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 transaction. The available balance will not reflect this transaction once the hold has been released until the transaction has been received by us and paid from your account. Rather than automatically returning, unpaid, items presented for payment when your available balance is insufficient to pay the item, if your“eligible account type”has been open for at least 30 days and thereafter you maintain your account in good standing, which includes at least: - Continuing to make deposits consistent with your past practices; - You are not in default on any loan obligation to us; - You bring your account to a positive balance (not overdrawn) immediately or as soon as possible and at least once every 30 days; - You have no legal right to defer payment of your outstanding overdrafts including our fees; and - Your account is not the subject of any legal or administrative order or levy, such as bankruptcy or a tax lien. We will consider, without obligation on our part, approving your overdrafts up to your assigned Overdraft Privilege limit. This discretionary* service will generally be limited to a set overdraft (negative) balance for all personal and business checking accounts. This privilege does not apply to minor or Trust accounts. Our normal fees and charges including, without limitation, our non-sufficient funds/ overdraft fees will be included in these limits and will be charged for each transaction presented for payment against non-sufficient funds with the exception of certain debit-card transactions where merchants require an authorization before submitting the transaction for payment. For those transactions (some of which require you to opt in), an overdraft fee will be assessed only if your available balance is insufficient at the time the transaction is authorized and at the time it is paid or posted (which could be days later). Except for debit-card or ATM transactions, we will charge our normal fee whether we approve the item for payment or not. You agree to reimburse TruStone for funds advanced if we pay a check or other authorized transaction from your account(s), including any fee applicable for such an overdrawn account. We do authorize and pay overdrafts for the following types of transactions: Checks and other transactions made using your checking account number and automatic bill payments, including recurring payments that you may have set up using your debit card to pay bills. To determine whether a debit-card transaction is recurring or a “one- time” debit card transaction, we trust how the merchant has coded it and will not perform an independent assessment or review. We do not authorize and pay overdrafts for the following types of transactions unless you authorize us to do so: ATM transactions and one-time debit card. Recurring payments that you may have set up using your debit card not considered one-time purchases. If you would like us to authorize and pay one-time debit card and ATM transactions that may overdraw your account, please visit a branch or fill out the Overdraft Privilege Consent Form which you obtained at account opening and which can also be found at ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇ and mail it to TruStone Financial Credit Union, Attn: Operations Department, ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇. An example may further explain how actual and available balances can be different and how you may incur an overdraft fee. Assume your actual and available balances are both $100 and you swipe your debit card at a merchant for $40. A hold is placed on the account at the time that you swipe, so the available balance is now only $60. However, because we have not yet received the merchant charge for processing and settlement, your actual balance is still $100. Before the merchant charge is received by us for processing and settlement, a check that was previously written for $75 clears your account. Because there was only $60 available (you already committed to pay the merchant $40), the account will be overdrawn by $15, even though the actual balance is $100 at the time the check is presented. In this case, ▇▇▇▇▇▇▇▇ may pay the $75 check, but you will be charged an overdraft fee. That fee will be deducted from the account on the day that we pay the check, further reducing the available and actual balances. When the $40 merchant charge is then presented for payment and assuming you have authorized us to pay overdrafts for one-time debit card transactions, we will not assess an additional overdraft fee because your available balance was sufficient when we authorized the transaction. We may refuse to pay an overdraft for you at any time, even though your account is in good standing and even though we may have previously paid overdrafts for you. Non- sufficient funds items paid or returned that you have will be listed on your monthly statement; however, we have no obligation to notify you before we pay or return any item. The amount of any overdrafts including fees you owe us shall be due and payable immediately. If there is an overdraft paid by us on an account with more than one owner, each owner, and agent if applicable, drawing / presenting the item creating the overdraft, shall be jointly and severally liable for such overdrafts including our fees. * Always a DISCRETIONARY SERVICE — Overdraft Privilege is a purely discretionary courtesy or privilege and not a right or obligation. We may provide Overdraft Privilege to you from time to time and withdraw or withhold the service at any time without prior notice, reason or cause. For example and not by way of limitation, we may elect not pay items under Overdraft Privilege if you do not maintain your account in good standing by bringing your account to a positive balance within every 30 day period for a minimum of 24 hours, if you default on any loan or other obligation to TruStone Financial or if your account is subject to any legal or administrative levy. Accounts may be charged the standard Overdraft fee of $30.00 for handling each overdraft created by check, ACH, Point-of-sale, in-person withdrawal, ATM withdrawal, or other electronic item that is paid and $30.00 for items returned. An overdrawn balance must be repaid within 30 days. You may opt-out of Overdraft Privilege by calling us at ▇▇▇.▇▇▇.▇▇▇▇ or by coming into any of our branches. The best way to know how much money you have and avoid paying overdraft fees is to record and track all of your transactions closely. There are basically two types of transactions in your account: credits or deposits of money into your account, and debits or payments out of your account. It is important to understand how each is applied to your account so that you know how much money you have and how much is available to you at any given time. This section explains generally how and when we post transactions to your account.
