Authorized Drafts Clause Samples

The 'Authorized Drafts' clause defines which drafts or payment instruments are permitted to be issued or accepted under the agreement. Typically, it specifies the types of drafts (such as checks, bills of exchange, or electronic payment orders) that are recognized as valid, and may outline the procedures or conditions under which they can be drawn or honored. This clause ensures that only properly authorized and documented payment requests are processed, thereby reducing the risk of fraud or unauthorized transactions.
Authorized Drafts. If you voluntarily give information about your deposit account (such as the Credit Union's routing number and your account number) to a party who is seeking to sell you goods or services, and you do not physically deliver a check to the party, any debit to your account initiated by the party to whom you gave the information is deemed authorized.
View SourceView Similar (2)
Authorized Drafts. If you voluntarily give information about your Account (such as our routing number and your Account number) to a party who is seeking to sell you goods or services, and you do not physically deliver a check to the party, any debit to your Account initiated by the party to whom you gave the information is deemed authorized by you. An overdraft is an advance of funds greater than the amount that has become available in accordance with our Funds Availability Policy. If, in our sole discretion, we choose to allow these withdrawals when there are not sufficient available funds in your Account, you agree to immediately repay us the amount of the funds advanced. We may also assess your Account a service charge (see the Fee Schedule). At no time will we be required to allow you to overdraw your Account even if we have allowed overdrafts on one or more prior occasions. We do not offer the option to authorize overdrafts using a debit card for everyday (one-time or non-recurring) merchant purchases. You agree to pay us, when we ask you, all of our costs of collecting an overdraft, to the fullest extent permitted by applicable law. These costs include, but are not limited to, our legal fees and expenses. If more than one of you owns an Account, each of you will be responsible for paying us the entire amount of all overdrafts and obligations resulting from the overdrafts. We do not have to allow you to make an overdraft. Intentionally withdrawing funds from an Account when there are not enough funds in the Account to cover the withdrawal or when the funds are not yet available for withdrawal may be a crime. In the event your Account is protected by our Overdraft Protection Service, this Overdraft Policy is subject to the rules detailed within the Overdraft Protection service. Overdraft Protection (ODP) service is available on any checking or draft Account. ODP service will automatically transfer funds from a Qualified Protection Account to your checking Account. Qualified Protection Accounts include Savings, Money Market, Checking, or qualified Lines of Credit (LOCs). Non-transaction accounts such as Passbook or Certificates of Deposit do not qualify as Qualified Protection Accounts. If we transfer funds on your behalf, you agree to any service fee we may assess for this service, which are disclosed in the Fee Schedule. If you have an LOC as part of your ODP setup, you also agree to pay any interest accrued that may result from our performing the advance on your behalf...
View SourceView Similar (2)
Authorized Drafts. The interest rate of eight percent (8%) for a three (3) year Buyer Note or eight and seventy-five one hundredths percent (8.75%) for a five (5) year Buyer Note is for PAD (Pre-Authorized Drafts). If BUYER elects not to use PAD or closes the PAD during the term of the Buyer Note, the interest rate will increase to eight and twenty-five one hundredths percent (8.25%) for a three (3) year Buyer Note or nine percent (9%) for a five (5) year Buyer Note.
View Source

Related to Authorized Drafts

  • Authorized Instructions The Custodian shall be entitled to rely upon any Oral Instructions or Instructions actually received by the Custodian and reasonably believed by the Custodian to be from an Authorized Person (“Authorized Instructions”). Notwithstanding any other provision included in this Agreement, Written Instructions relating to the disbursement of cash of the Fund other than in connection with the purchase, sale or settlement of Securities, shall be in the form of a Certificate. The Fund agrees that an Authorized Person shall forward to the Custodian Instructions confirming Oral Instructions by the close of business of the same day that such Oral Instructions are given to the Custodian. The Fund agrees that the fact Instructions confirming Oral Instructions are not received or that contrary Instructions are received by the Custodian shall in no way affect the validity or enforceability of transactions authorized by such Oral Instructions and effected by the Custodian.

  • Authorized Access Transfer Agent shall have controls that are designed to maintain the logical separation such that access to systems hosting Fund Data and/or being used to provide services to Fund will uniquely identify each individual requiring access, grant access only to authorized personnel based on the principle of least privileges, and prevent unauthorized access to Fund Data.

  • Authorized Denominations The Securities are issuable in registered form, without coupons, in denominations of $1,000 and any integral multiple of $1,000 in excess thereof. As provided in the Indenture, and subject to certain limitations therein set forth and to the limitations described below, if applicable, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

  • Authorized User You may request us to issue a Card to an individual who has no financial responsibility under this Agreement. An Authorized User has the same access to your Account as you do, subject to any limitations we may impose. An Authorized User has no authority to add or delete Cardholders, request a replacement Card or terminate or modify this Agreement. You may terminate an Authorized User’s authority to access your Account at any time. To do this, you must return the Card to PenFed. You agree that you are responsible for all charges and cash advances made by an Authorized User, including charges made before the Card is returned, recurring charges, or charges made without the use of the Card initiated by the Authorized User after termination of the Authorized User’s access.

  • Authorized Uses The Participating Institutions and the Authorized Users may make all use of the Licensed Materials as is consistent with the applicable law and with this Agreement, including but not limited to the following licensing conditions ("Authorized Uses"). In addition, the Licensed Materials may be used for purposes of research, education or other non-commercial use as particularly follows: