Common use of Overdraft Protection Options Clause in Contracts

Overdraft Protection Options. We offer optional overdraft protection plans (referred to as “Overdraft Protection Options”) that you may apply for, such as a personal Line of Credit loan account where your line of credit is used for overdraft protection, and an overdraft transfer service where funds from a linked savings account are used for overdraft protection. If you qualify for these optional services, we will look first to these services for overdraft protection before applying our discretionary Courtesy Pay Service when your account is overdrawn. A line of credit and the savings account overdraft transfer service may save you money on the total fees you pay us for overdraft protection. • Line of Credit. This is a revolving line of credit, which is available to members meeting certain credit requirements. With this plan, you authorize us to automatically advance the exact amount of your overdraft from your line of credit (linked to your checking account) to cover your overdraft, up to your credit limit. You must repay what you have borrowed in full or in minimum monthly payments (in addition to any late charges, finance charges and annual fees). If you are approved for a line of credit, you will be provided with our Credit and Security Agreement, which contains the terms and conditions applicable to the line of credit. • Overdraft Transfer Service. With this service, you authorize us to make transfers of available funds automatically from your regular savings account to cover overdrafts in your checking account. Transfers from your savings account are made in the exact amount of the overdraft. Each transfer counts as one of the six (6) limited transactions you are allowed each month from your regular savings or money market account. You must request to enroll in this service. Overdrafts paid by either an advance on your line of credit are subject to finance charges and fees disclosed in the Credit and Security Agreement, while the savings account overdraft transfer service is subject to a fee as set forth in the Schedule of Fees. If you decline to utilize any of the Overdraft Protection Options and you are not eligible for our Courtesy Pay Service, and there are insufficient funds in your checking account to pay an item, your items will not be paid,they will be returned, and an NSF Fee may be charged for each check or ACH item returned each time an item is presented for payment and returned unpaid due to an insufficient available balance. Transfers will appear on your periodic statements for each applicable account. LIMITS ON OVERDRAFT PROTECTION: We will not transfer more than the available account balance in a linked regular savings account or the available credit (as of the end of the previous business day) on a line of credit account, even if the amount of the overdraft is more than the available amount. If the available balance in a linked regular savings account or the available credit on a line of credit account is not enough to pay the transactions you have initiated on any day plus applicable fees, we will transfer enough funds to pay one or more transactions, plus the fee. Any transactions that are not paid by the transfer from a line of credit or savings account will either be paid or returned, and Courtesy Pay fees will be charged if such transactions are returned or NSF Fees may be charged as if you did not have Overdraft Protection Option.

Overdraft Protection Options. We offer optional overdraft protection plans (referred to as “Overdraft Protection Options”) that you may apply for, such as a personal Line of Credit loan account where your line of credit is used for overdraft protection, and an overdraft transfer service where funds from a linked savings account are used for overdraft protection. If you qualify for these optional services, we will look first to these services for overdraft protection before applying our discretionary Courtesy Pay Service when your account is overdrawn. A line of credit and the savings account overdraft transfer service may save you money on the total fees you pay us for overdraft protection. • Line of Credit. This is a revolving line of credit, which is available to members meeting certain credit requirements. With this plan, you authorize us to automatically advance the exact amount of your overdraft from your line of credit (linked to your checking account) to cover your overdraft, up to your credit limit. You must repay what you have borrowed in full or in minimum monthly payments (in addition to any late charges, finance charges and annual fees). If you are approved for a line of credit, you will be provided with our Credit and Security Agreement, which contains the terms and conditions applicable to the line of credit. • Overdraft Transfer Service. With this service, you authorize us to make transfers of available funds automatically from your regular savings account to cover overdrafts in your checking account. Transfers from your savings account are made in the exact amount of the overdraft. Each transfer counts as one of the six (6) limited transactions you are allowed each month from your regular savings or money market account. You must request to enroll in this service. Overdrafts paid by either an advance on your line of credit are subject to finance charges and fees disclosed in the Credit and Security Agreement, while the savings account overdraft transfer service is subject to a fee as set forth in the Schedule of Fees. If you decline to utilize any of the Overdraft Protection Options and you are not eligible for our Courtesy Pay Service, and there are insufficient funds in your checking account to pay an item, your items will not be paid,they will be returned, and an NSF Fee may be charged for each check or ACH item returned each time an item is presented for payment and returned unpaid due to an insufficient available balancereturned. Transfers will appear on your periodic statements for each applicable account. LIMITS ON OVERDRAFT PROTECTION: We will not transfer more than the available account balance in a linked regular savings account or the available credit (as of the end of the previous business day) on a line of credit account, even if the amount of the overdraft is more than the available amount. If the available balance in a linked regular savings account or the available credit on a line of credit account is not enough to pay the transactions you have initiated on any day plus applicable fees, we will transfer enough funds to pay one or more transactions, plus the fee. Any transactions that are not paid by the transfer from a line of credit or savings account will either be paid or returned, and Courtesy Pay fees will be charged if such transactions are returned or NSF Fees may be charged as if you did not have Overdraft Protection Option.