Paying Account definition
Examples of Paying Account in a sentence
If you enroll in our Account-to-Account Transfer Overdraft Protection service and designate another checking or savings account that you maintain with us (your “Funding Account”) to cover overdrafts in your account (your “Paying Account”), the maximum dollar amount of overdraft coverage available to your Paying Account will be the available balance in your Funding Account after all other debits to, and items to be paid from, your Funding Account have been paid.
Regardless of your enrollment in Account-to-Account Transfer Overdraft Protection, we do not include the available balance of your Funding Account in determining whether to authorize your request for an ATM cash withdrawal or other debit card transaction from your Paying Account.
If we transfer funds from your Funding Account to cover a Paying Account overdraft, then our service fee for Account-to-Account Transfer Overdraft Protection service will be charged and debited to your Funding Account.
If you are enrolled in our Account-to-Account Transfer Overdraft Protection service and there is insufficient overdraft coverage available under that service to cover the amount of an overdraft, then we have the right to either (i) decline to pay the item that would create the overdraft and return it unpaid or (ii) pay the item by transferring any funds available in your Funding Account to your Paying Account and creating an overdraft.
Transfers from your Funding Account to cover your Paying Account overdrafts using the Account-to-Account Transfer Overdraft Protection service are subject to a service fee (as specified in our Schedule of Service Fees and Charges), and may reduce balances or increase withdrawals sufficiently to create additional service charges and/or fees in your Funding Account.
With respect to distributions from the Paying Account to U.S. persons (actual or presumed), the Payments Administrator shall complete any tax reporting required by U.S. law of the Payments Administrator, which as of the date of this Agreement shall be limited to IRS 1099-B forms.
The Payments Administrator’s sole responsibility after such thirty (30) day notice period expires shall be to deliver the remainder of any funds deposited into the Paying Account pursuant to this Agreement to an account designated by Buyer.
Transfers from your Funding Account to cover your Paying Account overdrafts are subject to a service fee (as specified in our Schedule of Service Fees and Charges), and may reduce balances or increase withdrawals that may result in you exceeding the transaction limitations established for the Funding Account.
You agree not to give or make available your User ID, Password, or account number(s) to any person who is not authorized to access your Designated Bill Paying Account and other Accounts.
On the Effective Date, Buyer will deposit into the Paying Account, using the wire instructions attached hereto as Exhibit A, immediately available funds in an amount to be notified to the Payments Administrator at the Closing (the “Closing Consideration Deposit”).