OVERDRAFTS, OVERDRAFT PROTECTION AND OVERDRAFT PRIVILEGE. An overdraft results when there is not enough current balance in your account at the time a transaction is presented to us for payment. The Bank offers Overdraft Protection and Overdraft Privilege services to help you avoid fees for overdrafts. Overdraft Protection is an automatic transfer from a (a) Business Overdraft Line of Credit or (b) Carefree Line of Credit and requires an application with approved credit to determine the amount of protection available to you. For each account, you may have either a Business Overdraft Line of Credit or a Carefree Line of Credit. Overdraft Privilege is automatically provided for all checking accounts of our business clients after the account has been open for three (3) months, a deposit has been made in the preceding forty-five (45) days and the account has not been overdrawn the last six (6) consecutive calendar days. For such eligible accounts, Overdraft Privilege pays overdraft checks, bill pay transactions, ACH transactions, as well as debit card payments, and ATM withdrawals with your Business Resource Plus debit card. You may opt out of part or all of our Overdraft Privilege service at any time. Overdraft Privilege is a service the Bank provides to our clients and does not obligate the Bank to pay any item. We reserve the right to pay or not pay at our discretion, and we may terminate this Overdraft Privilege at any time. You may participate in Overdraft Protection and/or Overdraft Privilege. Should an overdraft occur, and you have signed up for Overdraft Protection, the Bank will attempt to authorize and pay the item by advancing funds to your checking account from your approved Business Overdraft Line of Credit or Carefree Line of Credit. Only one advance will occur per business day at the close of each business day. If the Bank advances funds from a line of credit linked to your account, you will not be charged an advancing fee; however, you will pay interest on each draw in accordance with your line of credit agreement. If you have not signed up for Overdraft Protection or funds are not available on any applicable lines of credit when a transaction is presented to the Bank for payment, then the Bank may either return the transaction or the Bank may, at our discretion, elect to pay the transaction using Overdraft Privilege unless you have opted out. If the Bank pays an overdraft check, bill pay, ACH payment or debit card payment transaction or ATM withdrawal, then you will be charged an Overdraft Item Fee. If the Bank declines to pay an overdraft check, bill pay or ACH payment, then the transaction will be returned and you will be charged a returned item fee, or what we refer to as a Non-Sufficient Funds Fee (NSF Fee). To avoid Overdraft Item Fees for debit card payment transactions and ATM withdrawals, you may opt out of Overdraft Privilege for these types of payments. However, doing so may cause the Bank to decline debit card payment authorizations if there is not sufficient available balance at the time of the authorization request. You will not be charged any fees if the Bank declines to authorize a debit card payment transaction or ATM withdrawal. Overdraft Item Fee and Non-Sufficient Funds Fee (NSF Fee) are described in our Fee Schedule for Business Accounts, periodically updated and incorporated into this Agreement. When an account is overdrawn (negative) for at least six (6) consecutive business days, then starting on the seventh (7th) consecutive business day a Daily Overdraft Fee is assessed on the account as provided in the Fee Schedule for Business Accounts. Note: An item returned to the payee for insufficient funds may be re-presented multiple times for payment by the payee. Each presentment of the item by the payee to the Bank for payment is treated as a separate transaction. Therefore, you may incur multiple fees for a payment transaction you initiate. The following is important information regarding your account balances, how transactions are authorized and posted to your account, and when an Overdraft Item Fee or Non-Sufficient Funds Fee (NSF Fee) will be charged. You should read these disclosures carefully. If you have questions, contact us through one of the communication channels described above. The Bank uses available balance to decide whether to authorize debit card purchases, ATM withdrawals and banking center transactions. The Bank uses current balance at the time transactions are presented for payment to determine whether the account is overdrawn. Based on this determination, the Bank will make decisions to pay or return items and charge appropriate fees. The following examples illustrate what occurs when your account is qualified for Overdraft