Common use of Setoff and Security Interest Clause in Contracts

Setoff and Security Interest. You agree that FSB may, without prior notice or demand, apply or setoff the funds in your account (and accounts you own with others) at any time to pay any debt, whether direct or indirect, that you have with FSB, and/or any fees or service charges owed to FSB. In addition to its rights under the law (called “setoff”), you grant FSB a security interest in each account to secure such debt, as it may arise. This provision does not apply if the debt is created under any consumer credit plan accessed by a credit card. FSB is not liable to you for dishonoring items where withdrawals described in this section result in insufficient funds in your account. To the extent permitted by law, FSB may, in its sole discretion, setoff funds from any new account you open to pay any debt, whether direct or indirect, that you have with FSB, and/or any fees or service charges owed to FSB . You expressly agree that such rights extend to any Federal or state benefit payments (including without limitation Social Security benefits) electronically deposited into your account. You understand and agree that if you do not want your benefits applied in this way, you may change your direct deposit instructions to the benefits payor at any time. FSB may use funds held in joint accounts to repay the debts on which any one of you is liable, whether jointly with another or individually. FSB may charge any such debt against your account at any time, without regard to the origin of deposits to the account or beneficial ownership of the funds. Funds held in individual accounts may be used to repay your debts, whether such debts are owed jointly with another or individually. Your debts include: those owed by you arising out of another joint account of which you are a joint account holder, even if they are not directly incurred by you; those on which you are secondarily liable; or any amounts for which FSB becomes liable to any governmental agency or department or any company as a result of recurring payments credited to any of your accounts after the death, legal incapacity, or other termination of entitlement of the intended recipient of such funds. If FSB uses funds from a time deposit account, the funds withdrawn are subject to the early withdrawal penalty. If you or any joint account holder authorizes withdrawals not presented for payment until after the drawer’s death, or if any joint account holder is indebted to FSB at the time of his or her death, FSB is authorized to pay such withdrawals and exercise its right of setoff against the account after such death, notwithstanding any rights that a surviving joint account holder, POD payee, or beneficiary of an ITF or “trustee for” account may have to the funds in the account. Stop Payment Orders Stop Payment Orders. You may ask FSB to stop payment on a check or other item drawn on your account if it has not already been paid. You may not stop payment on electronic, ATM, one-time POS debit card transactions, bank checks, or checks or payments guaranteed by FSB. Placing Stop Payment Orders. You may request a stop payment order on xxxx.xxx, by mail, or by calling FSB. FSB may require you to complete a form authorizing the order. You must give FSB sufficient notice so that FSB has a reasonable period of time to act on your request. For electronic funds transfers you must notify FSB in time for FSB to receive your request three business days or more before the payment is scheduled to be made. A stop payment order takes effect only after FSB has a reasonable opportunity to verify that the item is unpaid. FSB may charge you a fee for each stop payment order and each renewal of the order. To place a stop payment order, FSB requires the item number. FSB may also require the account number, the exact amount of the item, the date of the item, the name of the person who signed or authorized the item, and the name of the party to whom the item was made payable. FSB may use only a portion of the requested information to identify an item. FSB uses a computer system to identify items. Therefore, to act on your order, FSB needs the exact item number. FSB relies upon the information you provide in order to implement a stop payment order. If any of that information is inaccurate or changes (e.g., if you give FSB the wrong item number, if the item presented for payment does not include the exact item number, or if the name of the person to whom the item is payable changes or is not exactly as you have provided it to FSB) FSB may pay the item. Except as noted below in the Additional Information about Automated Clearing House (ACH) and other Recurring Electronic Fund Transfer Stop Payment Orders paragraph, an oral stop payment order expires after 14 days. A written stop payment order expires after six months. FSB may, in its sole discretion, elect to honor a stop payment order for a longer period of time without notice to you. If you do not want the order to expire, you must renew it. Each renewal is treated as a new order. If you want the order to expire in less than six months, you must cancel the order on or after the date you want it to expire. You must submit a written request to cancel a stop payment order. Your request to cancel the order is not effective until FSB has a reasonable opportunity to act on it. FSB cancels the order automatically when the account on which the item is drawn is closed. If the item is presented for payment after the order expires, FSB may pay the item. If a postdated check that is subject to a stop payment order is presented to FSB for payment while the order is in effect, FSB may return the check with the designation “payment stopped” or “refer to maker.” FSB’s liability for paying an item subject to a proper and timely stop payment order is limited to the actual loss suffered, up to the amount of item. You must prove the loss to FSB’s satisfaction. FSB is not liable to you for any special, incidental, or consequential loss or damage of any kind.

