Your Available Balance and Debit Card Transactions. Debit card transactions are processed against your account at two different times: first, when the transaction is authorized, and again when the transaction actually settles to your account, usually days later. This delay between the time a particular transaction is authorized and when it actually settles to your account is solely within the control of the merchant and its processor. The Credit Xxxxx has no control with respect to the time period that elapses between the time a merchant seeks authorization and finally submits the transaction for settlement. For debit card transactions, we use your available balance at the time a transaction is authorized and again when the transaction settles to your account to determine if each specific transaction will overdraw your account and whether a fee will be assessed. It is important to remember that your available balance may not reflect all of your transactions. When the Credit Union authorizes a debit transaction, the amount of the transaction is subject to a preauthorization hold. This means that the amount of the transaction is subtracted from your actual balance. For debit card transactions involving merchant authorization holds, we look at the available balance at the time a transaction is authorized to determine whether the transaction will result in an overdraft and a fee. • If your available balance is insufficient to pay the preauthorization amount requested by a merchant, we may choose to approve the authorization request. If we choose to authorize the transaction using Overdraft Tolerance, we will charge an Overdraft Tolerance Fee on that transaction when it posts, even if the available balance in the account is sufficient to cover the transaction at the time of posting. If the transaction was authorized on an insufficient available balance, you will incur an Overdraft Tolerance fee. • If your available balance is sufficient to cover a merchant’s authorization request, the authorization request will be approved and an authorization hold will be placed on your account in the amount of the merchant’s authorization request. We will not charge you’re an Overdraft Tolerance Fee on that transaction when it posts, even if the available balance in the account is insufficient to cover the transaction when it posts. As long as your available balance was sufficient to cover the transaction at the time of authorization, you will not incur an Overdraft Tolerance Fee.
Appears in 3 contracts
Samples: Transfer Agreement, Transfer Agreement, Transfer Agreement
Your Available Balance and Debit Card Transactions. Debit card transactions are processed against your account at two different times: first, when the transaction is authorized, and again when the transaction actually settles to your account, usually days later. This delay between the time a particular transaction is authorized and when it actually settles to your account is solely within the control of the merchant and its processor. The Credit Xxxxx has no control with respect to the time period that elapses between the time a merchant seeks authorization and finally submits the transaction for settlement. For debit card transactions, we use your available balance at the time a transaction is authorized and again when the transaction settles to your account to determine if each specific transaction will overdraw your account and whether a fee will be assessed. It is important to remember that your Your available balance may not reflect all of your debit card transactions. When the Credit Union authorizes a debit transaction, the amount of the transaction is subject to a preauthorization hold. This means that the amount of the transaction is subtracted from your actual balance. For debit card transactions involving merchant authorization holds, we look at the available balance at the time a transaction is authorized to determine whether the transaction will result in an overdraft and a fee. • If your available balance is insufficient to pay the preauthorization amount requested by a merchant, we may choose to approve the authorization request. If we choose to authorize the transaction using Overdraft Toleranceand you have not opted into Courtesy Pay for payment of everyday debit transactions, we will charge an Overdraft Tolerance Fee on that transaction when it posts, even if decline the available balance in the account is sufficient to cover the transaction at the time of postingrequest. If the transaction was authorized on an insufficient available balance, you will incur an Overdraft Tolerance fee. • If your available balance is sufficient to cover a merchant’s authorization request, the authorization request will be approved and an authorization hold will be placed on your account in the amount of the merchant’s authorization request. We If your available balance is insufficient to cover a merchant’s authorization request, and you have opted in to Courtesy Pay for everyday debit transactions, we may choose to approve the authorization request. In the instance where your available balance was insufficient to cover a merchant’s authorization request at the time of authorization without causing the account to have a negative balance, and we choose to authorize the transaction using Courtesy Pay, we will not charge you’re an Overdraft Tolerance a Courtesy Pay Fee on that transaction when it posts, even if regardless of the available balance in the account at the time of posting. Note that transactions authorized with a merchant as recurring debit card transactions may be covered by Courtesy Pay regardless of whether you have opted into Courtesy Pay for the payment of everyday debit card transactions. The following examples illustrate how this works if you have opted in for Courtesy Pay with respect to everyday debit transactions: • Assume your actual and available balances are both $50, and you use your debit card at a restaurant for $20. If the restaurant requests preauthorization in the amount of $20, an authorization hold is insufficient to cover the transaction when it posts. As long as placed on $20 in your account, so your available balance is only $30, while your actual balance would remain $50. Before the restaurant charge is sent to us for payment, a check that you wrote for $40 posts to your account. Because your available balance is only $30, your account will be overdrawn by $10, even though your actual balance is $50. In this case, if we pay the $40 check under Courtesy Pay, we will charge you a Courtesy Pay Fee as disclosed in our Fee Schedule, which will be deducted from your account, further increasing the overdrawn amount. When the restaurant charge is finally submitted to us for payment, we will release the authorization hold and pay the transaction amount (which may be $20 or even a different amount, for example, if you added a tip) to the restaurant. Because the amount of the restaurant charge was authorized when the available balance in the account was sufficient to cover the transaction transaction, we will not charge you a Courtesy Pay Fee. • Assume your actual and available balances are both $5, and you use your debit card at a store for $25. If the store requests preauthorization in the amount of $25, an authorization hold is placed on your account for $25 using Courtesy Pay and a Courtesy Pay Fee is charged because the available balance in your account was insufficient at the time the transaction was authorized. Regardless of authorizationthe available balance in your account at the time this transaction posts, you will not incur an Overdraft Tolerance Feebe charged a Courtesy Pay Fee for this transaction.
