Common use of How Much Does It Cost Clause in Contracts

How Much Does It Cost. The Overdraft Protection Fee is $32.00 for each transaction (or item) paid. There is no limit on the total fees we can charge you for overdrawing your account each day. Overdraft protection is not a line of credit. It is not a right of the member, but a discretionary service provided by CommonWealth, available to members who remain in “good standing,” as defined below. CommonWealth is not obligated to pay any item presented for payment if your checking account does not contain sufficient available funds (your “available balance”). Any discretionary payment by CommonWealth of an overdraft does not obligate CommonWealth to pay any other overdraft (or item), or to provide prior notice of its decision to refuse to pay such overdraft (or item). The Overdraft Protection Limit for consumer checking accounts is generally limited to a maximum of $1,000.00 (your maximum overdraft or negative balance), including any applicable fees. Once you reach your Overdraft Protection Limit, items presented for payment for which there are insufficient available funds in your account will be returned or declined and a Non-Sufficient (NSF) Fee of $32.00 will be assessed for each such item. (See No Overdraft Protection Coverage below.) Any overdraft (negative) balance, and any applicable fees are immediately due and payable, with a maximum repayment period of thirty (30) days. If you fail to bring your account to a positive balance within thirty (30) days, your overdraft protection will automatically be suspended. (See No Overdraft Protection Coverage below.) Each Primary Owner and each Joint-Legal Owner will continue to be liable, both individually and jointly, for all such amounts, as described in the Account Agreement. To be eligible for Overdraft Protection, you must maintain your personal accounts (primarily used for personal and household purposes) and your business accounts in good standing, which requires all of the following: