Common use of Limitation On Frequency Of Transfers Clause in Contracts

Limitation On Frequency Of Transfers. There are no limitations on the number of transfers that can be made during any time period to or from any account, except as provided by federal regulations limiting preauthorized transfers. By federal regulation, you are limited during any statement cycle to six preauthorized transfers if the account is a limited check writing privileges (money market) type or savings account. You request and authorize Bank to pay, from your Account and to any bank, merchant or other person who presents any sales draft for payment, the amount specified in such draft, and to debit your Account for that amount. You further request and authorize Bank to pay from and debit your Account for all other amounts if the payment of those amounts is initiated through use of the Card. Each payment from your Account originated by use of the Card may be charged by Bank to your Account with the same legal effect as any authorized check drawn on the Account, except as otherwise provided herein. Use of the Card to originate a withdrawal or authorize a payment shall constitute a simultaneous withdrawal from your Account, even though such withdrawal may not be settled to your Account until a later date. Any payment by us in accordance with this Agreement shall reduce by the amount of the payment, our debt to you in connection with your Account. You also request and authorize Bank to credit your Account for the amount of any credit voucher originated in connection with use of the Card.

Limitation On Frequency Of Transfers. There are no limitations on the number of transfers that can be made during any time period to or from any account, except as provided by federal regulations limiting preauthorized transfers. By federal regulation, you You are limited during any statement cycle to six preauthorized transfers if the account is a limited check writing privileges (money market) type or savings account. You request and authorize Bank to pay, from your Account and to any bank, merchant or other person who presents any sales draft for payment, the amount specified in such draft, and to debit your Account for that amount. You further request and authorize Bank to pay from and debit your Account for all other amounts if the payment of those amounts is initiated through use of the Card. Each payment from your Account originated by use of the Card may be charged by Bank to your Account with the same legal effect as any authorized check drawn on the Account, except as otherwise provided herein. Use of the Card to originate a withdrawal or authorize a payment shall constitute a simultaneous withdrawal from your Account, even though such withdrawal may not be settled to your Account until a later date. Any payment by us in accordance with this Agreement shall reduce by the amount of the payment, our debt to you in connection with your Account. You also request and authorize Bank to credit your Account for the amount of any credit voucher originated in connection with use of the Card.