Privilege, and the amount of the overdraft is within the overdraft limits applicable to your account: Example #1: Assume your current balance and available balance are both $100. A check that you wrote for $150 is posted to your account. Because you only have a $100 current balance, your account is overdrawn by $50. The Bank may pay the $150 check, and if it does, then you will be charged an Overdraft Item Fee. Example #2: Assume your current balance and available balance are both $100, and you use your debit card at a restaurant for $60. If we authorized this payment, then your available balance will be reduced by $60 and is now $40. Your current balance is still $100. Before the restaurant charge is sent to the Bank for posting, a check that you wrote for $50 is posted to your account reducing your current balance to $50. When the $60 restaurant charge is later submitted, it will be paid even though you do not have enough money in your current balance because of the intervening check. You will be charged an Overdraft Item Fee for the restaurant transaction, even though your available balance and current balance were sufficient to cover it at the time it was authorized. Example #3: Again, assume your current balance and available balance are both $100, and you use your debit card at a restaurant for $150. Because you are qualified for Overdraft Privilege, the Bank may authorize the card payment transaction even though you do not have sufficient available balance or current balance in your account. After authorizing the card payment transaction, your available balance will be reduced to negative (-) $50, but your current balance is still $100. Assuming no additional activity has posted to the account, when the debt card payment transaction posts and your current balance becomes negative (-) $50, the account will be considered overdrawn. An Overdraft Item Fee will be assessed. It is very important to understand you may still overdraw your account even though the available balance and current balance appear to show sufficient funds to cover a transaction you want to make. Your account balances may not reflect all of your outstanding checks, debit card and ACH payment transactions or other payment transactions you have previously initiated. You, as the initiator of checks or payments, are in the best position to know how much money you have in your account to spend. In addition, your available balance may not reflect all your debit card transactions. For example, a merchant may present a transaction for payment the same business day or up to thirty (30) days from the initial transaction. When the merchant delays presentment, it is possible to incur an overdraft fee. The available balance will not reflect this transaction once the hold has been released until the transaction has been presented to the Bank and paid from your account. How Transactions Are Posted to Your Account. There are two types of transactions in your account: credits (deposits) of money into your account, and debits (payments) out of your account. It is important to understand how credits and debits are applied to your account to avoid Overdraft Item Fees and Non-Sufficient Funds Fees (NSF Fees). This section is a general description of how certain types of transactions are posted to your account. These practices may change, and the Bank reserves the right to pay items in any order the Bank chooses, as permitted by law.
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Samples: Deposit Account Agreement, Deposit Account Agreement
OVERDRAFTS, OVERDRAFT PROTECTION AND OVERDRAFT PRIVILEGE. An overdraft Overdraft results when there is not enough current balance Current Balance in your account Account at the time a transaction is presented to us for payment. The Bank offers Overdraft Protection and Overdraft Privilege services to help you avoid fees for overdraftsOverdrafts. Overdraft Protection is an automatic transfer from a an (a) Business Overdraft Line of Credit Transfer Service (OTS) or (b) Carefree Line of Credit. For each Account, you may have either an Overdraft Transfer Service (OTS) or a Carefree Line of Credit. • Overdraft Transfer Service is an optional service that allows automatic transfer of available funds from a Savings Account to a checking Account to cover an Overdraft. Funds are transferred once per day in $50.00 increments to cover the overdrawn amount. Savings Account transaction limitations apply to this service. Only one Savings Account can be connected to Overdraft Transfer Service per personal checking Account. Overdraft Transfer Service is not available for checking Accounts linked to Carefree Line of Credit. Records of transfers from savings to checking are included on your Account