Setoff and Security Interest. You agree that FSB may, without prior notice or demand, apply or setoff the funds in your account (and accounts you own with others) at any time to pay any debt, whether direct or indirect, that you have with FSB, and/or any fees or service charges owed to FSB. In addition to its rights under the law (called “setoff”), you grant FSB a security interest in each account to secure such debt, as it may arise. This provision does not apply if the debt is created under any consumer credit plan accessed by a credit card. FSB is not liable to you for dishonoring items where withdrawals described in this section result in insufficient insufficient funds in your account. To the extent permitted by law, FSB may, in its sole discretion, setoff funds from any new account you open to pay any debt, whether direct or indirect, that you have with FSB, and/or any fees or service charges owed to FSB . You expressly agree that such rights extend to any Federal or state benefit benefit payments (including without limitation Social Security benefitsbenefits) electronically deposited into your account. You understand and agree that if you do not want your benefits benefits applied in this way, you may change your direct deposit instructions to the benefits benefits payor at any time. FSB may use funds held in joint accounts to repay the debts on which any one of you is liable, whether jointly with another or individually. FSB may charge any such debt against your account at any time, without regard to the origin of deposits to the account or beneficial beneficial ownership of the funds. Funds held in individual accounts may be used to repay your debts, whether such debts are owed jointly with another or individually. Your debts include: those owed by you arising out of another joint account of which you are a joint account holder, even if they are not directly incurred by you; those on which you are secondarily liable; or any amounts for which FSB becomes liable to any governmental agency or department or any company as a result of recurring payments credited to any of your accounts after the death, legal incapacity, or other termination of entitlement of the intended recipient of such funds. If FSB uses funds from a time deposit account, the funds withdrawn are subject to the early withdrawal penalty. If you or any joint account holder authorizes withdrawals not presented for payment until after the drawer’s death, or if any joint account holder is indebted to FSB at the time of his or her death, FSB is authorized to pay such withdrawals and exercise its right of setoff against the account after such death, notwithstanding any rights that a surviving joint account holder, POD payee, or beneficiary beneficiary of an ITF or “trustee for” account may have to the funds in the account. Stop Payment Orders Stop Payment Orders. You may ask FSB to stop payment on a check or other item drawn on your account if it has not already been paid. You may not stop payment on electronic, ATM, one-time POS debit card transactions, bank checks, or checks or payments guaranteed by FSB. Placing Stop Payment Orders. You may request a stop payment order on xxxx.xxx, by mail, or by calling FSB. FSB may require you to complete a form authorizing the order. You must give FSB sufficient sufficient notice so that FSB has a reasonable period of time to act on your request. For electronic funds transfers you must notify FSB in time for FSB to receive your request three business days or more before the payment is scheduled to be made. A stop payment order takes effect only after FSB has a reasonable opportunity to verify that the item is unpaid. FSB may charge you a fee for each stop payment order and each renewal of the order. To place a stop payment order, FSB requires the item number. FSB may also require the account number, the exact amount of the item, the date of the item, the name of the person who signed or authorized the item, and the name of the party to whom the item was made payable. FSB may use only a portion of the requested information to identify an item. FSB uses a computer system to identify items. Therefore, to act on your order, FSB needs the exact item number. FSB relies upon the information you provide in order to implement a stop payment order. If any of that information is inaccurate or changes (e.g., if you give FSB the wrong item number, if the item presented for payment does not include the exact item number, or if the name of the person to whom the item is payable changes or is not exactly as you have provided it to FSB) FSB may pay the item. Except as noted below in the Additional Information about Automated Clearing House (ACH) and other Recurring Electronic Fund Transfer Stop Payment Orders paragraph, an oral stop payment order expires after 14 days. A written stop payment order expires after six months. FSB may, in its sole discretion, elect to honor a stop payment order for a longer period of time without notice to you. If you do not want the order to expire, you must renew it. Each renewal is treated as a new order. If you want the order to expire in less than six months, you must cancel the order on or after the date you want it to expire. You must submit a written request to cancel a stop payment order. Your request to cancel the order is not effective until FSB has a reasonable opportunity to act on it. FSB cancels the order automatically when the account on which the item is drawn is closed. If the item is presented for payment after the order expires, FSB may pay the item. If a postdated check that is subject to a stop payment order is presented to FSB for payment while the order is in effect, FSB may return the check with the designation “payment stopped” or “refer to maker.” FSB’s liability for paying an item subject to a proper and timely stop payment order is limited to the actual loss suffered, up to the amount of item. You must prove the loss to FSB’s satisfaction. FSB is not liable to you for any special, incidental, or consequential loss or damage of any kind. Additional Information about Automated Clearing House (ACH) and other Recurring Electronic Fund Transfer Stop Payment Orders. If you have told FSB in advance to make regular payments out of your account or if you have authorized someone to debit your account on a regular basis through the ACH system, your debit card, or other electronic fund transfer, you can stop any of these payment by calling or writing to FSB. You must notify FSB in time for FSB to receive your request three business days or more before the payment is scheduled to be made. While we currently do not require a written confirmation, if you call, FSB reserves the right to require you to put your request in writing and get it to FSB within 14 days after your call. Your stop payment order will be effective until you cancel it. However, if FSB requires written confirmation and does not receive it, FSB may remove the oral stop payment order after 14 days. You must provide the exact amount of the payment you have stopped, as well as other identifying information which FSB will request. FSB may charge you a fee for each stop payment order you give. For such a stop payment order, FSB generally needs the information listed above under Placing Stop Payment Orders. FSB also needs your name and telephone number and the type of account (checking or savings). If the debit is a recurring payment, FSB may also need the date the prior debit from this sender posted to your account so that FSB can obtain the company name and company identification number used by your sender and printed on your statement. Otherwise, you must provide the company name and company identification number. If you do not know the amount of the debit, FSB may still be able to place the stop payment based on the company name and company identification number of the sender, but this may stop all items from this sender. If you provide the wrong company identification number or if the sender changes the company identification number, FSB may pay the item. Cashier’s Checks, Xxxxxx’s Checks, and Certified Checks. You may not stop payment on cashier’s checks, teller’s checks, and certified checks. However, you may be able to claim a refund on such items if they are lost, stolen, or destroyed. To claim a refund of the amount of such items, you must give FSB a declaration of loss statement on a form acceptable to FSB and the item must not have been presented for payment for 90 days from the issue date or, in the case of certified checks, from the date of acceptance.

Setoff and Security Interest. You agree that FSB may, without prior notice or demand, apply or setoff the funds in your account (and accounts you own with others) at any time to pay any debt, whether direct or indirect, that you have with FSB, and/or any fees or service charges owed to FSB. In addition to its rights under the law (called “setoff”), you grant FSB a security interest in each account to secure such debt, as it may arise. This provision does not apply if the debt is created under any consumer credit plan accessed by a credit card. FSB is not liable to you for dishonoring items where withdrawals described in this section result in insufficient insufficient funds in your account. To the extent permitted by law, FSB may, in its sole discretion, setoff funds from any new account you open to pay any debt, whether direct or indirect, that you have with FSB, and/or any fees or service charges owed to FSB . You expressly agree that such rights extend to any Federal or state benefit benefit payments (including without limitation Social Security benefits) benefits electronically deposited into your account. account You understand and agree that if you do not want your benefits benefits applied in this way, you may change your direct deposit instructions to the benefits benefits payor at any time. FSB may use funds held in joint accounts to repay the debts on which any one of you is liable, whether jointly with another or individually. FSB may charge any such debt against your account at any time, without regard to the origin of deposits to the account or beneficial beneficial ownership of the funds. Funds held in individual accounts may be used to repay your debts, whether such debts are owed jointly with another or individually. Your debts include: those owed by you arising out of another joint account of which you are a joint account holder, even if they are not directly incurred by you; those on which you are secondarily liable; or any amounts for which FSB becomes liable to any governmental agency or department or any company as a result of recurring payments credited to any of your accounts after the death, legal incapacity, or other termination of entitlement of the intended recipient of such funds. If FSB uses funds from a time deposit account, the funds withdrawn are subject to the early withdrawal penalty. If you or any joint account holder authorizes withdrawals not presented for payment until after the drawer’s death, or if any joint account holder is indebted to FSB at the time of his or her death, FSB is authorized to pay such withdrawals and exercise its right of setoff against the account after such death, notwithstanding any rights that a surviving joint account holder, POD payee, or beneficiary beneficiary of an ITF or “"trustee for” " account may have to the funds in the account. Stop Payment Orders Stop Payment