Common use of Negative Balance Clause in Contracts

Negative Balance. Each time you initiate a transaction using your Secured Account, you authorize the Bank to reduce the funds available in your Secured Account by the amount of the transaction and all associated fees. You are not allowed to exceed the available amount in your Secured Account through an individual transaction or a series of transactions (creating a “negative balance”). Nevertheless, if any transaction causes the balance in your Secured Account to go negative, including any purchase transactions where the retailer or merchant does not request authorization, you shall remain fully liable to us for the amount of any negative balance and any corresponding transaction fees. You may also be liable for any related Insufficient Funds/NSF Fee(s) as set forth in Exhibit 1 (Fee Schedule). We reserve the right to bill you for any negative balance or to recoup such negative balance from your Secured Account or any other account you have at the Bank. You agree to pay us promptly for the negative balance and any related fees. We also reserve the right to terminate your Secured Account if you create one or more negative balances. If you fail to pay us amounts owed under this Agreement, we may refer your Secured Account, and collection of amounts owed, to a collection agency.

Negative Balance. Each time you initiate a transaction using your Secured Account, you authorize the Bank to reduce the funds available in your Secured Account by the amount of the transaction (and any reversal) and all associated fees. You are not allowed to exceed the available amount in your Secured Account through an individual transaction or a series of transactions (creating a “negative balance”). Nevertheless, if any transaction causes the balance in your Secured Account to go negative, including including, but not limited to, any purchase transactions where the retailer or merchant does not request authorization, you shall remain fully liable to us for the amount of any negative balance and any corresponding transaction fees. You may also be liable for any related Insufficient Funds/NSF Fee(s) as set forth in Exhibit 1 (Fee Schedule)1. We reserve the right to bill you for any negative balance or to recoup such negative balance from your Secured Account or any other account you have at the Bank. You agree to pay us promptly for the negative balance and any related fees. We also reserve the right to terminate your Secured Account or Card if you create one or more negative balances. If you fail to pay us amounts owed under this Agreement, we may refer your Secured Account, and collection of amounts owed, to a collection agency.

Negative Balance. Each time you initiate a transaction using your Secured Account, you authorize the Bank to reduce the funds available in your Secured Account by the amount of the transaction (and any reversals) and all associated fees. You are not allowed to exceed the available amount in your Secured Account through an individual transaction or a series of transactions (creating a “negative balance”). Nevertheless, if any transaction causes the balance in your Secured Account to go negative, including including, but not limited to, any purchase transactions where the retailer or merchant does not request authorization, you shall remain fully liable to us for the amount of any negative balance and any corresponding transaction fees. You may also be liable for any related Insufficient Funds/NSF Fee(s) as set forth in Exhibit 1 (Fee Schedule)1. We reserve the right to bill you for any negative balance or to recoup such negative balance from your Secured Account or any other account you have at the Bank. You agree to pay us promptly for the negative balance and any related fees. We also reserve the right to terminate your Secured Account or Card if you create one or more negative balances. If you fail to pay us amounts owed under this Agreement, we may refer your Secured Account, and collection of amounts owed, to a collection agency.