No Overdrafts Permitted Clause Samples
The "No Overdrafts Permitted" clause prohibits account holders from withdrawing more funds than are available in their account balance. In practice, this means that any transaction or payment request that would result in a negative balance will be declined or not processed by the financial institution. This clause helps prevent unauthorized borrowing and protects both the account holder and the institution from the risks and complications associated with overdrafts.
No Overdrafts Permitted. You agree not to withdraw or attempt to withdraw funds in excess of the balance in your HSA. Should an overdraft occur, you must repay the overdraft immediately and we are not required to provide you notice or make demand for such repayment. Until you contribute the necessary funds to reinstate your HSA, all account activity shall be suspended. If you have an overdraft, we reserve the right, in our discretion, to close your HSA without notice to you. The closing of your HSA does not relieve you of your obligation to repay the full amount of the overdraft. Your HSA Administrator may also charge you an insufficient funds fee or a returned check fee in accordance with their published fee schedule. Repayment of your overdraft shall be applied first, to any outstanding fees related to your HSA, and second, to any negative balance of your HSA. If after sixty (60) days you have not contributed the necessary funds, then you agree to be subject to any and all collection actions needed to recover such funds. If we close your HSA, we reserve the right, in our discretion, to refuse to reinstate your HSA or open a new HSA in your name. We will not reinstate or open a new HSA if we or your HSA Administrator believes there is evidence of fraud or other factors that may cause a loss.
No Overdrafts Permitted. You agree not to withdraw or attempt to withdraw funds in excess of the balance in your HSA. Should an overdraft occur, you must repay the overdraft immediately and we are not required to provide you notice or make demand for such repayment. If you have an overdraft, we reserve the right to close your HSA without notice to you. The closing of your HSA does not relieve you of your obligation to repay the full amount of the overdraft. The HSA Administrator may also charge you an insufficient funds fee or a returned check fee in accordance with their published fee schedule. Contributions made by you to your HSA shall be applied first, to any outstanding fees (including overdraft fees) related to your HSA, and second, to any negative balance of your HSA. Until you contribute the necessary funds to reinstate your HSA, all account activity shall be suspended. If after ninety (90) days you have not contributed the necessary funds, then you agree to be subject to any and all collection actions needed to recover such funds and your HSA shall be closed.
No Overdrafts Permitted. You are not permitted to overdraw your Card Account. If the available balance in your Card Account is insufficient to cover any payment or withdrawal you have authorized, the payment or withdrawal you have requested can be declined. If your Card Account balance becomes negative for any reason, you must load funds immediately to cover the negative balance. Any load we receive to your Card Account will first be applied to any negative balance in your Card Account. We may also use any funds in any other account you have at Bank to offset a negative balance in your Card Account.
No Overdrafts Permitted. The Account Owner agrees not to withdraw or attempt to withdraw funds in excess of the balance in the Account. Should an overdraft occur, the Account Owner must repay the overdraft immediately and all Account activity shall be suspended until the Account Owner contributes the necessary funds to reinstate the Account. Neither the Custodian nor the HSA Administrator will be required to provide the Account Owner with notice or make demand for such repayment. In the event of an overdraft, the Custodian reserves the right to close the Account without notice. The closing of the Account will not relieve the Account Owner of any obligation to repay the full amount of the overdraft. Repayment of the overdraft shall be applied first to any outstanding fees related to the Account, and second to any negative balance of the Account. If after sixty (60) days the Account Owner has not contributed the necessary funds, then the Account Owner agrees to be subject to any and all collection actions needed to recover such funds. If the Custodian closes the Account, the Custodian may refuse to reinstate the Account or open a new Account in the Account Owner’s name. The Custodian will not reinstate or open a new Account if the Custodian believes there is evidence of fraud or other factors that may cause a loss. When the available Account balance is less than all initiated distributions that are presented for payment on a given day, the Custodian may pay one or more withdrawals and reject or return others in any order it deems appropriate. Absent unusual circumstances, transactions normally will be processed in the chronological order in which they occurred.
No Overdrafts Permitted. You are not permitted to overdraw your Card Account. If the available amount in your Card Account is insufficient to cover any payment or withdrawal you have authorized, the payment or withdrawal you have requested can be declined. Refer to the Section below titled “Your Obligation for Negative Balance Transactions” for additional information.