Orders. You may ask FSB to stop payment on a check or other item drawn on your account if it has not already been paid. You may not stop payment on electronic, ATM, one-time POS debit card transactions, bank checks, or checks or payments guaranteed by FSB. Placing Stop Payment Orders. You may request a stop payment order on xxxx.xxx, by mail, or by calling FSB. FSB may require you to complete a form authorizing the order. You must give FSB sufficient sufficient notice so that FSB has a reasonable period of time to act on your request. For electronic funds transfers you must notify FSB in time for FSB to receive your request three business days or more before the payment is scheduled to be made. A stop payment order takes effect only after FSB has a reasonable opportunity to verify that the item is unpaid. FSB may charge you a fee for each stop payment order and each renewal of the order. To place a stop payment order, FSB requires the item number. FSB may also require the account number, the exact amount of the item, the date of the item, the name of the person who signed or authorized the item, and the name of the party to whom the item was made payable. FSB may use only a portion of the requested information to identify an item. FSB uses a computer system to identify items. Therefore, to act on your order, FSB needs the exact item number. FSB relies upon the information you provide in order to implement a stop payment order. If any of that information is inaccurate or changes (e.g., if you give FSB the wrong item number, if the item presented for payment does not include the exact item number, or if the name of the person to whom the item is payable changes or is not exactly as you have provided it to FSB) FSB may pay the item. Except as noted below in the Additional Information about Automated Clearing House (ACH) and other Recurring Electronic Fund Transfer Stop Payment Orders paragraph, an oral stop payment order expires after 14 days. A written stop payment order expires after six months. FSB may, in its sole discretion, elect to honor a stop payment order for a longer period of time without notice to you. If you do not want the order to expire, you must renew it. Each renewal is treated as a new order. If you want the order to expire in less than six months, you must cancel the order on or after the date you want it to expire. You must submit a written request to cancel a stop payment order. Your request to cancel the order is not effective until FSB has a reasonable opportunity to act on it. FSB cancels the order automatically when the account on which the item is drawn is closed. If the item is presented for payment after the order expires, FSB may pay the item. If a postdated check that is subject to a stop payment order is presented to FSB for payment while the order is in effect, FSB may return the check with the designation “payment stopped” or “refer to maker.” FSB’s liability for paying an item subject to a proper and timely stop payment order is limited to the actual loss suffered, up to the amount of item. You must prove the loss to FSB’s satisfaction. FSB is not liable to you for any special, incidental, or consequential loss or damage of any kind. Additional Information about Automated Clearing House (ACH) and other Recurring Electronic Fund Transfer Stop Payment Orders. If you have told FSB in advance to make regular payments out of your account or if you have authorized someone to debit your account on a regular basis through the ACH system, your debit card, or other electronic fund transfer, you can stop any of these payment by calling or writing to FSB. You must notify FSB in time for FSB to receive your request three business days or more before the payment is scheduled to be made. While we currently do not require a written confirmation, if you call, FSB reserves the right to require you to put your request in writing and get it to FSB within 14 days after your call. Your stop payment order will be effective until you cancel it. However, if FSB requires written confirmation and does not receive it, FSB may remove the oral stop payment order after 14 days. You must provide the exact amount of the payment you have stopped, as well as other identifying information which FSB will request. FSB may charge you a fee for each stop payment order you give. For such a stop payment order, FSB generally needs the information listed above under Placing Stop Payment Orders. FSB also needs your name and telephone number and the type of account (checking or savings). If the debit is a recurring payment, FSB may also need the date the prior debit from this sender posted to your account so that FSB can obtain the company name and company identification number used by your sender and printed on your statement. Otherwise, you must provide the company name and company identification number. If you do not know the amount of the debit, FSB may still be able to place the stop payment based on the company name and company identification number of the sender, but this may stop all items from this sender. If you provide the wrong company identification number or if the sender changes the company identification number, FSB may pay the item. Cashier's Checks, Xxxxxx's Checks, and Certified Checks. You may not stop payment on cashier's checks, teller's checks, and certified checks. However, you may be able to claim a refund on such items if they are lost, stolen, or destroyed. To claim a refund of the amount of such items, you must give FSB a declaration of loss statement on a form acceptable to FSB and the item must not have been presented for payment for 90 days from the issue date or, in the case of certified checks, from the date of acceptance.

