Common use of OVERDRAFT PRIVILEGE SERVICE AGREEMENT Clause in Contracts

OVERDRAFT PRIVILEGE SERVICE AGREEMENT. In accordance with our commitment to provide valued service and benefits, we may, at our discretion, pay your overdrafts that would cause your eligible checking account to have a negative balance up to the amount of your Overdraft Privilege limit, which is determined by us in our sole and absolute discretion. We refer to this service as our Overdraft Privilege Service (hereinafter referred to as the “Service”). The Service is different from the Unsecured Line of Credit and the Overdraft Transfer Service plans. The Service is a backup to your existing overdraft protection plans and will only be activated if funds are not available from those plans. This Overdraft Privilege Service Agreement sets forth the terms and conditions applicable to the Service. What Overdraft Transactions are Covered? The Service is available only for the payment of checks, preauthorized payments under our bill pay service, and ACH drafts and debits. The Service is not available at all for ATM transactions and telephone-initiated transactions. The Service is not available for one-time debit card transactions, unless you opt- in, as described in the next section below.