Appears in 2 contracts
Sources: Service Agreement, Service Agreement
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 transactionsaccount. 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 holdsaccount, 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 usebalance. 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 one- time 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 transaction. The available balance will not reflect this transaction once the hold has been released until the transaction has been received by us and paid from your account. Rather than automatically returning, unpaid, items presented for payment when your available balance is insufficient to pay the item, if your“eligible your “eligible account type”has type” has been open for at least 30 days and thereafter you maintain your account in good standing, which includes at least: - ▪ Continuing to make deposits consistent with your past practices; - ▪ You are not in default on any loan obligation to us; - ▪ You bring your account to a positive balance (not overdrawn) immediately or as soon as possible and at least once every 30 days; - . You have no legal right to defer payment of your outstanding overdrafts including our fees; and - ▪ Your account is not the subject of any legal or administrative order or levy, such as bankruptcy or a tax lien. We will consider, without obligation on our part, approving your overdrafts up to your assigned Overdraft Privilege limit. This discretionary* service will generally be limited to a set overdraft (negative) balance for all personal and business checking accounts. This privilege does not apply to minor or Trust accounts. Our normal fees and charges including, without limitation, our non-sufficient funds/ funds/overdraft fees will be included in these limits and will be charged for each transaction presented for payment against non-sufficient funds with the exception of certain debit-card transactions where merchants require an authorization before submitting the transaction for paymentfunds. For those transactions (some of which require you to opt in), an overdraft fee will be assessed only if your available balance is insufficient at the time the transaction is authorized and at the time it is paid or posted (which could be days later). Except for debit-card or ATM transactions, we We will charge our normal fee whether we approve the item for payment or not. You agree to reimburse TruStone for funds advanced if we pay a check or other authorized transaction from your account(s), including any fee applicable for such an overdrawn account. We do authorize and pay overdrafts for the following types of transactions: Checks and other transactions made using your checking account number and automatic bill payments, including recurring payments that you may have set up using your debit card to pay bills. To determine whether a debit-card transaction is recurring or a “one- time” debit card transaction, we trust how the merchant has coded it and will not perform an independent assessment or review. We do not authorize and pay overdrafts for the following types of transactions unless you authorize us to do so: ATM transactions and one-time debit cardcard transactions such as those conducted at grocery stores, doctor’s offices, pharmacies, gas stations, restaurants, dry cleaners or other similar transactions. Recurring payments that you may have set up using your debit card to pay bills such as your mortgage, rent, or utilities are not considered one-time purchases. If you would like us to authorize and pay one-time debit card and ATM transactions that may overdraw your account, please visit a branch or fill out the Overdraft Privilege Consent Form which you obtained at account opening and which can also be found at ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇ and mail it to TruStone Financial Credit Union, Attn: Operations Department, ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇. An example may further explain how actual and available balances can be different and how you may incur an overdraft fee. Assume your actual and available balances are both $100 and you swipe your debit card at a merchant for $40. A hold is placed on the account at the time that you swipe, so the available balance is now only $60. However, because we have not yet received the merchant charge for processing and settlement, your actual balance is still $100. Before the merchant charge is received by us for processing and settlement, a check that was previously written for $75 clears your account. Because there was only $60 available (you already committed to pay the merchant $40), the account will be overdrawn by $15, even though the actual balance is $100 at the time the check is presented. In this case, ▇▇▇▇▇▇▇▇ TruStone may pay the $75 check, but you will be charged an overdraft fee. That fee will be deducted from the account on the day that we pay the check, further reducing the available and actual balances. When the $40 merchant charge is then presented for payment and assuming you have authorized us to pay overdrafts