Overdraft Protection Plan definition

Overdraft Protection Plan. If we have approved an overdraft protection for your account, we will honor checks, Debit Card transactions, fees or other items posted to your account,
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Overdraft Protection Plan. “Order of Payments,” and “Governing Law” are deleted. The section in the Consumer Electronic Fund Transfers Agreement and Disclosure entitled “Governing Law” is deleted. All other sections continue to apply, as supplemented by these Change in Terms, and are not replaced.
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Overdraft Protection Plan. If we have approved an overdraft protection for your account, we will honor checks, Debit Card transactions, fees or other items posted to your account, drawn on insufficient funds by transferring funds from another source, as you have directed, or as required under the Credit Union’s overdraft protection policy. If you have not directed us to pull funds from another source, we will automatically use your savings account as the overdraft source. The fee for overdraft transfers, is set forth in the Schedule of Fees and Charges. The Credit Union may rely upon your overdraft Authorization until it is revoked or modified in writ- ing by any account owner or an authorized representative, or by court order. You agree that Multiple Presentments: Fees will be assessed with each item paid into overdraft or returned unpaid (nonsufficient funds). Multiple “presentments” are any time an item or transaction is presented for payment multiple times, which is beyond the control of the Credit Union. Each presentment will be charged a separate Non-Sufficient Funds/NSF fee or Courtesy Pay fee even though it may be for a repeat presentment. In other words a single check, debit or other withdrawal will be subject to multiple fees if presented multiple times. Third Parties: You understand and agree that we have no control over how the third parties (or entities who process transactions for them) you elect to do business with “code” transac- tions. For instance, these third parties have full control over the amounts of transactions they may enter per your relationship with them; and they may code transactions as recurring or non-recurring which may affect the payment order of transactions and the application of any overdraft protection or Courtesy Pay services you have with us. You authorize us to accept transactions based upon the coding submitted by third parties; and that we may rely upon
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Examples of Overdraft Protection Plan in a sentence

  • We allow withdrawals only if your account has an available balance sufficient to cover the entire amount of the withdrawal, or if you have set up an Overdraft Protection Plan or you have Courtesy Pay or Courtesy Pay for Debit.

  • The Overdraft Protection Plan must be accepted by us before the overdraft occurs in order for it to be used to automatically cover an overdraft.

  • If you have agreed to use our Overdraft Protection Plan, Ready Reserve, any overdrafts on a checking account covered by the plan will be treated as an Advance against your Account in $50.00 increments and will be subject to the terms and conditions covering Advances under this Agreement.

  • While a fee may be charged when your Overdraft Protection Plan is used, it usually will be less than fees charged for the Standard Overdraft Services.

  • Your checking account may have an Overdraft Protection Plan as described in the Membership Agreement.

  • We reserve the right to limit the number of overdrawn checks and the total dollar amount of overdrawn checks, transfers, and/or withdrawal request that may be paid under the Overdraft Protection Plan at any time.

  • If approved for this Program, eligible members desiring an additional Overdraft Protection Plan may also utilize one other overdraft plan.

  • While a fee is charged when your Overdraft Protection Plan is used, it usually will be less than fees charged for the Standard Overdraft Services.

  • If you wish to have the ability to create an overdraft transaction at an ATM, you may apply for an Overdraft Protection Plan, as discussed below.

  • If we have approved an Overdraft Protection Plan for you, we will honor checks or items that would draw on an insufficient available balance by transferring the necessary funds from another account under this Agreement or a loan account (“Overdraft Protection Account”), as you have directed.


More Definitions of Overdraft Protection Plan

Overdraft Protection Plan. If we have approved an overdraft protection plan for your ac- count, we will honor drafts drawn on insufficient funds by transferring funds from another account under this Agreement or a loan account, as you have directed, or as required under the Credit Union’s overdraft protection policy. The fee for overdraft transfers, if any, is set forth on the Rate and Fee Schedule. This Agreement governs all transfers except those governed by agreements for loan accounts. Stop Payment Order Request: You may request a stop payment order on any check drawn on your account. To be binding, a stop payment order must be dated, signed and describe the account, and check number and the exact amount. The stop payment will be effective if the Credit Union receives the order in time for the Credit Union to act upon the order and you accurately and timely describe the account number, date of the check, payee name, number of the check and its exact amount. You understand that the exact information is necessary for the Credit Union’s computer to identify the check. If you give us incorrect or incomplete information, we will not be responsible for failing to stop payment on the check We must be given reasonable opportunity to act on any stop payment order before it can be considered effective. If the stop payment order is not received in time for us to act upon the order, we will not be liable to you or to any other party for payment of the check. If we re-credit your account after paying a check over a valid and timely stop payment order, you agree to sign a statement describing the dispute with the payee, to transfer to us all of your rights against the payee or other holders of the check, and to assist us in any legal action. We are not obligated to reimburse you for a paid stop payment unless you can provide proof of loss associated with such payment.
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Overdraft Protection Plan. If we have approved an overdraft protection for your account, we will honor checks, Debit Card transactions, fees or other items posted to your account, drawn on insuf- ficient funds by transferring funds from another source, as you have directed, or as required under the Credit Union’s overdraft protection policy. If you have not directed us to pull funds from another source, we will automatically use your savings account as the overdraft source. The fee for overdraft transfers, is set forth in the Schedule of Fees and Charges. The Credit Union may rely upon your over- draft Authorization until it is revoked or modified in writing by any account owner or an authorized representative, or by court order. You agree that all checking account overdraft transactions shall
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Related to Overdraft Protection Plan

  • fall protection plan means a documented plan, which includes and provides for -

  • Paycheck Protection Program means loan program created by Section 1102 of the CARES Act.

  • Closing protection letter means an agreement by the division to indemnify a lender or owner or both for loss caused by a division closer’s theft of settlement funds or failure to comply with written closing instructions relating to title certificate coverage when agreed to by the division closer.

  • Source Protection Plan means a drinking water source protection plan prepared under the Clean Water Act, 2006;

  • Applicable Data Protection Legislation means any national or internationally binding data protection laws or regulations (including but not limited to the GDPR and the Austrian Data Protection Act (“DSG”)) including any requirements, guidelines and recommendations of the competent data protection authorities applicable at any time during the term of this DPA to, as the case may be, the Data Controller or the Data Processor;