from the account for any item drawing against uncollected funds, whether the item is paid or returned unpaid, in accordance with our then current Fee Schedules. Returning Items for Insufficient Funds You do not have the right to write a check or draft, to make an ATM or other withdrawal, or to initiate or have an automatic debit processed against your account for an amount that exceeds your available balance (If you’re enrolled in an overdraft protection, we’ll transfer available amounts to cover the transaction in accordance with the agreement governing your overdraft protection plan). At any time before final payment (as defined in the Uniform Commercial Code 4A) we may return any check, draft, image, negotiable order of withdrawal, electronic debit or other item presented for payment against your account when there are insufficient available funds in your account to pay the item or if for some other reason the item is not good or payable. In addition, we may charge a fee for each item returned in accordance with our then current Fee Schedule. Insufficient Funds and Returned Item Fees We will charge a fee during nightly processing for any item presented on a business day when your account is overdrawn, whether or not we pay the item. If we pay it, we will charge an Insufficient Funds Fee. If we return it, we will charge a Returned Item Fee (even if we later decide to pay that item after initially deciding to return it). Special rules for everyday debit card transactions are described in the Electronic Funds Transfer Service Terms. Refer to your product information and Fee Schedule for information about what fees apply and how fees are calculated for your account. Overdraft Protection Overdraft Protection allows you to link one of your accounts as your backup account to your checking account to help avoid problems associated with Overdrafts and insufficient or declined items. If your checking account does not have enough money, with your permission we will use the available funds from your backup account to authorize or pay transactions. See the Overdraft Services Disclosure for more information. Establishing or Canceling Overdraft Protection Any owner of both a qualifying checking account and the backup account may enroll in Overdraft Protection without the consent of other owners and both accounts must share at least one owner to maintain Overdraft Protection. Any owner of the checking account or the backup account may cancel Overdraft Protection (by terminating the service or closing the account) without the consent of other owners. A backup account can provide Overdraft Protection for more than one checking account, but a checking account can have only one backup account. A personal checking account may be linked to a Wellby savings account or a line of credit in good standing. We may cancel your Overdraft Protection service at any time. Your request to add or cancel Overdraft Protection will become effective within a reasonable time after approval. Overdraft Protection Transfers We will make one Overdraft Protection transfer per business day that will appear on your statement for both accounts. If you have enough available funds in your backup account, we will automatically transfer enough to bring your checking account balance to zero. If you do not have enough available funds in your backup account to bring your checking account balance to zero, but you have enough available funds to pay one or more transactions and/or your previous day’s negative balance, we will transfer that amount. If the amount transferred does not bring your checking account balance to zero, your checking account will become overdrawn and you may be charged Insufficient Funds or Returned Item fees. If we authorize your transaction, we will leave the funds in your backup account until we pay the transaction, which may take several days. Howeverexample, if you use those funds before think that we withdrew the transaction is paid there will not be available funds to make wrong amount from your account or that we withdrew money from your account more than once for the transfer and your checking account may become overdrawn and charged an Insufficient Funds Feesame check). The available balance losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for a savings account is determined at the time that we authorize a transaction or at the end of business day processingexample, non-sufficient funds fees). The available balance for a line amount of credit your refund under this procedure is determined at limited to the end amount of the previous business day processing. We are not required to notify you if funds from the backup account cannot be transferred for Overdraft Protection (for example if the account is dormant, purged, restricted your loss or not in good standing). Overdraft Situations An overdraft occurs when you do not have enough money in your designated account to cover a transaction, but we pay it anyway. Generally, we do not permit overdrafts for ATM withdrawals and cashback transactions and will not authorize and pay overdrafts for everyday debit card transactions against your designated account unless you have authorized us to do so. You understand and agree that even if you have authorized us to do so, you have no right to overdraw your account at any time, for any reason, and our decision to pay overdraft items is solely within our discretion. You further agree that if we elect to pay overdraft items, you must deposit additional funds into your designated account immediately in an amount sufficient to cover the overdraft and to pay us overdraft fees for each overdraft item in accordance with our then current Fee Schedule. If the amount of the overdraft causes you substitute check, whichever is less. You also are entitled to exceed dividends on the amount of credit available on the overdraft protection line of credit or balance in the overdraft protection deposit account linked to the overdrawn deposit account, you agree to pay the amount by which the deposit account has been overdrawn plus all associated fees and charges as reflected in our current Fee Schedule and the applicable line of credit agreement. Overdraft Ease As a courtesy for members with accounts in good standing we offer Wellby Overdraft Ease which provides protection for your eligible Wellby accounts [insert eligible account types] and does not charge overdraft fees refund if your ending daily balance account is overdrawn by $20.00 or lessa dividend-bearing account. If your account is overdrawn by more than $20.00, a fee