Share Draft Account definition

Share Draft Account means a share account established for a credit union member from which the member may withdraw funds by the use of a share draft. (7-1-93)
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Share Draft Account means any reg- ular share account or deposit account from which the credit union allows shares or de- posits to be withdrawn by means of a share draft or other order.
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Share Draft Account means your personal or business checking account(s). “Share Account” means your personal or business savings account(s).
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Examples of Share Draft Account in a sentence

  • Funds from deposits you make into your Share Draft Account may not always be immediately available.

  • All drafts drawn on your Share Draft Account may be returned by us unpaid for any reason that drafts are normally returned, such as, for example, insufficient funds, uncollected funds, or litigation.

  • Preauthorized Withdraws – You may make arrangements to pay certain recurring bills from Your Share Draft Account.

  • Direct Deposits – You may make arrangements for certain direct deposits to be accepted into Your Share Draft Account.

  • The Share Draft Account referred to herein is also subject to a separate agreement between You and the Credit Union.

  • Any withdrawal that reduces the amount in an account to zero (other than a Share Draft Account) may automatically close that account.

  • The Visa Credit Card Account must be current and not over the credit limit for funds to transfer to the Share Draft Account.

  • I) This account is subject to all terms and conditions stated in the Share Draft Account Disclosure, as they may be amended from time to time, and incorporates the same by reference into this agreement.

  • After you have established your Share Draft Account, you may make additional deposits into that account at any time and in any amount subject to the terms of this Agreement and any other additional disclosures we provide you.

  • A joint owner named on the primary share account will be a joint owner on all other share accounts at the Credit Union except the Share Draft Account and Individual Retirement Accounts.


More Definitions of Share Draft Account

Share Draft Account. The Credit Union is authorized to pay any share draft signed by any of you and to charge all such payments against the shares in this Account. The Credit Union is authorized to order personalized drafts (checks) on your behalf. The cost of said drafts may vary from time to time without notice and be deducted from the Account. This authorization covers the initial order of drafts and all subsequent orders. Only share draft blanks and other methods approved by the Credit Union may be used to withdraw funds for the Account. The Credit Union shall have the right to require seven days’ notice of the intent to make a withdrawal from this Account. DIVIDENDS: Dividends, if declared on this type of account, shall be payable on the balance of this Account at the rate and in the same manner prescribed by the Board of Directors of the Credit Union. Any specified dividend rate may result in a lower effective yield based upon either account activity or the actual amount of shares on which the dividends will be paid. PAYMENT: You authorize us to accept and pay any share draft, even if the share draft is presented for payment before its date, unless you notify the Credit Union of the postdating. Your notice will be effective only if the Credit Union receives the notice in time for the Credit Union to notify its employees and reasonably act upon the notice (at least “1” business day) and you accurately describe the check, including the number, date, and amount. If a share draft is presented for payment and the amount of such share draft exceeds the fully paid and collected share balance in this Account, the Credit Union may asses an overdraft fee against you. The Credit Union shall incur no liability (except for its lack of good faith or failure to exercise ordinary care) for any action regarding the payment or nonpayment of a share draft regardless of whether you have a share balance in this Account sufficient to pay any share draft. In the event the Credit Union pays a share draft drawn on this Account, the Credit Union may charge this Account the amount of such share draft, even if the share draft is presented more than six months after its date.
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Share Draft Account means an account from which the credit union has agreed that shares may be withdrawn by means of a share draft or other order.
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Share Draft Account or “SDA” means Company’s HawaiiUSA share draft account designated in the Application. “Share Account” or “SA” means the Company’s share account designated in the Application or linked to the Share Draft Account (see section I.D below). “Account” means the Share Draft Account or the Share Account, as applicable. “Representative” means any director, officer, manager, partner, member, owner, employee, agent or representative of the Company. “User” means any Representative or other person authorized to use the Debit Card, now or in the future. “You” means the Company and the Users, collectively and individually. “We,” “us,” “our” or “Credit Union” means HawaiiUSA Federal Credit Union. This Agreement amends and supplements the agreements and disclosures that are applicable to the Account (including but not limited to the Member Business Account Agreement, Terms and Conditions of Your Account, Application / Authorization Form, and Deposit Account Rules and Regulations and Other Information governing the Credit Union’s accounts for Business Members). Card services are also subject to the rules and regulations of our Card service processors and the service networks which we utilize. In the event of any inconsistency with the Electronic Funds Transfer agreement, this Agreement shall control; in the event of any inconsistency with any other agreement or disclosure, the more restrictive terms that are applicable to the Company shall govern. By signing the Application, Company requests us to issue Debit Cards bearing Company’s name and the name of any User that Company may designate from time to time in writing to us. Company agrees that all Debit Cards will be used solely for business use and not for consumer purposes, and that we are not required to determine whether or not the Debit Card is used for an appropriate purpose. YOU ACKNOWLEDGE AND AGREE THAT THE DEBIT CARD WILL NOT BE TREATED AS A CONSUMER ACCESS DEVICE UNDER THE PROVISIONS OF THE ELECTRONIC FUNDS TRANSFER ACT OR ANY OTHER STATE OR FEDERAL LAW. THEREFORE, YOU WILL NOT HAVE THE BENEFIT OF ANY LIMITATION OF LIABILITY WITH RESPECT TO THE UNAUTHORIZED USE OF THE SERVICES. YOU AGREE TO ACCEPT ALL RISKS ASSOCIATED WITH THE USE OR MISUSE OF THE SERVICES AND AGREE TO ASSUME THE LIABILITY DESCRIBED IN THIS AGREEMENT.
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Share Draft Account means a checking account.
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Share Draft Account means any regular share account from which the Federal credit union has agreed that shares may be withdrawn by means of a share draft or other order.
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Related to Share Draft Account