statement and viewable in Online/Mobile Banking. • Carefree Line of Credit is an optional credit product that offers the protection from checking Account Overdrafts and associated fees by advancing funds from the line of credit to your checking Account. This service requires an application with approved credit to determine the amount of protection available to you. For each account, you may have either a Business Overdraft If the Bank advances funds from your Carefree Line of Credit or a linked to your Account, you will not be charged an advancing fee; however, you will pay interest on each draw in accordance with your Carefree Line of CreditCredit Agreement. Overdraft Privilege is automatically provided for all ACH, automatic bill pay, recurring debit card and Check transactions for qualifying consumer checking accounts of our business clients after Accounts (see Fee Schedule for Personal Accounts) meeting the account following criteria: • The Account has been open for three (3) months, a • A deposit has been made in the preceding forty-five (45) calendar days and the account • The Account has not been overdrawn the last six (6) consecutive calendar days. For such eligible accountsAdditionally, Overdraft Privilege pays overdraft checks, bill pay transactions, ACH transactions, as well as to request the Bank authorizes one-time debit card payments, and ATM withdrawals with your Business Resource Plus debit card. You transactions using Overdraft Privilege, you may opt out of part or all of opt-in to our Overdraft Privilege service at any timetime by completing our Debit & ATM Card Overdraft Choice form. Overdraft Privilege is a service the Bank provides to our clients and does not obligate the Bank to pay any itemItem. We reserve the right to pay or not pay at our discretion, and we may terminate this Overdraft Privilege at any time. You may participate in Overdraft Protection and/or Overdraft Privilege. Should an overdraft Overdraft occur, and you have signed up for Overdraft Protection, Protection the Bank first will attempt to authorize and pay the item Item by advancing funds to your checking account Account from your approved Business Overdraft Carefree Line of Credit or Carefree Line of Credityour attached Savings Account via Overdraft Transfer Service (OTS). Only one advance will occur per business day Business Day at the close of each business day. If the Bank advances funds from a line of credit linked to your account, you will not be charged an advancing fee; however, you will pay interest on each draw in accordance with your line of credit agreementBusiness Day. If you have not signed up for Overdraft Protection or funds are not available on any applicable lines the Carefree Line of credit Credit or the attached Savings Account via Overdraft Transfer Service (OTS) when a transaction is presented to the Bank for payment, then the Bank may either return the transaction or the Bank may, at our discretion, elect to pay the transaction using Overdraft Privilege unless you have opted outPrivilege. If the Bank pays an overdraft checkOverdraft Check, bill pay, ACH payment or payment, debit card payment transaction or ATM withdrawal, then you will be charged an Overdraft Item Fee. If the Bank declines to pay an overdraft checkOverdraft Check, bill pay or ACH payment, then the transaction will be returned and you will be charged a returned item Item fee, or what we refer to as a Non-Sufficient Funds Fee (NSF Fee). To avoid Overdraft Item Fees We will not authorize and pay Overdrafts for everyday or “one-time” debit card payment transactions payments and ATM withdrawals, withdrawals unless you may opt-in to Overdraft Privilege for these types of payments by completing the Bank’s Debit & ATM Card Overdraft Choice Form. If you do not opt out of into Overdraft Privilege for these types of payments. However, doing so may cause then the Bank to will decline debit card payment authorizations them if there is not sufficient available balance Available Balance in your Account at the time of the authorization request. You will not be charged any fees if the Bank declines to authorize a debit card payment transaction or ATM withdrawal. Overdraft Item Fee Fees and Non-Sufficient Funds Fee Fees (NSF FeeFees) are described in our Fee Schedule for Business Personal Accounts, periodically updated and incorporated into this Agreement. When an account Account is overdrawn (negative) for at least six (6) consecutive business daysBusiness Days, then starting on the seventh (7th) consecutive business day Business Day a Daily Overdraft Fee is assessed on the account Account as provided in the Fee Schedule for Business Personal Accounts. Note: An item Item returned to the payee for insufficient funds