Transfer Transactions definition
Examples of Transfer Transactions in a sentence
Finance Charges, at the Annual Percentage Rate (“APR”) calculated in the manner set forth in Paragraph 8 below, begin to accrue on the Posting Date for Purchase Transactions, Balance Transfer Transactions, Cash Advance Transactions, and Convenience Check Transactions.
To calculate the “Average Daily Balance” for Purchase Transactions and Balance Transfer Transactions, we (a) take the beginning Balance of your Purchase Transactions and Balance Transfer Transactions on each day in the Billing Cycle (including the Closing Date), add new Purchase Transactions and Balance Transfer Transactions, and subtract Payments, Credit Refunds, Fees, and unpaid Finance Charge, and (b) divide the total by the number of days in the Billing Cycle.
Then we total the daily balances, (for Balance Transfer Transactions) for each day of the Billing Cycle and divide the result by the number of days in the Billing Cycle.
You also agree that we may provide information about you to any Member you contact or communicate with, or send or receive funds to/from through the Transfer Service, as well as any Member’s financial institution, Zelle, or any other person or entity engaged in processing, facilitation or delivery Transfer Transactions to which you are a party.
In order to complete requested fund transfers using the Transfer Service, we may need to communicate with other financial institutions and participants concerning the Transfer Transaction and you authorize us to use, copy, modify, update, display and distribute to other persons, information or data that you provide for the purpose of processing Transfer Transactions.
To get the daily balance we start with the beginning balance of your Account each day (for Balance Transfer Transactions) to which we add all new Balance Transfer Transactions and any other debits and subtract the amount of payments and credits to your Account.
You authorize us to disclose any such information to any third parties, including but not limited to transaction processors, clearinghouses, credit bureaus, and merchants, about your account or the transfers you make in order to process your Transfer Transactions or to verify the existence and condition of your account.
You authorize each Participating Financial Institution to use and verify the e-mail address and/or permanent U.S. mobile phone number that are associated with you to process and route Transfer Transactions to and from your Funding Account and/or Receiving Account.
Not all types of accounts are eligible for Transfer Transactions.
The interest (finance) charges for a Billing Cycle are computed by applying the daily periodic rate to the average daily balance (for Balance Transfer Transactions) multiplied by the number of days in the Billing Cycle.