Overdrafts and Overdraft Transfer Sample Clauses

Overdrafts and Overdraft Transfer a. What is an Overdraft? An overdraft occurs when a check, electronic Automated Clearing House (ACH), ATM or debit card, or other payment or transaction you have made is presented to the Credit Union for settlement, but sufficient funds are not available in your checking account to pay the transaction. In such a case, the payment would normally be returned to the payee or denied for insufficient funds, and you may be charged a Rejected Item fee. With Overdraft Protection, however, the transaction can be paid using available funds from another deposit or loan account of yours or, if you have qualified, with our discretionary Overdraft Privilege Program. You may incur fees as set forth in our Fee Schedule for using the Overdraft Privilege Program, so you should always take care to avoid creating any overdraft. The following terms explain how our Overdraft Protection Program works.
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Overdrafts and Overdraft Transfer. You agree to maintain sufficient available funds in your accounts at all times to pay any withdrawal order (whether oral, written, or otherwise) or item presented for payment against the applicable account. We are under no obligation to pay any order or item (i) the amount of which exceeds the available balance in the account upon which the order was made or the item was drawn, or (ii) that would exceed limitations imposed upon the applicable account under our policies and procedures or under applicable law, including Federal Reserve Board Regulation D. In the event that we do pay any such order or item, we will not waive our right to dishonor any subsequent orders or items presented. If we do pay an order or item, the amount of which exceeds the available balance in the account upon which it is drawn, or if any item deposited to your account is subsequently returned and charged back to your account creating an overdraft, you agree to pay us immediately the amount by which that account is overdrawn together with any fees that we might assess. You also authorize us to deduct any overdraft from your next deposit (including a direct deposit of social security or other government benefits), to withhold or to transfer funds from any other account to which you are a Party in amounts sufficient to cover any overdraft and resulting overdraft fees, or to use any other collection remedy available to us by law. We determine whether your account is overdrawn based on the “available balance” of the account at the time transactions are presented for payment. The available balance may be different than the actual account balance because it considers funds subject to a hold in your account. Funds subject to a hold are not available to pay checks, Visa® Debit Card, electronic ACH, and other types of transactions presented for payment. Holds may be placed on your account funds for various reasons, such as a check deposit holds pursuant to our Funds Availability Policy, pre-authorization holds placed by merchants for signature-based Visa® Debit Card transactions, and legal holds. Please refer to the Electronic Fund Transfers Agreement and Disclosures for more information about Visa® Debit Card pre-authorization holds. You may incur overdraft or return fees if your available balance is not sufficient to pay transactions when they are presented. To avoid fees, you must closely monitor your transactions and maintain sufficient available funds to pay your transactions when prese...
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Overdrafts and Overdraft Transfer. We pay checks and allow other transactions and withdrawals on your account based on the “Available Balance.” More information about the Available Balance is provided in this section. The availability of funds in your account may be delayed or reduced as provided in this Agreement, the Funds Availability Policy, the Electronic Fund Transfer Services Agreement and Disclosures, the Remote Deposit Agreement, and for other reasons such as legal holds.
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Related to Overdrafts and Overdraft Transfer

