Overdraft Privilege Sample Clauses
The Overdraft Privilege clause allows a financial institution to cover transactions that exceed a customer's available account balance, effectively permitting the account to go into a negative balance up to a specified limit. In practice, this means that if a customer writes a check, makes a debit card purchase, or initiates an electronic payment that would overdraw their account, the bank may choose to honor the transaction rather than decline it, often charging an overdraft fee for each occurrence. This clause provides customers with short-term flexibility to manage unexpected expenses or timing mismatches in deposits and withdrawals, while also protecting the bank by setting clear terms for repayment and associated fees.
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Overdraft Privilege. We may pay checks or drafts, permit withdrawals, and make transfers to your account from insufficient funds if you have established an overdraft protection plan. In addition, the account must be maintained in good standing as defined by: 1) Making regular deposits sufficient to cover transactions, 2) Bringing the account to a positive balance at least once every thirty days or less, and 3) There are no legal orders placed on your account. Your account may be subject to a fee for each overdraft regardless of whether we pay or return the overdraft. In addition, there may be additional fees (courts costs, collection fees, etc) if your account is not brought positive in 30 days. INACTIVE ACCOUNTS – If you have not made any transactions to your account over a period of time as specified in the Truth-In-Savings Disclosure, we may classify your account as inactive or dormant. We will charge a fee as noted in the Rate and Fee Schedule. Funds may be transferred to the appropriate state in accordance with unclaimed property law if the account becomes abandoned/unclaimed as defined by law. STOP PAYMENT ORDERS – Any owner may request a stop payment order on a check or draft drawn on the owner’s account. To be binding, the order must be in writing, date and signed, and must accurately describe the check or draft, including the exact account number, check or draft number and the dollar amount. We must receive sufficient advance notice of the stop payment order to allow us a reasonable opportunity to act on it. Oral stop payments will lapse within 14 calendar days unless confirmed in writing within that time. Written stop payment orders are effective for six (6) months and may be renewed for an additional six months. We are not required to notify you when a stop payment order expires. Stop payment fees are noted in the Rate and Fee Schedule. IDENTITY RESTORATION – With the increase in identity theft, recent regulation enacted by the Fair and Accurate Credit Transactions Act (FACTA) require that we implement additional measures to safeguard your account and our financial institution. You will automatically receive the identity recovery benefit (IDSafeChoice) at the time your account is opened. The fee associated with this benefit is ninety-five cents ($0.95) per family, per month. The coverage includes you and your domestic partner, your children under the age of 25 with the same permanent address and your parents living with you, or in a nursing home, hospice or assisted...
Overdraft Privilege refer to the Overdraft Privilege disclosure provided to you at the time of your checking account is established, or contact us in writing at P.O. Box 2477 Brea, CA ▇▇▇▇▇-▇▇▇▇, by telephone at ▇▇▇.▇▇▇.▇▇▇▇, or by emailing us at ▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇.▇▇▇ Overdrafts which cannot be honored are payable on demand and may result in termination of your account(s). We may accept an order to stop payment on any item from any one of you. You must make any stop-payment order in the manner required by law and we must receive it in time to give us a reasonable opportunity to act on it before our stop-payment cutoff time. Because stop-payment orders are handled by computers, to be effective, your stop-payment order must precisely identify the number, date, and amount of the item, and the payee. You may stop payment on any item drawn on your account whether you sign the item or not. Generally, if your stop-payment order is given to us in writing it is effective for six months. Your order will lapse after that time if you do not renew the order in writing before the end of the six-month period. If the original stop-payment order was verbal your stop-payment order will lapse after 14 calendar days if you do not confirm your order in writing within that time period. We are not obligated to notify you when a stop-payment order expires. A release of the stop-payment request may be made only by the person who initiated the stop-payment order. If you stop payment on an item and we incur any damages or expenses because of the stop payment, you agree to indemnify us for those damages or expenses, including attorney fees. You assign to us all rights against the payee or any other holder of the item. You agree to cooperate with us in any legal actions that we may take against such persons. You should be aware that anyone holding the item may be entitled to enforce payment against you despite the stop-payment order. Additional limitations on our obligation to stop payment are provided by law (e.g., we paid the item in cash or we certified the item).
Overdraft Privilege. You agree that if, pursuant to any overdraft privilege on a Credit Union Share Draft Account, there is an overdraft of Your Share Draft Account, the amount of overdraft will be added to the outstanding balance on Your Visa Credit Card Account, subject to the finance charge provisions set forth in “INTEREST AND FINANCE CHARGES” as described for cash advances, and will be subject to all terms and conditions of this Agreement. The Visa Credit Card Account must be current and not over the credit limit for funds to transfer to the Share Draft Account. Overdrafts are not allowed for the purpose of making loan payments, including Visa Credit Card payments, at the Credit Union, ATM or in-branch teller cash withdrawals. The Share Draft Account referred to herein is also subject to a separate agreement between You and the Credit Union. Where the terms of any other agreement between You and the Credit Union conflict with the terms of this Agreement, the terms of this Agreement will control.
