Common use of Overdraft Terms Clause in Contracts

Overdraft Terms. The Credit Union may if it wishes allow an overdraft to be noted against your Account and each such overdraft is a loan payable upon demand and you authorize the Credit Union to charge your Account service fees and interest at the rate as revised from time to time in respect of overdrafts. If you have entered into an Overdraft Protection Agreement, this paragraph will be read subject to those terms.