Appears in 2 contracts
Samples: Membership and Account Agreement, Membership and Account Agreement
Your Available Balance and Debit Card Transactions. Debit card transactions are processed against your account at two different times: first, when the transaction is authorized, and again when the transaction actually settles to your account, usually days later. This delay between the time a particular transaction is authorized and when it actually settles to your account is solely within the control of the merchant and its processor. The Credit Xxxxx has no control with respect to the time period that elapses between the time a merchant seeks authorization and finally submits the transaction for settlement. For everyday debit card transactions, we use your available balance at the time a transaction is authorized and again when the transaction settles to your account at settlement to determine if each specific transaction will overdraw your account and whether a fee will be assessed. It is important to remember that your Your available balance may not reflect all of your debit card transactions. When the Credit Union authorizes a debit transaction, the amount of the transaction is subject to a preauthorization hold. This means that the amount of the transaction is subtracted from your actual balance. For debit card transactions involving merchant authorization holds, we look at the available balance at the time a transaction is authorized to determine whether the transaction will result in an overdraft and a fee. • If your available balance is insufficient to pay the preauthorization amount requested by a merchant, and you have not opted into the Courtesy Pay Overdraft Service for payment of everyday debit transactions, we will decline the request. If your available balance is insufficient to pay the preauthorization amount requested by a merchant, and you have opted into Courtesy Pay for payment of everyday debit transactions, we may choose to approve the authorization request. If we choose to authorize approve the transaction using Overdraft Tolerancerequest under Courtesy Pay, we will charge an Overdraft Tolerance Fee on that transaction when it posts, even if the available balance in the account is sufficient to cover the transaction at the time of posting. If the transaction was authorized on an insufficient available balance, you will incur an Overdraft Tolerance fee. • If your available balance is sufficient to cover a merchant’s authorization request, the authorization request will be approved and an authorization hold will be placed on your account in the amount of the merchant’s authorization request. We However, we will not charge you’re an you a Courtesy Pay Fee unless your available balance is insufficient to pay the preauthorization amount when the transaction posts/settles to your account. If your available balance is sufficient to pay the transaction at the time it posts to your account, you will not incur a Courtesy Pay Overdraft Tolerance Fee on that transaction when it postsFee, even though your available balance was insufficient at the time the transaction was authorized. The only time you will incur a Courtesy Pay Fee with respect to an everyday debit card transaction is if you (1) have opted into Courtesy Pay for everyday debit transactions and (2) your available balance is insufficient to cover the transaction at both the authorization and the settlement of that transaction. Note that transactions authorized with a merchant as recurring debit card transactions may be covered by Courtesy Pay regardless of whether you have opted in to Courtesy Pay for the payment of everyday debit card transactions. The following examples illustrate how this works if you have opted into Courtesy Pay with respect to everyday debit transactions: Example A: Assume your actual and available balances are both $50, and you use your debit card at a restaurant for $20. If the restaurant requests preauthorization in the amount of $20, an authorization hold is placed on $20 in your account, so your available balance is only $30. Your actual balance would remain $50. Before the restaurant charge is sent to us for payment, a check that you wrote for $40 posts to your account. Because your available balance is only $30 (due to the authorization hold of $20), your account will be overdrawn by $10, even though your actual balance is $50. In this case, if we pay the $40 check under Courtesy Pay, we will charge you a Courtesy Pay Fee as disclosed in our Fee Schedule, which will be deducted from your account, further increasing the overdrawn amount. When the restaurant charge is finally submitted to us for payment, we will release the authorization hold and pay the transaction amount (which may be $20 or even a different amount, for example, if you added a tip) to the restaurant. Because the amount of the restaurant charge was authorized when the available balance in the account was sufficient to cover the transaction, we will not charge you a Courtesy Pay Fee. Example B: Assume your actual and available balances are both $5, and you use your debit card at a store for $25. If the store requests preauthorization in the amount of $25, an authorization hold is placed on your account for $25 using Courtesy Pay, resulting in a negative available balance of -$20. When the $25 debit transaction posts/settles to your account, the available balance in your account is still -$20. We will release the authorization hold and pay the transaction amount. Because the amount of the charge was authorized when the available balance was insufficient to cover the transaction, and the available balance was still insufficient to cover the transaction at settlement, we will charge you a Courtesy Pay Fee. Example C: Assume your actual and available balances are both $5, and you use your debit card at a store for $25. If the store requests preauthorization in the amount of $25, an authorization hold is placed on your account for $25 using Courtesy Pay, resulting in a negative available balance of - $20. You deposit $100 into your account, bringing your available balance to $75.00 (the $100 deposit less the $25 authorization hold for the preauthorized debit transaction). When the $25 debit transaction posts/settles to your account, the available balance in your account is sufficient to cover the transaction. We will release the authorization hold and pay the transaction amount. Because the transaction settled/posted to your account at a time when it posts. As long as your the available balance was sufficient to cover the transaction at the time of authorizationtransaction, you we will not incur an Overdraft Tolerance charge you a Courtesy Pay Fee.
Appears in 1 contract
Samples: Membership and Account Agreement