  • FT Account Pool #: Mortgagor's Name, Address and Zip Code: Mortgage Loan Number: Reason for Requesting Documents (check one)

  • Investment Account As defined in Section 3.12(a).

  • Cash Account has the meaning set forth in Section 2.1(a)(ii).

  • L/C Cash Deposit Account means an interest bearing cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.

  • Settlement Account means an account established at a financial institution designated by Merchant as the account to be credited and debited by the Servicers for Transactions, Card Fees, Chargebacks and other amount assessed by a Card Association and passed- through to Merchant pursuant to the terms of this Agreement.

  • Current Account means a form of demand deposit wherefrom withdrawals are allowed any number of times depending upon the balance in the account or up to a particular agreed amount and will also include other deposit accounts which are neither Savings Deposit nor Term Deposit.

  • Transaction Account means a cash account established and maintained by Repo Custodian for the Funds to effect repurchase transactions pursuant to the Master Agreement.

  • Linked Account means any controlled disbursement account, controlled balance account or other deposit account maintained by a Collection Account Bank for the Parent, the Performance Guarantor, the Servicer, any Originator or any Affiliate thereof and linked to any Collection Account by a zero balance account connection or other automated funding mechanism or controlled balance arrangement.

  • Designated Deposit Account is Borrower’s deposit account, account number , maintained with Bank.

  • Cash Collateral Account Agreement With respect to any Mortgage Loan, the cash collateral account agreement, if any, between the originator of such Mortgage Loan and the related Mortgagor, pursuant to which the related Cash Collateral Account, if any, may have been established.

  • Share Account A form of Deposit Account that each member is required to maintain to remain a member of BECU. We, us, our: BECU. You, your: Each person or entity, individually, and collectively, who opens, establishes, accesses, is named as an Account Holder or Authorized Signer or who applies for any Account.

  • Special Account means the account referred to in Section 2.02 (b) of this Agreement;

  • Subsidy Account If the Trust Estate contains any Subsidy Loans, the deposit account or accounts created and maintained by the Servicer for deposit of Subsidy Funds and amounts payable under interest subsidy agreements relating to mortgage loans other than the Mortgage Loans.

  • L/C Cash Collateral Account means an interest bearing cash collateral account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.

  • Investment Accounts means the Collateral Account, Securities Accounts, Commodities Accounts and Deposit Accounts.

  • Trading Account means the unique personified register of all completed transactions, open positions, orders and nontrading operations on the trading platform.

  • Online Account means the Bank account from which you will be conducting transactions using a Service;

  • Facility LC Collateral Account is defined in Section 2.20.11.

  • Cash Collateral Account means a blocked account at a commercial bank specified by the Administrative Agent in the name of the Administrative Agent and under the sole dominion and control of the Administrative Agent, and otherwise established in a manner reasonably satisfactory to the Administrative Agent.

  • Designated Accounts means any and all unsecured credit facilities (including without limitation unsecured card or non-card credit facility) that you have with the Participating FIs and excludes joint accounts, any renovation loan, education loan, credit facility granted for businesses or business purposes and such other credit facility that is excluded under the MAS regulations relating to unsecured credit facilities to individuals.

  • Retention Account means, an interest bearing USD account in the name of the Borrowers opened or (as the context may require) to be opened by the Borrowers with the Bank and includes any sub-accounts thereof and any other account designated in writing by the Bank to be the Retention Account for the purposes of this Agreement;

  • Controlled Disbursement Account means any accounts of the Borrowers maintained with the Administrative Agent as a zero balance, cash management account pursuant to and under any agreement between a Borrower and the Administrative Agent, as modified and amended from time to time, and through which all disbursements of a Borrower, any other Loan Party and any designated Subsidiary of a Borrower are made and settled on a daily basis with no uninvested balance remaining overnight.

  • Prepayment Account for any Class of Loans shall mean an account (which may include the Prepayment Account established under the Security Agreement) established by the Borrower with the Collateral Agent and over which the Collateral Agent shall have exclusive dominion and control, including the exclusive right of withdrawal for application in accordance with this subsection (viii). The Collateral Agent will, at the request of the Borrower, invest amounts on deposit in the Prepayment Account for any Class of Loans in Cash Equivalents that mature prior to the last day of the applicable Interest Periods of the Eurodollar Loans of such Class to be prepaid; provided, however, that (i) the Collateral Agent shall not be required to make any investment that, in its sole judgment, would require or cause the Collateral Agent to be in, or would result in any, violation of any Law, (ii) such Cash Equivalents shall be subjected to a First Priority Lien in favor of the Collateral Agent and (iii) if any Event of Default shall have occurred and be continuing, the selection of such Cash Equivalents shall be in the sole discretion of the Collateral Agent. The Borrower shall indemnify the Collateral Agent for any losses relating to such investments in Cash Equivalents so that the amount available to prepay Eurodollar Loans on the last day of the applicable Interest Periods is not less than the amount that would have been available had no investments been made pursuant thereto. Other than any interest or profits earned on such investments, the Prepayment Accounts shall not bear interest. Interest or profits, if any, on the investments in any Prepayment Account shall accumulate in such Prepayment Account until all outstanding Loans of any applicable Class with respect to which amounts have been deposited in the Prepayment Accounts have been prepaid in full, at which time so much thereof as is not required to make payment of the Senior Credit Obligations which have become due and payable (whether by scheduled maturity, acceleration or otherwise) shall be withdrawn by the Collateral Agent on the next Business Day following the day on which the Collateral Agent considers the funds deposited therein to be collected funds and disbursed to the Borrower or its order. If the maturity of the Loans has been accelerated pursuant to Section 8.02, the Administrative Agent may, in its sole discretion, cause the Collateral Agent to withdraw amounts on deposit in the Prepayment Account for the applicable Class of Loans and, subject to Section 8.03, apply such funds to satisfy the Senior Credit Obligations of the applicable Class or Classes.

  • Class A Cash Collateral Account means an Eligible Deposit Account in the name of the Subordination Agent maintained at an Eligible Institution, which shall be the Subordination Agent if it shall so qualify, into which all amounts drawn under the Class A Liquidity Facility pursuant to Section 3.5(c), 3.5(d), 3.5(i) or 3.5(m) shall be deposited.

  • Designated Disbursement Account means the account of the Borrower maintained with the Administrative Agent or its Affiliate and designated in writing to the Administrative Agent as the Borrower’s Designated Disbursement Account (or such other account as the Borrower and the Administrative Agent may otherwise agree).

  • Concentration Account has the meaning provided in Section 6.13(c).