Prohibition of Compulsory Use Sample Clauses

Prohibition of Compulsory Use. No person may: require you to use a preauthorized electronic fund transfer as a condition of the extension of credit unless the credit is being extended in connection with an overdraft checking plan, or is being extended to maintain a specified balance in your account, or require you either to accept a transfer service or to establish an account, which is accessed electronically as conditions of employment or receipt of governmental benefit, or require you to pay electronically for the purchase of goods or services. If your account is to be credited by a preauthorized transfer you may choose the financial institution to which the transfer may be made, if the institution is technically capable of receiving such preauthorized transfer.
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Prohibition of Compulsory Use. No person may: Require you to use a pre-authorized Electronic Funds Transfer as a condition for the extension of credit unless the credit is being extended in connection with a NOW ACCOUNT LINE OF CREDIT plan, or is being extended to maintain a specified balance in your account, or Require you either to accept a transfer service or to establish an account which is accessed electronically as a condition of employment or receipt of a government benefit, or Require you to pay electronically for the purchase of goods or services. If your account is to be credited by a pre-authorized transfer, you may choose the financial institution to which the transfer may be made, if the institution is tech- nically capable of receiving such pre-authorized transfer.
Sample 1
Prohibition of Compulsory Use. No person may: require you to use a preauthorized electronic fund transfer as a condition of the extension of credit unless the credit is being extended in connection with an overdraft checking plan, or is being extended to maintain a specified bala nce in your account, or require you either to accept a transfer service or to establish an account, which is accessed electronically as conditions of employment or receipt of governmental benefit, or require you to pay electronically for the purchase of goods or services. If your account is to be credited by a p reauthorized transfer you may choose the financial institution to which the transfer may be made, if the institution is technically capable of receiving su ch preauthorized transfer.
Sample 1
Prohibition of Compulsory Use. We can not condition an extension of credit to you on your ability to repay by pre-authorized EFTs, except for credit extended under an overdraft credit plan or to maintain a specified minimum balance in your account. At our discretion, we may provide an incentive to you to use such a payment method. TRANSFER LIMITATIONS For share savings accounts, you may make up to six (6) preauthorized, automatic, telephonic, or audio response transfers to another account of yours or to a third party or by check, draft, debit card or similar order during any calendar month. A preauthorized transfer includes any arrangement with us to pay a third party from your account upon oral or written orders including orders received through ACH. There is no limit on the number of transactions you may make in the following manner: (i) transfers to any loan account with us; or (ii) transfers to another credit union account or withdrawals when such transfer or withdrawals is initiated in person, by mail, or at an ATM. If a transfer request would exceed the transfer limitations set forth above in any statement period, we may refuse or reverse the transfer, and your account will be subject to suspension or closure by us, and we may impose a fee. LOST, STOLEN CARDS, OR UNAUTHORIZED TRANSACTIONS You must tell us AT ONCE if you believe your card, PIN or number, or either of them has been lost, or stolen or if an EFT has been made without out your permission using information from your check, your card, Remote Teller Network access, audio response or through ACH. Telephoning is the best way of minimizing your possible losses. You could lose all the money in your account plus your maximum overdraft line of credit. If a transaction is made with your card, PIN or number without your permission, and is either a Visa or Interlink transaction, you will have no liability for the transaction, unless you were grossly negligent in the handling of your account or card. Your liability for unauthorized use of your card, PIN, number or account will be determined under the following paragraphs for transactions that are not Visa or Interlink transactions. If you tell us within 2 business days, you can lose no more than $50 if someone used your card, PIN or number without your permission. If you do NOT tell us within 2 business days after you learn of the loss, theft or unauthorized use of your card, PIN or number, and we can prove we could have stopped someone from using your card, PIN or number without y...
Sample 1
Prohibition of Compulsory Use. No person may require you to: (1.) use a preauthorized electronic transfer as a condition for the extension of credit unless the credit is being extended in connection with an Advance Account to maintain a specific minimum balance in your account. (2.) require you to pay electronically for the purchase of goods or services. If your account is to be credited by a preauthorized transfer you may choose the financial institution to which the transfer may be made, if the institution is technically capable of receiving such transfer.
Sample 1
Prohibition of Compulsory Use 
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