Setoff and Security Interest. You agree that FSB USB may, without prior notice or demand, apply or setoff the funds in your account (and accounts you own with others) at any time to pay any debt, whether direct or indirect, that you have with FSBUSB, and/or any fees or service charges owed to FSBUSB. In addition to its rights under the law (called “setoff”), you grant FSB USB a security interest in each account to secure such debt, as it may arise. This provision does not apply if the debt is created under any consumer credit plan accessed by a credit card. FSB USB is not liable to you for dishonoring items where withdrawals described in this section result in insufficient insufficient funds in your account. To the extent permitted by law, FSB USB may, in its sole discretion, setoff funds from any new account you open to pay any debt, whether direct or indirect, that you have with FSBUSB, and/or any fees or service charges owed to FSB USB . You expressly agree that such rights extend to any Federal or state benefit benefit payments (including without limitation Social Security benefitsbenefits) electronically deposited into your account. You understand and agree that if you do not want your benefits benefits applied in this way, you may change your direct deposit instructions to the benefits benefits payor at any time. FSB USB may use funds held in joint accounts to repay the debts on which any one of you is liable, whether jointly with another or individually. FSB USB may charge any such debt against your account at any time, without regard to the origin of deposits to the account or beneficial beneficial ownership of the funds. Funds held in individual accounts may be used to repay your debts, whether such debts are owed jointly with another or individually. Your debts include: those owed by you arising out of another joint account of which you are a joint account holder, even if they are not directly incurred by you; those on which you are secondarily liable; or any amounts for which FSB USB becomes liable to any governmental agency or department or any company as a result of recurring payments credited to any of your accounts after the death, legal incapacity, or other termination of entitlement of the intended recipient of such funds. If FSB USB uses funds from a time deposit accountcertificate of deposit, the funds withdrawn are subject to the early withdrawal penalty. If you or any joint account holder authorizes withdrawals not presented for payment until after the drawer’s death, or if any joint account holder is indebted to FSB USB at the time of his or her death, FSB USB is authorized to pay such withdrawals and exercise its right of setoff against the account after such death, notwithstanding any rights that a surviving joint account holder, POD payee, or beneficiary beneficiary of an ITF or “trustee for” account may have to the funds in the account. Stop Payment Orders Stop Payment Orders. You may ask FSB to stop payment on a check or other item drawn on your account if it has not already been paid. You may not stop payment on electronic, ATM, one-time POS debit card electronic transactions, bank checks, or checks or payments guaranteed by FSB. Placing Stop Payment OrdersUSB. You may request a not stop payment order on xxxx.xxxcashier’s checks, by mailteller’s checks, and certified checks. However, you may be able to claim a refund on such items if they are lost, stolen, or by calling FSBdestroyed. FSB may require To claim a refund of the amount of such items, you to complete must give USB a declaration of loss statement on a form authorizing the order. You must give FSB sufficient notice so that FSB has a reasonable period of time acceptable to act on your request. For electronic funds transfers you must notify FSB in time for FSB to receive your request three business days or more before the payment is scheduled to be made. A stop payment order takes effect only after FSB has a reasonable opportunity to verify that USB and the item is unpaid. FSB may charge you a fee must not have been presented for each stop payment order and each renewal for 90 days from the issue date or, in the case of the order. To place a stop payment ordercertified checks, FSB requires the item number. FSB may also require the account number, the exact amount of the item, from the date of the item, the name of the person who signed or authorized the item, and the name of the party to whom the item was made payable. FSB may use only a portion of the requested information to identify an item. FSB uses a computer system to identify items. Therefore, to act on your order, FSB needs the exact item number. FSB relies upon the information you provide in order to implement a stop payment order. If any of that information is inaccurate or changes (e.g., if you give FSB the wrong item number, if the item presented for payment does not include the exact item number, or if the name of the person to whom the item is payable changes or is not exactly as you have provided it to FSB) FSB may pay the item. Except as noted below in the Additional Information about Automated Clearing House (ACH) and other Recurring Electronic Fund Transfer Stop Payment Orders paragraph, an oral stop payment order expires after 14 days. A written stop payment order expires after six months. FSB may, in its sole discretion, elect to honor a stop payment order for a longer period of time without notice to you. If you do not want the order to expire, you must renew it. Each renewal is treated as a new order. If you want the order to expire in less than six months, you must cancel the order on or after the date you want it to expire. You must submit a written request to cancel a stop payment order. Your request to cancel the order is not effective until FSB has a reasonable opportunity to act on it. FSB cancels the order automatically when the account on which the item is drawn is closed. If the item is presented for payment after the order expires, FSB may pay the item. If a postdated check that is subject to a stop payment order is presented to FSB for payment while the order is in effect, FSB may return the check with the designation “payment stopped” or “refer to makeracceptance.” FSB’s liability for paying an item subject to a proper and timely stop payment order is limited to the actual loss suffered, up to the amount of item. You must prove the loss to FSB’s satisfaction. FSB is not liable to you for any special, incidental, or consequential loss or damage of any kind.