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means any reg- ular share account or deposit account from which the credit union allows shares or de- posits to be withdrawn by means of a share draft or other order.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

  • 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.

  • 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;