Limitations on Preauthorized Transfers Clause Samples

The "Limitations on Preauthorized Transfers" clause defines the restrictions and conditions under which preauthorized electronic transfers can be made from an account. Typically, this clause sets maximum limits on the amount or frequency of such transfers, and may require advance notice or specific authorization procedures for recurring payments. Its core practical function is to protect account holders from unauthorized or excessive withdrawals, thereby reducing the risk of fraud and ensuring better control over account activity.
Limitations on Preauthorized Transfers a) Money Market Accounts are limited to six transfers and withdrawals, or a combination of such transfers and withdrawals from such Accounts, per calendar month to another Credit Union account of yours or to a third party by means of a preauthorized or automatic transfer, telephone transfer, order, or instruction (including transfers by personal computer or other data transmission). Withdrawals by mail, messenger, ATM, or in person, and transfers to make payments on your loans with us are not included in this limitation. However, HAL telephonic transfers, and Online Banking transfers from your Money Market Accounts are included in this limitation. Withdrawals or transfers that exceed the maximum number permitted may be declined or subject to fees. b) Certificate accounts, accounts that the depositor does not have a right and is not permitted to make withdrawals from within six days after the date of deposit, are subject to an early withdrawal penalty. Please refer to the Certificate Account disclosures for more information. Transaction limits as well as corresponding fees and penalties are enforced and charged, respectively, at our discretion, which means we may make exceptions. However, in the event we waive transaction limits, fees or penalties, we do not waive the right to enforce the limitation or charge the fee or penalty for future transactions.
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Limitations on Preauthorized Transfers a) Money Market Accounts are limited to six transfers and withdrawals, or a combination of such transfers and withdrawals from such Accounts, per calendar month to another Credit Union account of yours or to a third party by means of a preauthorized or automatic transfer, telephone transfer, order, or instruction (including transfers by personal computer or other data transmission). Withdrawals by mail, messenger, ATM, or in person, and transfers to make payments on your loans with us are not included in this limitation. However, HAL telephonic transfers, and Online Banking transfers from your Money Market Accounts are included in this limitation. Withdrawals or transfers that exceed the maximum number permitted may be declined or subject to fees. If a transaction, payment, or transfer presented electronically or over the phone to an external beneficiary or merchant causes your Available Balance to fall below the minimum requirement of $2500, the transaction will be rejected and returned unpaid. b) Certificate Accounts are subject to an early withdrawal penalty. Please refer to the Certificate Issuance Disclosures, received at account opening, for more information. Transaction limits as well as corresponding fees and penalties are enforced and charged, respectively, at our discretion, which means we may make exceptions. However, in the event we waive transaction limits, fees or penalties, we do not waive the right to enforce the limitation or charge the fee or penalty for future transactions.
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Limitations on Preauthorized Transfers. Under government regulations (Regulation D) that apply to Savings and Money Market Accounts, you may not make more than six transfers and withdrawals, or a combination of such transfers and withdrawals from such Accounts, per calendar month to another Credit Union account of yours or to a third party by means of a preauthorized, or a telephonic agreement, order, or instruction (including transfers by personal computer or other data transmission). Withdrawals by mail, messenger, ATM, or in person, and transfers to make payments on your loans with us are not included in this limitation. However, automatic overdraft protection transfers, HAL transfers, and Online Banking transfers from your Savings and Money Market Accounts are included in this limitation. If you exceed the number of transfers permitted, your account may be subject to fees, returns or closure. Regulation D only applies to Money Market Accounts.
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Limitations on Preauthorized Transfers. If your account is a statement savings deposit account or a money market statement account, you may not make more than 6 transfers per month to another account with us or to a third party by means of preauthorized or automatic transfer, telephonic agreement, order or instruction, or by check, draft, debit card, or similar order made by you and payable to third parties.
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Limitations on Preauthorized Transfers. For any savings accounts, federal regulations require us to permit no more than 6 preauthorized transfers (such as Overdraft Protection, ACH, FirstCall or internet banking transfers) from any of these accounts each statement month to another account you have with us or to a third party. Preauthorized transfers also include transfers made by check draft or similar order payable to third parties. A fee will be imposed for each transaction exceeding this limit (See the Retail Banking Fee Schedule). If you continue to exceed these limits, your account may be converted to another account that permits unlimited check writing and preauthorized transfer privileges.
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Limitations on Preauthorized Transfers. Preauthorized or automatic transfers made to pay loans Depositor has with Bank are not counted as part of the six transfers we can permit Depositor to make. The Depositor can make any number of withdrawals or transfers to another account Depositor maintains with Bank if made in person or by mail or, if applicable, through an automated teller machine. If the Depositor exceeds these limits on more than an occasional basis, the Bank may be required to close the account, take away the account's transfer or draft capacities, or convert the account to a Checking Account.
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Limitations on Preauthorized Transfers. Under government regulations that apply to Savings and Money Market Accounts, you may not make more than six transfers and withdrawals, or a combination of such transfers and withdrawals from such Accounts, per calendar month to another Credit Union account of yours or to a third party by means of a preauthorized, or a telephonic agreement, order, or instruction (including transfers by personal computer or other data transmission). Withdrawals by mail, messenger, ATM, or in person, and transfers to make payments on your loans with us are not included in this limitation. However, automatic overdraft protection transfers, HAL transfers, and Online Banking transfers from your Savings and Money Market Accounts are included in this limitation. If you exceed the number of transfers permitted, your account may be subject to fees, returns or closure.
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Limitations on Preauthorized Transfers a. Money Market Accounts are limited to six transfers and withdrawals, or a combination of such transfers and withdrawals from such Accounts, per calendar month to another Credit Union account of yours or to a third party by means of a preauthorized or automatic transfer, telephone transfer, order, or instruction (including transfers by personal computer or other data transmission). Withdrawals by mail, messenger, ATM, or in person, and transfers to make payments on your loans with us are not included in this limitation. However, automatic overdraft protection transfers, HAL transfers, and Online Banking transfers from your Money Market Accounts are included in this limitation. If you exceed the number of transfers permitted, your account may be subject to fees, returns or closure. b. Certificate accounts, accounts that the depositor does not have a right and is not permitted to make withdrawals from within six days after the date of deposit, are subject to an early withdrawal penalty. Please refer to the Certificate Account disclosures for more information. Transaction limits as well as corresponding fees and penalties are enforced and charged, respectively, at our discretion, which means we may make exceptions. However, in the event we waive transaction limits, fees or penalties, we do not waive the right to enforce the limitation or charge the fee or penalty for future transactions.
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Related to Limitations on Preauthorized Transfers

