Common use of Account Type Clause in Contracts

Account Type. If a savings or NOW account, we reserve the right to require seven days’ written notice before any withdrawal. If a negotiable order of withdrawal (NOW) account, if any entity not allowed by federal regulations to have such an account becomes an owner, we will convert the account into a checking or savings account. If it is a savings or money market account, you may make no more than six preauthorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card and similar transactions from your account per month or statement cycle.