Common use of Payment Order of Transactions Clause in Contracts

Payment Order of Transactions. The order in which we process checks and other withdrawal orders (collectively, “items”) may also affect the total amount of overdraft and other fees that may be charged to your account. Items may not be processed in the order made. While we may choose to process Items in any order we choose, subject to applicable law, our general policy is to pay Items as we receive them. We typically receive Items to be processed against your accounts multiple times per day in what are referred to as presentment files. Each presentment file received contains a large amount of a specific type of Items (for example, checks, ACH, or ATM/Point of Sale (POS)). These presentment files may contain multiple Items to be processed against your account. In those cases where multiple Items are received at the same time, the Items will generally be paid as follows, subject to our reservation of right to pay checks and other withdrawal orders payable to the Credit Union first, as set forth in the Payment Authorization section of this Agreement: Checks are paid in order of the dollar amount, from lowest to highest. We will post credits from ACH files first, then debits by dollar amount, from lowest to highest. ATM/POS items are paid in the order they are presented. Checks cashed at our branch offices are generally paid when they are performed by a non-member payee. Our payment policy may cause your larger items not to be paid first (such as your rent or mortgage payment), but this payment order may reduce the amount of overdraft and other fees you have to pay if sufficient available funds are not available to pay all of your items. Please refer to the Payment Authorization section for additional terms for the payment order of items.

Payment Order of Transactions. The order in which we process checks and other withdrawal orders (collectively, “itemsItems”) may also affect the total amount of overdraft and other fees that may be charged to your account. Items may not be processed in the order made. While we may choose to process Items in any order we choose, subject to applicable law, our general policy is to pay Items as we receive them. We typically receive Items to be processed against your accounts account(s) multiple times per day in what are referred to as presentment files. Each presentment file received contains a large amount of a specific type of Items (for example, checks, ACH, or ATM/Point of Sale (POS)). These presentment files may contain multiple Items to be processed against your account. In those cases where multiple Items are received at the same time, the Items will generally be paid as follows, subject to our reservation of right to pay checks and other withdrawal orders payable to the Credit Union first, as set forth in the Payment Authorization section of this Agreement: . Checks are paid in order of the dollar amount, from lowest to highest. We will post credits from ACH files first, then debits by dollar amount, from lowest to highest. ATM/POS items are paid in the order they are presented. Checks cashed at our branch offices are generally paid when they are performed presented by a non-member payee. Our payment policy may cause your larger items not to be paid first (such as your rent or mortgage payment), but this payment order may reduce the amount of overdraft and other fees you have to pay if the Available Balance is not sufficient available funds are not available to pay all of your items. Please refer to the Payment Authorization section for additional terms for the payment order of items.