Common use of No Overdrafts Permitted Clause in Contracts

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.