will be charged on each overdraft transaction, regardless loss exceeds the amount of the amount. Wellby may increase or decrease your Overdraft Ease Limit at any time in our sole discretion. You will not be notified of any change to your Limit. Each time Overdraft Ease is usedsubstitute check, you will may be able to recover additional amounts under other law. If you use this procedure, you may receive an email and/or push notification that Wellby approved the transactionup to $2,500 of your refund (plus dividends, including the amount Wellby Overdraft Ease has covered if your account earns dividends) within 10 business days after we receive your claim and the updated balance in remainder of your eligible Wellby accountsrefund (plus dividends, if your account earns dividends) not later than 45 calendar days after we receive your claim. Overdraft Xxxxxxx Xxxxxxxxx Xxxxxxx is offered as a courtesy We may reverse the refund (including any dividends on the refund) if we later are able to our members who qualify for this service. Do not rely on Overdraft Xxxxxxx demonstrate that the substitute check was correctly posted to pay your items regularly as it is intended only as a courtesy in the event you accidentally overdraw your account. Overdraft Xxxxxxx How do I Make a Claim for a Refund?: If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact us at your local branch, call us at 0-000-000-0000, or log on to the Member Access section of the SECU website at xxx.xxxxxx.xxx to complete the appropriate form. You must contact us within 60 calendar days of the date that we mailed (or otherwise delivered by a means to which you agreed) the substitute check in question or the date of the account statement showing that the substitute check was posted to your account, whichever is later. We will extend this time period if you were not able to make a standard overdraft practice included on timely claim because of extraordinary circumstances. Your claim must include a description of why you have suffered a loss (for example, you think the amount withdrawn was incorrect), an estimate of the amount of your Checking Account for checks loss, an explanation of why the substitute check you received is insufficient to confirm that you suffered a loss, and ACH transactions made using your Checking Account a copy of the substitute check and the following information to help us identify the substitute check: the check number, and automatic bill payments, unless you ask us to not use Overdraft Xxxxxxx for your account for these types of transactions. Due to regulatory requirements, members must “opt-in” to Overdraft Xxxxxxx for everyday debit card transactions. Your ability to “Opt-In” may be limited or restricted to prevent structured or intended abuse the name of the program. The person to whom you wrote the check, and the amount of the Overdraft Xxxxxxx fee is set forth in the Fee Schedule. Overdraft Xxxxxxx can be revoked at our sole and absolute discretion. There are also other overdraft protection plans (a link to a Wellby Savings Account or a link to a Wellby Line of Credit, if you apply and qualify for such account(s)), and there are no fees associated with these overdraft protection plans. In the event these other overdraft protection plans are utilized, we will use our best efforts to transfer funds from the eligible Savings Account to your Checking Account, or to make an advance of funds under the eligible Line of Credit Agreement to your Checking Account, to remedy the overdraft. Our Overdraft Xxxxxxx service may be available when no other form of overdraft protection plan is available. We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction, even if you have asked us to do so. If we do not authorize and pay an overdraft, your transaction will be declined and fee(s) will be charged. In the event that we do pay any such order or item, we will not waive our right to dishonor any subsequent orders or items presented. Each Party to any of your accounts will be jointly and severally liable for overdrafts (including without limitation the applicable fees) and other obligations owed to us that are caused by any other Party to the account. The negative balance and applicable fees must be remedied by you within 45 days. You can make, change, or revoke your choices regarding standard overdraft practices and overdraft protection plans, and optional overdraft practices available for your account, in-person, verbally over the phone, via secured message or online chat. If you do not have enough Available Balance in your account to cover a transaction, and at the time of the transaction no overdraft practices or protection plans exist on your account (i.e., you have opted out of all of Wellby’s standard overdraft practices and overdraft protection plans and not opted into the optional Overdraft Xxxxxxx), then the transaction will be declined, the item will be returned unpaid due to insufficient funds, and an Insufficient Funds fee will be charged per item. Please see Overdraft Protection Services and the Truth in Savings Fee Disclosures. Overdrawn Accounts and Forced Closure/Charge Off You agree to deposit sufficient funds to cover any Overdraft and any service fees upon notice of an Overdraft, and to reimburse the Credit Union for any costs we incur in collecting the Overdraft from you, including, without limitation, reasonable attorneys’ fees and the costs of litigation to the extent permitted by law. Failure to deposit sufficient funds to cover an Overdraft may result in the Credit Union’s forced closure of the Account, also known as charge off. If your Account is closed for unsatisfactory handling, the Credit Union is permitted to report all Account owners to reporting agencies, as governed by the Fair Credit Reporting Act. The Credit Union has the right to legally collect the full amount of the charged off balance for the applicable period of time as permitted by state law. Preauthorized (Recurring) Transfers and Stop Payments You may use your account or debit card to make recurring payments. If these recurring payments vary in amount, the payee will tell you the amount and date of the next payment at least ten (10) days before the payment due date. You may choose to receive this notice from your payee only when the payment would differ by more than a certain amount from the previous payment or when the amount would fall outside certain limits that you set. You can stop some payments before the scheduled payment date in the following ways:check.
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