for one-time debit card transactions, we will not assess an additional overdraft fee will be charged for that transaction because your the available balance at the time the merchant transaction is presented for settlement is insufficient (it was sufficient when we authorized brought negative by the transactionintervening $75 check and related overdraft fee) even though the available balance at the time of authorization was sufficient. We may refuse to pay an overdraft for you at any time, even though your account is in good standing and even though we may have previously paid overdrafts for you. Non- Non-sufficient funds items paid or returned that you have will be listed on your monthly statement; however, we have no obligation to notify you before we pay or return any item. The amount of any overdrafts including fees you owe us shall be due and payable immediately. If there is an overdraft paid by us on an account with more than one owner, each owner, and agent if applicable, drawing / presenting the item creating the overdraft, shall be jointly and severally liable for such overdrafts including our fees. * Always a DISCRETIONARY SERVICE — Overdraft Privilege is a purely discretionary courtesy or privilege and not a right or obligation. We may provide Overdraft Privilege to you from time to time and withdraw or withhold the service at any time without prior notice, reason or cause. For example and not by way of limitation, we may elect not pay items under Overdraft Privilege if you do not maintain your account in good standing by bringing your account to a positive balance within every 30 day period for a minimum of 24 hours, if you default on any loan or other obligation to TruStone Financial or if your account is subject to any legal or administrative levy. Accounts may be charged the standard Overdraft fee of $30.00 for handling each overdraft created by check, ACH, Point-of-sale, in-person withdrawal, ATM withdrawal, or other electronic item that is paid and $30.00 for items returned. An overdrawn balance must be repaid within 30 days. You may opt-out of Overdraft Privilege by calling us at (▇▇▇.) ▇▇▇.-▇▇▇▇ or by coming into any of our branches. The best way to know how much money you have and avoid paying overdraft fees is to record and track all of your transactions closely. There are basically two types of transactions in your account: credits or deposits of money into your account, and debits or payments out of your account. It is important to understand how each is applied to your account so that you know how much money you have and how much is available to you at any given time. This section explains generally how and when we post transactions to your account.
Appears in 2 contracts
Sources: Service Agreement, Service Agreement
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 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 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 transaction. The available balance will not reflect this transaction once the hold has been released until the transaction has been received by us and paid from your account. Rather than automatically returning, unpaid, items presented for payment when your available balance is insufficient to pay the item, if your“eligible your “eligible account type”has type” has been open for at least 30 days and thereafter you maintain your account in good standing, which includes at least: - • Continuing to make deposits consistent with your past practices; - • You are not in default on any loan obligation to us; - • You bring your account to a positive balance (not overdrawn) immediately or as soon as possible and at least once every 30 days; - . You have no legal right to defer payment of your outstanding overdrafts including our fees; and - • Your account is not the subject of any legal or administrative order or levy, such as bankruptcy or a tax lien. We will consider, without obligation on our part, approving your overdrafts up to your assigned Overdraft Privilege limit. This discretionary* service will generally be limited to a set overdraft (negative) balance for all personal and business checking accounts. This privilege does not apply to minor or Trust accounts. Our normal fees and charges including, without limitation, our non-sufficient funds/ overdraft fees will be included in these limits and will be charged for each transaction presented for payment against non-sufficient funds with the exception of certain debit-card transactions where merchants require an authorization before submitting the transaction for payment. For those transactions (some of which require you to opt in), an overdraft fee will be assessed only if your available balance is insufficient at the time the transaction is authorized and at the time it is paid or posted (which could be days later). Except for debit-card or ATM transactions, we We will charge our normal fee whether we approve the item for payment or not. You agree to reimburse TruStone for funds advanced if we pay a check or other authorized transaction from your account(s), including any fee applicable for such an overdrawn account. We do authorize and pay overdrafts for the following types of transactions: Checks and other transactions made using your checking account number and automatic bill payments, including recurring payments that you may have set up using your debit card to pay bills. To determine whether a debit-card transaction is recurring or a “one- timeonetime” debit card transaction, we trust how the merchant has coded it and will not perform an independent assessment or review. We Unless you request us to do so, we do not authorize and pay overdrafts for the following types of transactions unless you authorize us to do sotransactions: ATM transactions and one-time debit cardcard transactions such as those conducted at grocery stores, doctor’s offices, pharmacies, gas stations, restaurants, dry cleaners, or other similar transactions. Recurring payments that you may have set up using your debit card to pay bills such as your mortgage, rent, or utilities are not considered one-time purchases. If you would like us to authorize and pay one-time debit card and ATM transactions that may overdraw your account, please visit a branch or fill out the Overdraft Privilege Consent Form which you obtained at account opening and which can also be found at ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇ and mail it to TruStone Financial Credit Union, Attn: Operations Department, ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇. An example may further explain how actual and available balances can be different and how you may incur an overdraft fee. Assume your actual and available balances are both $100 and you swipe your debit card at a merchant for $40. A hold is placed on the account at the time that you swipe, so the available balance is now only $60. However, because we have not yet received the merchant charge for processing and settlement, your actual balance is still $100. Before the merchant charge is received by us for processing and settlement, a check that was previously written for $75 clears your account. Because there was only $60 available (you already committed to pay the merchant $40), the account will be overdrawn by $15, even though the actual balance is $100 at the time the check is presented. In this case, ▇▇▇▇▇▇▇▇ TruStone may pay the $75 check, but you will be charged an overdraft fee. That fee will be deducted from the account on the day that we pay the check, further reducing the available and actual balances. When the $40 merchant charge is then presented for payment and assuming you have authorized us to pay overdrafts for one-time debit card transactions, we will not assess an additional overdraft fee because your available balance was sufficient when we authorized the transaction. We may refuse to pay an overdraft for you at any time, even though your account is in good standing and even though we may have previously paid overdrafts for you. Non- You will be notified by mail of any non-sufficient funds funds’ items paid or returned that you have will be listed on your monthly statementhave; however, we have no obligation to notify you before we pay or return any item. The amount of any overdrafts including fees you owe us shall be due and payable immediately. If there is an overdraft paid by us on an account with more than one owner, each owner, and agent if applicable, drawing / presenting the item creating the overdraft, shall be jointly and severally liable for such overdrafts including our fees. * *Always a DISCRETIONARY SERVICE — Overdraft Privilege is a purely discretionary courtesy or privilege and not a right or obligation. We may provide Overdraft Privilege to you from time to time and withdraw or withhold the service at any time without prior notice, reason reason, or cause. For example example, and not by way of limitation, we may elect to not pay items under Overdraft Privilege if you do not maintain your account in good standing by bringing your account to a positive balance within every 30 30-day period for a minimum of 24 hours, if you default on any loan or other obligation to TruStone Financial or if your account is subject to any legal or administrative levy. Accounts may be charged the standard Overdraft fee of $30.00 for handling each overdraft created by check, ACH, Point-of-sale, in-person withdrawal, ATM withdrawal, or other electronic item that is paid and $30.00 for items returned. An overdrawn balance must be repaid within 30 days. You may opt-out of Overdraft Privilege by calling us at ▇▇▇.▇ ▇▇▇.-▇▇▇▇ or by coming into any of our branches. The best way to know how much money you have and avoid paying overdraft fees is to record and track all of your transactions closely. There are basically two types of transactions in your account: credits or deposits of money into your account, and debits or payments out of your account. It is important to understand how each is applied to your account so that you know how much money you have and how much is available to you at any given time. This section explains generally how and when we post transactions to your account.
Appears in 1 contract
Sources: Business Service Agreement
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 transactionsaccount. 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 holdsaccount, 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 usebalance. 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 one- time 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 transaction. The available balance will not reflect this transaction once the hold has been released until the transaction has been received by us and paid from your account. Rather than automatically returning, unpaid, items presented for payment when your available balance is insufficient to pay the item, if your“eligible your “eligible account type”has type” has been open for at least 30 days and thereafter you maintain your account in good standing, which includes at least: - Continuing to make deposits consistent with your past practices; - You are not in default on any loan obligation to us; - You bring your account to a positive balance (not overdrawn) immediately or as soon as possible and at least once every 30 days; - . You have no legal right to defer payment of your outstanding overdrafts including our fees; and - Your account is not the subject of any legal or administrative order or levy, such as bankruptcy or a tax lien. We will consider, without obligation on our part, approving your overdrafts up to your assigned Overdraft Privilege limit. This discretionary* service will generally be limited to a set overdraft (negative) balance for all personal and business checking accounts. This privilege does not apply to minor or Trust accounts. Our normal fees and charges including, without limitation, our non-sufficient funds/ funds/overdraft fees will be included in these limits and will be charged for each transaction presented for payment against non-sufficient funds with the exception of certain debit-card transactions where merchants require an authorization before submitting the transaction for paymentfunds. For those transactions (some of which require you to opt in), an overdraft fee will be assessed only if your available balance is insufficient at the time the transaction is authorized and at the time it is paid or posted (which could be days later). Except for debit-card or ATM transactions, we We will charge our normal fee whether we approve the item for payment or not. You agree to reimburse TruStone for funds advanced if we pay a check or other authorized transaction from your account(s), including any fee applicable for such an overdrawn account. We do authorize and pay overdrafts for the following types of transactions: Checks and other transactions made using your checking account number and automatic bill payments, including recurring payments that you may have set up using your debit card to pay bills. To determine whether a debit-card transaction is recurring or a “one- time” debit card transaction, we trust how the merchant has coded it and will not perform an independent assessment or review. We do not authorize and pay overdrafts for the following types of transactions unless you authorize us to do so: ATM transactions and one-time debit cardcard transactions such as those conducted at grocery stores, doctor’s offices, pharmacies, gas stations, restaurants, dry cleaners or other similar transactions. Recurring payments that you may have set up using your debit card to pay bills such as your mortgage, rent, or utilities are not considered one-time purchases. If you would like us to authorize and pay one-time debit card and ATM transactions that may overdraw your account, please visit a branch or fill out the Overdraft Privilege Consent Form which you obtained at account opening and which can also be found at ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇ and mail it to TruStone Financial Credit Union, Attn: Operations Department, ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇. An example may further explain how actual and available balances can be different and how you may incur an overdraft fee. Assume your actual and available balances are both $100 and you swipe your debit card at a merchant for $40. A hold is placed on the account at the time that you swipe, so the available balance is now only $60. However, because we have not yet received the merchant charge for processing and settlement, your actual balance is still $100. Before the merchant charge is received by us for processing and settlement, a check that was previously written for $75 clears your account. Because there was only $60 available (you already committed to pay the merchant $40), the account will be overdrawn by $15, even though the actual balance is $100 at the time the check is presented. In this case, ▇▇▇▇▇▇▇▇ TruStone may pay the $75 check, but you will be charged an overdraft fee. That fee will be deducted from the account on the day that we pay the check, further reducing the available and actual balances. When the $40 merchant charge is then presented for payment and assuming you have authorized us to pay overdrafts for one-time debit card transactions, we will not assess an additional overdraft fee will be charged for that transaction because your the available balance at the time the merchant transaction is presented for settlement is insufficient (it was sufficient when we authorized brought negative by the transactionintervening $75 check and related overdraft fee) even though the available balance at the time of authorization was sufficient. We may refuse to pay an overdraft for you at any time, even though your account is in good standing and even though we may have previously paid overdrafts for you. Non- You will be notified by mail of any non-sufficient funds items paid or returned that you have will be listed on your monthly statementhave; however, we have no obligation to notify you before we pay or return any item. The amount of any overdrafts including fees you owe us shall be due and payable immediately. If there is an overdraft paid by us on an account with more than one owner, each owner, and agent if applicable, drawing / presenting the item creating the overdraft, shall be jointly and severally liable for such overdrafts including our fees. * Always a DISCRETIONARY SERVICE — Overdraft Privilege is a purely discretionary courtesy or privilege and not a right or obligation. We may provide Overdraft Privilege to you from time to time and withdraw or withhold the service at any time without prior notice, reason or cause. For example and not by way of limitation, we may elect not pay items under Overdraft Privilege if you do not maintain your account in good standing by bringing your account to a positive balance within every 30 day period for a minimum of 24 hours, if you default on any loan or other obligation to TruStone Financial or if your account is subject to any legal or administrative levy. Accounts may be charged the standard Overdraft fee of $30.00 for handling each overdraft created by check, ACH, Point-of-sale, in-person withdrawal, ATM withdrawal, or other electronic item that is paid and $30.00 for items returned. An overdrawn balance must be repaid within 30 days. You may opt-out of Overdraft Privilege by calling us at (▇▇▇.) ▇▇▇.-▇▇▇▇ or by coming into any of our branches. The best way to know how much money you have and avoid paying overdraft fees is to record and track all of your transactions closely. There are basically two types of transactions in your account: credits or deposits of money into your account, and debits or payments out of your account. It is important to understand how each is applied to your account so that you know how much money you have and how much is available to you at any given time. This section explains generally how and when we post transactions to your account.
Appears in 1 contract
Sources: Service Agreement
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 transactionsaccount. 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 holdsaccount, 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 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 usebalance. 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 one‐ time 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 transaction. The available balance will not reflect this transaction once the hold has been released until the transaction has been received by us and paid from your account. Rather than automatically returning, unpaid, items presented for payment when your available balance is insufficient to pay the item, if your“eligible your “eligible account type”has type” has been open for at least 30 days and thereafter you maintain your account in good standing, which includes at least: - Continuing to make deposits consistent with your past practices; - You are not in default on any loan obligation to us; - You bring your account to a positive balance (not overdrawn) immediately or as soon as possible and at least once every 30 days; - . You have no legal right to defer payment of your outstanding overdrafts including our fees; and - Your account is not the subject of any legal or administrative order or levy, such as bankruptcy or a tax lien. We will consider, without obligation on our part, approving your overdrafts up to your assigned Overdraft Privilege limit. This discretionary* service will generally be limited to a set overdraft (negative) balance for all personal and business checking accounts. This privilege does not apply to minor or Trust accounts. Our normal fees and charges including, without limitation, our non-sufficient funds/ non‐sufficient funds/overdraft fees will be included in these limits and will be charged for each transaction presented for payment against non-sufficient funds with the exception of certain debit-card transactions where merchants require an authorization before submitting the transaction for paymentnon‐sufficient funds. For those transactions (some of which require you to opt in), an overdraft fee will be assessed only if your available balance is insufficient at the time the transaction is authorized and at the time it is paid or posted (which could be days later). Except for debit-card or ATM transactions, we We will charge our normal fee whether we approve the item for payment or not. You agree to reimburse TruStone for funds advanced if we pay a check or other authorized transaction from your account(s), including any fee applicable for such an overdrawn account. We do authorize and pay overdrafts for the following types of transactions: Checks and other transactions made using your checking account number and automatic bill payments, including recurring payments that you may have set up using your debit card to pay bills. To determine whether a debit-card transaction is recurring or a “one- time” debit card transaction, we trust how the merchant has coded it and will not perform an independent assessment or review. We do not authorize and pay overdrafts for the following types of transactions unless you authorize us to do so: ATM transactions and one-time one‐time debit cardcard transactions such as those conducted at grocery stores, doctor’s offices, pharmacies, gas stations, restaurants, dry cleaners or other similar transactions. Recurring payments that you may have set up using your debit card to pay bills such as your mortgage, rent, or utilities are not considered one-time one‐time purchases. If you would like us to authorize and pay one-time debit card and ATM transactions that may overdraw your account, please visit a branch or fill out the Overdraft Privilege Consent Form which you obtained at account opening and which can also be found at ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇ and mail it to TruStone Financial Credit Union, Attn: Operations Department, ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇. An example may further explain how actual and available balances can be different and how you may incur an overdraft fee. Assume your actual and available balances are both $100 and you swipe your debit card at a merchant for $40. A hold is placed on the account at the time that you swipe, so the available balance is now only $60. However, because we have not yet received the merchant charge for processing and settlement, your actual balance is still $100. Before the merchant charge is received by us for processing and settlement, a check that was previously written for $75 clears your account. Because there was only $60 available (you already committed to pay the merchant $40), the account will be overdrawn by $15, even though the actual balance is $100 at the time the check is presented. In this case, ▇▇▇▇▇▇▇▇ TruStone may pay the $75 check, but you will be charged an overdraft fee. That fee will be deducted from the account on the day that we pay the check, further reducing the available and actual balances. When the $40 merchant charge is then presented for payment and assuming you have authorized us to pay overdrafts for one-time one‐time debit card transactions, we will not assess an additional overdraft fee will be charged for that