  • Payment of Overdrafts If, on any day, the available balance in your share or deposit account is not sufficient to pay the full amount of a check, draft, transaction, or other item, plus any applicable fee, that is posted to your account, we may return the item or pay it, as described below. The Credit Union’s determination of an insufficient available account balance may be made at any time between presentation and the Credit Union’s midnight deadline with only one review of the account required. We do not have to notify you if your account does not have a sufficient available balance in order to pay an item. Your account may be subject to a fee for each item regardless of whether we pay or return the item. We may charge a fee each time an item is submitted or resubmitted for payment; therefore, you may be assessed more than one fee as a result of a returned item and resubmission(s) of the returned item. If we offer standard overdraft services, this service allows us to authorize payment for the following types of transactions regardless of whether your share or deposit account has sufficient funds: (1) share drafts/checks and other transactions made using your checking account, except as otherwise described below; (2) automatic xxxx payments; (3) and ACH transactions. For ATM and one-time debit card transactions, you must affirmatively consent to such coverage. Without your consent, the Credit Union may not authorize and pay an ATM or one-time debit card transaction that will result in insufficient funds in your account. If you have established a service linking your share or deposit account with other individual or joint accounts, you authorize us to transfer funds from another account of yours to cover an insufficient item, including transfers from a share or deposit account, an overdraft line-of-credit account, or other account you so designate. Services and fees for these transactions are shown in the document the Credit Union uses to capture your affirmative consent and the Schedule of Fees and Charges. Except as otherwise agreed in writing, if we exercise our right to use our discretion to pay such items that result in an insufficiency of funds in your account, we do not agree to pay them in the future and may discontinue coverage at any time without notice. If we pay these items or impose a fee that results in insufficient funds in your account, you agree to pay the insufficient amount, including the fee assessed by us, in accordance with our standard overdraft services or any other service you may have authorized with us or, if you do not have such protections with us, in accordance with any overdraft payment policy we have, as applicable.

  • Overdrafts The Trust is responsible for maintaining an appropriate level of short term cash investments to accommodate cash outflows. The Trust may obtain a formal line of credit for potential overdrafts of its custody account. In the event of an overdraft or in the event the line of credit is insufficient to cover an overdraft, the overdraft amount or the overdraft amount that exceeds the line of credit will be charged in accordance with the fee schedule set forth on Exhibit C hereto (as amended from time to time)

  • OVERDRAFT PROTECTION To the extent permitted by law, You authorize Us to transfer funds from other Accounts You may have with Us in necessary multiples (or in such increments as We may from time to time determine) to Your Account to cover any overdraft. If You have a line of credit with Us, transfers will be made first from Your primary share Account, provided You have enough available funds in that Account, then from Your line of credit up to Your available credit limit, and then We may elect to pay such overdraft, subject to any preference You have indicated to Us for clearing any overdraft(s). Overdraft transfers are subject to a transfer fee. You hold Us harmless from any and all liability which might otherwise exist if a transfer does not occur.

  • Cash Management (a) Borrowers shall (i) establish and maintain cash management services of a type and on terms satisfactory to Agent at one or more of the banks set forth on Schedule 2.7(a) (each a "Cash Management Bank"), and shall request in writing and otherwise take such reasonable steps to ensure that all of its Account Debtors forward payment of the amounts owed by them directly to such Cash Management Bank, and (ii) deposit or cause to be deposited promptly, and in any event no later than the first Business Day after the date of receipt thereof, all Collections (including those sent directly by Account Debtors to a Cash Management Bank) into a bank account in Agent's name (a "Cash Management Account") at one of the Cash Management Banks.

  • Overdracht Het is je niet toegestaan de Apple software te (doen) verhuren, te (doen) leasen, in gebruik te (doen) geven, te verkopen, te herdistribueren of in sublicentie te geven. Het is xx xxxxxx toegestaan eenmalig al xx xxxxxxx met betrekking tot de Apple software ingevolge deze licentie blijvend over xx xxxxxx aan een derde in verband met overdracht van eigendom van je apparaat, op voorwaarde dat (a) de overdracht betrekking heeft op je apparaat en de gehele Apple software, inclusief alle onderdelen en deze licentie; (b) je noch volledige noch gedeeltelijke kopieën van de Apple software, inclusief kopieën die zijn opgeslagen op een computer of opslagapparaat, behoudt en (c) de derde die de Apple software ontvangt, de voorwaarden van deze licentie leest en xxxx xxxxx akkoord verklaart.

  • Funds and Accounts Section 7.1. Authorization to Create Funds and Accounts 20 Section 7.2. Investment of Funds 20 Section 7.3. Establishment of Funds 21 Section 7.4. Funding Loan Payment Fund 21 Section 7.5. Expense Fund 22 Section 7.6. Closing Costs 22 Section 7.7. Project Fund 22 Section 7.8. Rebate Fund 24

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