may be re-presented multiple times for payment by the payee. Each presentment of the item Item by the payee to the Bank for payment is treated as a separate transaction. Therefore, you may incur multiple Non-Sufficient Funds (NSF fees) and Overdraft Item fees for a payment transaction you initiate. The following is important information regarding your account Account balances, how transactions are authorized and posted to your accountAccount, and when an Overdraft Item Fee or Non-Sufficient Funds Fee (NSF Fee) will be charged. You should read these disclosures carefully. If you have questions, contact us through one of the communication channels described above. The Bank uses available balance Available Balance to decide whether to authorize debit card purchases, ATM withdrawals and banking center transactions. The Bank uses current balance Current Balance at the time transactions are presented for payment to determine whether the account Account is overdrawn. Based on this determination, the Bank will make decisions to pay or return items and charge appropriate fees. The following examples illustrate what occurs when your account Account is qualified for Overdraft Privilege, and the amount of the overdraft Overdraft is within the overdraft limits applicable to your accountAccount: Example #1: Assume your current balance Current Balance and available balance Available Balance are both $100. A check Check that you wrote for $150 is posted to your accountAccount. Because you only have a $100 current balanceCurrent Balance, your account Account is overdrawn by $50. The Bank may pay the $150 checkCheck, and if it does, then you will be charged an Overdraft Item Fee. Example #2: Assume your current balance and available balance are both $100, and you use your debit card at a restaurant for $60. If we authorized this paymentthe Bank elects to reject the Check, then your available balance will be reduced by $60 and is now $40. Your current balance is still $100. Before the restaurant charge is sent to the Bank for posting, a check that you wrote for $50 is posted to your account reducing your current balance to $50. When the $60 restaurant charge is later submitted, it will be paid even though you do not have enough money in your current balance because of the intervening check. You will be charged an Overdraft Item Fee for the restaurant transaction, even though your available balance and current balance were sufficient to cover it at the time it was authorized. Example #3: Again, assume your current balance and available balance are both $100, and you use your debit card at a restaurant for $150. Because you are qualified for Overdraft Privilege, the Bank may authorize the card payment transaction even though you do not have sufficient available balance or current balance in your account. After authorizing the card payment transaction, your available balance will be reduced to negative (-) $50, but your current balance is still $100. Assuming no additional activity has posted to the account, when the debt card payment transaction posts and your current balance becomes negative (-) $50, the account will be considered overdrawn. An Overdraft Item Fee will be assessed. It is very important to understand you may still overdraw your account even though the available balance and current balance appear to show sufficient funds to cover a transaction you want to make. Your account balances may not reflect all of your outstanding checks, debit card and ACH payment transactions or other payment transactions you have previously initiated. You, as the initiator of checks or payments, are in the best position to know how much money you have in your account to spend. In addition, your available balance may not reflect all your debit card transactions. For example, a merchant may present a transaction for payment the same business day or up to thirty (30) days from the initial transaction. When the merchant delays presentment, it is possible to incur an overdraft fee. The available balance will not reflect this transaction once the hold has been released until the transaction has been presented to the Bank and paid from your account. How Transactions Are Posted to Your Account. There are two types of transactions in your account: credits (deposits) of money into your account, and debits (payments) out of your account. It is important to understand how credits and debits are applied to your account to avoid Overdraft Item Fees and Non-Sufficient Funds Fees Fee (NSF FeesFee). This section is a general description of how certain types of transactions are posted to your account. These practices may change, and the Bank reserves the right to pay items in any order the Bank chooses, as permitted by law.