  • Preauthorized Transfers The Gift Card Account cannot be used for preauthorized direct debits from merchants, Internet service or other utility service providers. If presented for payment, preauthorized direct debits will be declined and payment to the merchant or provider will not be made. You are not authorized to provide the combination of the Issuer’s bank routing number and the Gift Card Account number to anyone. The maximum dollar value of the Gift Card is printed on the front side of the Gift Card packaging. These are the maximum amounts that can be spent on the Gift Card: * Maximum purchase limits are restricted to the dollar value that has been loaded to the Gift Card Account. For Gift Card balance information, please call ▇-▇▇▇-▇▇▇-▇▇▇▇ or visit ▇▇▇▇▇▇▇▇▇▇▇.▇▇▇. You may use the Gift Card to purchase or lease goods or services in the fifty (50) states of the United States (“U.S.”) and the District of Columbia everywhere Visa debit cards or PULSE cards are accepted as long as you do not exceed the available value of the Gift Card Account. The Gift Card may not be used outside the U.S. and the District of Columbia, including Internet and mail or telephone order merchants outside the U.S. and the District of Columbia. Some merchants do not allow cardholders to conduct split transactions where you use the Gift Card as partial payment for goods and services and pay the remainder of the balance with another form of legal tender. If you wish to conduct a split transaction and it is permitted by the merchant, you must tell the merchant to charge only the exact amount of funds available on the Gift Card Account to the Gift Card. You must then arrange to pay the difference using another payment method. Some merchants may require payment for the remaining balance in cash. If you fail to inform the merchant that you would like to complete a split transaction prior to swiping the Gift Card, the Gift Card is likely to be declined. You do not have the right to stop payment on any purchase or payment transaction originated by use of the Gift Card. If you authorize a transaction and then fail to make the purchase of that item as planned, the approval may result in a hold for that amount of funds for up to thirty (30) days. All transactions relating to car rentals may result in a hold for that amount of funds for up to sixty (60) days. If you use the 16-digit Gift Card number without presenting the Gift Card (such as for a mail order, telephone, or Internet purchase), the legal effect will be the same as if you had used the Gift Card itself. For security reasons, we may limit the amount or number of transactions you can make on the Gift Card. The Gift Card cannot be redeemed for cash. You may not use the Gift Card for online gambling or any illegal transaction. Each time you use the Gift Card, you authorize us to reduce the available value of the Gift Card Account by the amount of the transaction and any applicable fees. You are not allowed to exceed the available amount in the Gift Card Account through an individual transaction or a series of transactions. Nevertheless, if a transaction exceeds the available balance of funds on the Gift Card, you shall remain fully liable to us for the amount of the transaction and any fees, if applicable. New procedures are in effect that may impact you when you use the Gift Card at certain merchant locations. In the past, transactions have been processed as Visa debit transactions unless you entered a PIN. Now, if you do not enter a PIN, transactions may be processed as either a Visa debit transaction or as a PULSE transaction. Merchants are responsible for and must provide you with a clear way of choosing to make a Visa debit transaction if they support the option. Please be advised that should you choose to use the PULSE network when making a transaction without a PIN, different terms may apply. Certain protections and rights applicable only to Visa debit transactions as described in this Agreement will not apply to transactions processed on the PULSE network. Please refer to the paragraph labeled “Your Liability for Unauthorized Transfers” for a description of these rights and protections applicable to Visa debit and non-Visa debit transactions. To initiate a Visa debit transaction at the POS, swipe the Gift Card through a POS terminal, sign the receipt, or provide the 16-digit Gift Card number for a mail order, telephone, or Internet purchase. To initiate a non-Visa debit transaction at the POS, enter the PIN at the POS terminal or provide the 16-digit Gift Card number after clearly indicating a preference to route the transaction as a non-Visa debit transaction for certain bill payment, mail order, telephone, or Internet purchases.

  • Liability for Failure to Stop Payment of Preauthorized Transfers If you order us to stop payment of a preauthorized transfer three (3) business days or more before the transfer is scheduled and we do not do so, we will be liable for your losses or damages.

  • Liability for Failure to Stop Payment of Preauthorized Transfer If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.

  • Limitations on Transfers Federal regulations limit transfers for savings accounts and money market accounts, if applicable. During any statement period, you may not make more than six withdrawals or transfers to another Credit Union account of yours or to a third party by means of a pre-authorized or automatic transfer. This includes transfers by phone, fax, wire and cable, audio response, overdraft transfers to checking and Internet instruction. No more than three of the six transfers may be made by check, draft or debit card, or similar order to a third party. A pre-authorized transfer includes any arrangement with us to pay a third party from your account upon oral or written orders including orders received through the automated clearinghouse (ACH). If you exceed the transfer limitations set forth above in any statement period, the transfer may not be completed, your regular share account and draft account may be subject to a fee, account closure, or suspension or we may revoke your access to Online Banking. We will not be required to complete a withdrawal or transfer from your account(s) if you do not have enough money in the designated account(s) to cover the transaction; however, we may complete the transaction. You agree not to use Online Banking to initiate a transaction that would cause the balance in your designated account(s) to go below zero. If you have a line-of-credit, you agree not to use Online Banking to initiate a transaction that would cause the outstanding balance of your line-of-credit to go above your credit limit. We will not be required to complete such a transaction, but if we do, you agree to pay us the excess amount or improperly withdrawn amount or transferred amount immediately upon our request. We also will refuse to complete your Online Banking transactions if we have canceled your Online Banking access, or we cannot complete the transaction for security reasons. The functions and limitations of Online Banking may be updated, without notice, at the option of the Credit Union in order to provide improved service to the membership.

  • Limitations on Use No part of the moneys delivered to the Recipient pursuant to Section II hereof is being or will be used to refinance, retire, redeem, or otherwise pay debt service on all or any part of any part of any governmental obligations regardless of whether the interest on such obligations is or was excluded from gross income for federal income tax purposes unless prior approval by the Director is given.