Overdraft Privilege. We are not obligated to pay any item presented for payment if the available balance in your account is insufficient to authorize or pay the item. Your available balance means the total, at the time an item is presented for payment (also referred to as the time an item “posts” to your account), of cash deposited to your account plus checks that have been deposited in your account and for which funds have been made available to you pursuant to our Funds Availability Policy, less any withdrawals from or other items that have cleared and been deducted from your account and less holds for certain pending transactions. Your available balance takes into account holds that have been placed on deposits and pending transactions (such as pending debit card transactions) that we have authorized but that have not yet posted to your account. Your available balance may be different from your actual balance. Your actual balance is the amount of money that is actually in your account at any given time. Your actual balance reflects transactions that have posted to your account regardless of holds, but it does not include transactions that have been authorized and are pending. While it may seem that the actual balance is the most up-to-date display of the funds that you can spend from your account, this is not always the case. Your account may have purchases, holds, fees, other charges, or deposits that have not yet posted, and, therefore, will not appear in your actual balance. Also, funds from checks which have been deposited into your account but which have not been made available to you pursuant to our Funds Availability Policy will appear in your actual balance but will not be available to use. It is very important to understand that you may still overdraw your account even though the available balance appears to show there are sufficient funds to cover a transaction that you want to make. This is because your available balance may not reflect all the outstanding checks and automatic bill payments that you have authorized, or other outstanding transactions that have not been paid from your account. In addition, your available balance may not reflect all of your debit card transactions. For example, if a merchant obtains our prior authorization but does not submit a onetime debit card transaction for payment within 3 business days of authorization (or for up to 30 business days for certain types of debit card transactions), we must release the authorization hold on the t...
Overdraft Privilege. In accordance with our commitment to provide valued service and benefits, we may, if you qualify, at our discretion, pay overdrafts that would cause your eligible Share Draft Account to have a negative balance up to the amount of your limit, which is determined by us in our sole and absolute discretion. Overdraft Privilege is different than the Overdraft Transfer Service. Overdraft Privilege is a backup to the Overdraft Transfer Service and will only be activated if funds are not available from the Overdraft Transfer Service. Note that Overdraft Privilege is not available for business/organizational accounts, minor accounts, or for fiduciary accounts (e.g., trust, escrow, representative payee, guardianship, etc.).
Overdraft Privilege. As a benefit to our members, we offer a useful feature on our Checking accounts - an Overdraft Privilege. With this Overdraft Privilege, we will pay your non-sufficient funds (NSF) items and fees up to a preapproved limit. This feature will save you time, embarrassment and the additional fees charged by many other companies. The Overdraft Privilege will allow you to overdraw your account to a preapproved limit of $1,000. You will be charged an Overdraft Privilege fee as set forth in our Service Fee Schedule. Of course, any and all credit union fees and charges, including without limitation, the Overdraft fees, will be included in this balance. Overdraft Privilege applies to checks, ACH (automatic debit) items, recurring debit card transactions, online bill pay items, transfer requests via the Call Center, teller window transactions, ATM transactions and debit card purchases only. There is no limit to the number of fees we may charge you for overdrawing your account per day or per statement period. If a debit card overdraft is $5.00 or less, the fee is waived. You have the right to opt out of the service and tell us not to pay any overdrafts. If you do, however, you may have to pay a fee if you make transactions that are returned unpaid. You also have the right to tell us not to pay overdrafts for debit card purchases, but to continue to pay overdrafts for other types of transactions.
Overdraft Privilege. You agree that if, pursuant to any overdraft privilege on a Credit Union Share Draft Account that you have agreed to, there is an overdraft of Your Share Draft Account, the amount of overdraft will be added to the outstanding balance on Your Visa Credit Card Account, subject to the interest charge provisions set forth Section 10 as described for cash advances, and will be subject to all terms and conditions of this Agreement. The Visa Credit Card Account must be current and not over the credit limit for funds to transfer to the Share Draft Account. Overdrafts are not allowed for the pur- pose of making loan payments, including Visa Credit Card payments, at the Credit Union, ATM or in-branch teller cash withdrawals. The Share Draft Account referred to herein is also subject to a separate agreement between You and the Credit Union. Where the terms of any other agreement between You and the Credit Union conflict with the terms of this Agreement, the terms of this Agreement will control.
Overdraft Privilege. In accordance with our commitment to provide valued service and benefits, we may, if you qualify, at our discretion, pay overdrafts that would cause your eligible checking account to have a negative balance up to the amount of your limit, which is determined by us in our sole and absolute discretion. Overdraft Privilege is different than the Overdraft Transfer Service. Overdraft Privilege is a backup to the Overdraft Transfer Service and will only be activated if funds are not available from the Overdraft Transfer Service.
Overdraft Privilege. The overdraft privilege may activate when funds are not available in your checking account, or through an overdraft protection plan. Items will automatically be honored up to the $800 limit assigned to your account. An overdraft privilege fee may be charged for each item that creates an overdraft on your account. The Credit Union will send you a notice each time an overdraft occurs.
Overdraft Privilege. You agree that if, pursuant to any overdraft privilege on a Credit Union Share Draft Account that you have agreed to, there is an overdraft of Your Share Draft Account, the amount of overdraft will be added to the outstanding balance on Your Visa Credit Card Account, subject to the interest charge provisions set forth Section 10 as described for cash advances, and will be subject to all terms and conditions of this Agreement. The Visa Credit Card Account must be current and not over the credit limit for funds to transfer to the Share Draft Account. Overdrafts are not allowed for the purpose of making loan payments, including Visa Credit Card payments, at the Credit Union, ATM or in-branch teller cash withdrawals. The Share Draft Account referred to herein is also subject to a separate agreement between You and the Credit Union. Where the terms of any other agreement between You and the Credit Union conflict with the terms of this Agreement, the terms of this Agreement will control.