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Samples: www.1stsource.com, www.1stsource.com
OVERDRAFTS, OVERDRAFT PROTECTION AND OVERDRAFT PRIVILEGE. An overdraft Overdraft results when there is not enough current balance Current Balance in your account Account at the time a transaction is presented to us for payment. The Bank offers Overdraft Protection and Overdraft Privilege services to help you avoid fees for overdraftsOverdrafts. Overdraft Protection is an automatic transfer from a an (a) Business Overdraft Line of Credit Transfer Service (OTS) or (b) Carefree Line of Credit For each Account, you may have either an Overdraft Transfer Service (OTS) or a Carefree Line of Credit. • Overdraft Transfer Service is an optional service that allows automatic transfer of available funds from a Savings Account to a checking Account to cover an Overdraft. Funds are transferred once per day in $50.00 increments to cover the overdrawn amount including the fee. Savings Account transaction limitations apply to this service. Only one Savings Account can be connected to Overdraft Transfer Service per personal checking Account. Overdraft Transfer Service is not available for checking Accounts linked to Carefree Line of Credit. Records of transfers from savings to checking are included on your Account statement and viewable in Online/Mobile Banking. See Fee Schedule for Personal Accounts for details regarding the fee for this service. • Carefree Line of Credit is an optional credit product that offers the protection from checking Account Overdrafts and associated fees by advancing funds from the line of credit to your checking Account. This service requires an application with approved credit to determine the amount of protection available to you. For each account, you may have either a Business Overdraft If the Bank advances funds from your Carefree Line of Credit or a linked to your Account, you will not be charged an advancing fee; however, you will pay interest on each draw in accordance with your Carefree Line of CreditCredit Agreement. Overdraft Privilege is automatically provided for all ACH, automatic bill pay, recurring debit card and Check transactions for qualifying consumer checking accounts of our business clients after Accounts (see Fee Schedule for Personal Accounts) meeting the account following criteria: • The Account has been open for three (3) months, a • A deposit has been made in the preceding forty-five (45) calendar days and the account • The Account has not been overdrawn the last six (6) consecutive calendar days. For such eligible accountsAdditionally, Overdraft Privilege pays overdraft checks, bill pay transactions, ACH transactions, as well as to request the Bank authorizes one-time debit card payments, and ATM withdrawals with your Business Resource Plus debit card. You transactions using Overdraft Privilege, you may opt out of part or all of opt-in to our Overdraft Privilege service at any timetime by completing our Debit & ATM Card Overdraft Choice form. Overdraft Privilege is a service the Bank provides to our clients and does not obligate the Bank to pay any itemItem. We reserve the right to pay or not pay at our discretion, and we may terminate this Overdraft Privilege at any time. You may participate in Overdraft Protection and/or Overdraft Privilege. Should an overdraft Overdraft occur, and you have signed up for Overdraft Protection, Protection the Bank first will attempt to authorize and pay the item Item by advancing funds to your checking account Account from your approved Business Overdraft Carefree Line of Credit or Carefree Line of Credityour attached Savings Account via Overdraft Transfer Service (OTS). Only one advance will occur per business day Business Day at the close of each business day. If the Bank advances funds from a line of credit linked to your account, you will not be charged an advancing fee; however, you will pay interest on each draw in accordance with your line of credit agreementBusiness Day. If you have not signed up for Overdraft Protection or funds are not available on any applicable lines the Carefree Line of credit Credit or the attached Savings Account via Overdraft Transfer Service (OTS) when a transaction is presented to the Bank for payment, then the Bank may either return the transaction or the Bank may, at our discretion, elect to pay the transaction using Overdraft Privilege unless you have opted outPrivilege. If the Bank pays an overdraft checkOverdraft Check, bill pay, ACH payment or payment, debit card payment transaction or ATM withdrawal, then you will be charged an Overdraft Item Fee. If the Bank declines to pay an overdraft checkOverdraft Check, bill pay or ACH payment, then the transaction will be returned and you will be charged a returned item Item fee, or what we refer to as a Non-Sufficient Funds Fee (NSF Fee). To avoid Overdraft Item Fees We will not authorize and pay Overdrafts for everyday or “one-time” debit card payment transactions payments and ATM withdrawals, withdrawals unless you may opt-in to Overdraft Privilege for these types of payments by completing the Bank’s Debit & ATM Card Overdraft Choice Form. If you do not opt out of into Overdraft Privilege for these types of payments. However, doing so may cause then the Bank to will decline debit card payment authorizations them if there is not sufficient available balance Available Balance in your Account at the time of the authorization request. You