Common use of ATM and Debit Card Transactions Clause in Contracts

ATM and Debit Card Transactions. Interaudi Bank will not authorize and pay overdrafts for ATM or debit card transactions unless you authorize us to do so by signing and submitting an ATM/Debit Card Overdraft Authorization form. If you authorize us to pay overdrafts on your ATM and debit card transactions, you understand that you will be charged interest on the overdrawn amount, until the account is no longer overdrawn, at a per annum rate of no less than 4% above our Prime Rate then in effect, unless that rate is higher than the maximum rate permitted by law, in which case the interest rate will be the maximum rate permitted by law. In addition, we may charge an Overdraft Fee as disclosed in the Schedule of Service Charges. If you do not authorize Interaudi Bank to pay overdrafts on your ATM and debit card transactions, your overdraft transactions may be declined. If we receive several debit transactions for payment which, if all were paid, would exceed the collected funds in your account, we may pay all or some of those transactions, but are not required to do so. If we decide not to pay some of those transactions, at our option we may attempt to contact you to offer the opportunity eliminate or otherwise resolve the overdraft status of the account. You understand and agree that Interaudi Bank is under no legal or regulatory obligation to contact you if your account is in overdraft status.