Common use of Withdrawal Restrictions and Overdrafts Clause in Contracts

Withdrawal Restrictions and Overdrafts. If there is an insufficient Current Balance to pay some of the Items presented against your Account, such Items will create an Overdraft and will be handled in accordance with the provisions of this Agreement. We also may refuse to allow a withdrawal if there is a dispute about the Account (unless a court has ordered us to allow the withdrawal), the Account is garnished or attached, the Account has been pledged as collateral for a debt, the availability of the funds on deposit cannot be verified, any required documentation has not been presented or you fail to repay an obligation to us on time. Notice Requirements. Federal regulations require us to retain the right to require you to give at least seven (7) days notice in writing prior to any intended withdrawal from a savings or Money Market Account. Although we usually pay withdrawals or checks without requiring you to give this notice on these Accounts, doing so does not mean that we give up this right to require you to give us notice. Postdated Items. You agree that when you write a check, you will not date the check in the future. If you do and the check is presented for payment before the date on the check, we may pay it or return it unpaid. You agree that if we pay the check, the check will be Posted to your Account on the date we pay the check, even though that date is prior to the date of the check. You further agree that we are not responsible for any loss to you in doing so. We will not honor a postdated check if we receive advance notice from you at such a time and in such a manner as to afford us reasonable opportunity to act. The notice must be given to us as provided for in the Stop Payment Orders section of this Agreement.

Withdrawal Restrictions and Overdrafts. If there is an insufficient Current Balance to pay some of the Items presented against your Account, such Items will create an Overdraft and will be handled in accordance with the provisions of this Agreement. We also may refuse to allow a withdrawal if there is a dispute about the Account (unless a court has ordered us to allow the withdrawal), the Account is garnished or attached, the Account has been pledged as collateral for a debt, the availability of the funds on deposit cannot be verified, any required documentation has not been presented presented, or you fail to repay an obligation to us on time. Notice Requirements. Federal regulations require us to retain the right to require you to give at least seven (7) days notice in writing prior to any intended withdrawal from a savings or Money Market Account. Although we usually pay withdrawals or checks without requiring you to give this notice on these Accounts, doing so does not mean that we give up this right to require you to give us notice. Postdated Items. You agree that when you write a check, you will not date the check in the future. If you do and the check is presented for payment before the date on the check, we may pay it or return it unpaid. You agree that if we pay the check, the check will be Posted to your Account on the date we pay the check, even though that date is prior to the date of the check. You further agree that we are not responsible for any loss to you in doing so. We will not honor a postdated check if we receive advance notice from you at such a time and in such a manner as to afford us reasonable opportunity to act. The notice must be given to us as provided for in the Stop Payment Orders section of this Agreement.