will not be charged any fees if the Bank declines to authorize a debit card payment transaction or ATM withdrawal. Overdraft Item Fee Fees and Non-Sufficient Funds Fee Fees (NSF FeeFees) are described in our Fee Schedule for Business Personal Accounts, periodically updated and incorporated into this Agreement. When an account Account is overdrawn (negative) for at least six (6) consecutive business daysBusiness Days, then starting on the seventh (7th) consecutive business day Business Day a Daily Overdraft Fee is assessed on the account Account as provided in the Fee Schedule for Business Personal Accounts. Note: An item Item returned to the payee for insufficient funds may be re-presented multiple times for payment by the payee. Each presentment of the item Item by the payee to the Bank for payment is treated as a separate transaction. Therefore, you may incur multiple Non-Sufficient Funds (NSF fees) and Overdraft Item fees for a payment transaction you initiate. The following is important information regarding your account Account balances, how transactions are authorized and posted to your accountAccount, and when an Overdraft Item Fee or Non-Sufficient Funds Fee (NSF Fee) will be charged. You should read these disclosures carefully. If you have questions, contact us through one of the communication channels described above. The Bank uses available balance Available Balance to decide whether to authorize debit card purchases, ATM withdrawals and banking center transactions. The Bank uses current balance Current Balance at the time transactions are presented for payment to determine whether the account Account is overdrawn. Based on this determination, the Bank will make decisions to pay or return items and charge appropriate fees. The following examples illustrate what occurs when your account Account is qualified for Overdraft Privilege, and the amount of the overdraft Overdraft is within the overdraft limits applicable to your accountAccount: Example #1: Assume your current balance Current Balance and available balance Available Balance are both $100. A check Check that you wrote for $150 is posted to your accountAccount. Because you only have a $100 current balanceCurrent Balance, your account Account is overdrawn by $50. The Bank may pay the $150 checkCheck, and if it does, then you will be charged an Overdraft Item Fee. Example #2: Assume your current balance and available balance are both $100, and you use your debit card at a restaurant for $60. If we authorized this paymentthe Bank elects to reject the Check, then your available balance will be reduced by $60 and is now $40. Your current balance is still $100. Before the restaurant charge is sent to the Bank for posting, a check that you wrote for $50 is posted to your account reducing your current balance to $50. When the $60 restaurant charge is later submitted, it will be paid even though you do not have enough money in your current balance because of the intervening check. You will be charged an Overdraft Item Fee for the restaurant transaction, even though your available balance and current balance were sufficient to cover it at the time it was authorized. Example #3: Again, assume your current balance and available balance are both $100, and you use your debit card at a restaurant for $150. Because you are qualified for Overdraft Privilege, the Bank may authorize the card payment transaction even though you do not have sufficient available balance or current balance in your account. After authorizing the card payment transaction, your available balance will be reduced to negative (-) $50, but your current balance is still $100. Assuming no additional activity has posted to the account, when the debt card payment transaction posts and your current balance becomes negative (-) $50, the account will be considered overdrawn. An Overdraft Item Fee will be assessed. It is very important to understand you may still overdraw your account even though the available balance and current balance appear to show sufficient funds to cover a transaction you want to make. Your account balances may not reflect all of your outstanding checks, debit card and ACH payment transactions or other payment transactions you have previously initiated. You, as the initiator of checks or payments, are in the best position to know how much money you have in your account to spend. In addition, your available balance may not reflect all your debit card transactions. For example, a merchant may present a transaction for payment the same business day or up to thirty (30) days from the initial transaction. When the merchant delays presentment, it is possible to incur an overdraft fee. The available balance will not reflect this transaction once the hold has been released until the transaction has been presented to the Bank and paid from your account. How Transactions Are Posted to Your Account. There are two types of transactions in your account: credits (deposits) of money into your account, and debits (payments) out of your account. It is important to understand how credits and debits are applied to your account to avoid Overdraft Item Fees and Non-Sufficient Funds Fees Fee (NSF FeesFee). This section is a general description of how certain types of transactions are posted to your account. These practices may change, and the Bank reserves the right to pay items in any order the Bank chooses, as permitted by law.
Appears in 1 contract
Samples: www.1stsource.com