transaction because your the available balance at the time the merchant transaction is presented for settlement is insufficient (it was sufficient when we authorized brought negative by the transactionintervening $75 check and related overdraft fee) even though the available balance at the time of authorization was sufficient. We may refuse to pay an overdraft for you at any time, even though your account is in good standing and even though we may have previously paid overdrafts for you. Non- sufficient You will be notified by mail of any non‐sufficient funds items paid or returned that you have will be listed on your monthly statementhave; however, we have no obligation to notify you before we pay or return any item. The amount of any overdrafts including fees you owe us shall be due and payable immediately. If there is an overdraft paid by us on an account with more than one owner, each owner, and agent if applicable, drawing / presenting the item creating the overdraft, shall be jointly and severally liable for such overdrafts including our fees. * Always a DISCRETIONARY SERVICE — Overdraft Privilege is a purely discretionary courtesy or privilege and not a right or obligation. We may provide Overdraft Privilege to you from time to time and withdraw or withhold the service at any time without prior notice, reason or cause. For example and not by way of limitation, we may elect not pay items under Overdraft Privilege if you do not maintain your account in good standing by bringing your account to a positive balance within every 30 day period for a minimum of 24 hours, if you default on any loan or other obligation to TruStone Financial or if your account is subject to any legal or administrative levy. Accounts may be charged the standard Overdraft fee of $30.00 for handling each overdraft created by check, ACH, Point-of-salePoint‐of‐sale, in-person in‐person withdrawal, ATM withdrawal, or other electronic item that is paid and $30.00 for items returned. An overdrawn balance must be repaid within 30 days. You may opt-out opt‐out of Overdraft Privilege by calling us at ▇▇▇.▇▇▇.▇▇▇▇ (800) 862‐1998 or by coming into any of our branches. The best way to know how much money you have and avoid paying overdraft fees is to record and track all of your transactions closely. There are basically two types of transactions in your account: credits or deposits of money into your account, and debits or payments out of your account. It is important to understand how each is applied to your account so that you know how much money you have and how much is available to you at any given time. This section explains generally how and when we post transactions to your account.
Appears in 1 contract
Sources: Service Agreement
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 transaction. The available balance will not reflect this transaction once the hold has been released until the transaction has been received by us and paid from your account. Rather than automatically returning, unpaid, items presented for payment when your available balance is insufficient to pay the item, if your“eligible account type”has been open for at least 30 days and thereafter you maintain your account in good standing, which includes at least: - Continuing to make deposits consistent with your past practices; - You are not in default on any loan obligation to us; - You bring your account to a positive balance (not overdrawn) immediately or as soon as possible and at least once every 30 days; - You have no legal right to defer payment of your outstanding overdrafts including our fees; and - Your account is not the subject of any legal or administrative order or levy, such as bankruptcy or a tax lien. We will consider, without obligation on our part, approving your overdrafts up to your assigned Overdraft Privilege limit. This discretionary* service will generally be limited to a set overdraft (negative) balance for all personal and business checking accounts. This privilege does not apply to minor or Trust accounts. Our normal fees and charges including, without limitation, our non-sufficient funds/ overdraft fees will be included in these limits and will be charged for each transaction presented for payment against non-sufficient funds with the exception of certain debit-card transactions where merchants require an authorization before submitting the transaction for payment. For those transactions (some of which require you to opt in), an overdraft fee will be assessed only if your available balance is insufficient at the time the transaction is authorized and at the time it is paid or posted (which could be days later). Except for debit-card or ATM transactions, we will charge our normal fee whether we approve the item for payment or not. You agree to reimburse TruStone for funds advanced if we pay a check or other authorized transaction from your account(s), including any fee applicable for such an overdrawn account. We do authorize and pay overdrafts for the following types of transactions: Checks and other transactions made using your checking account number and automatic bill payments, including recurring payments that you may have set up using your debit card to pay bills. To determine whether a debit-card transaction is recurring or a “one- time” debit card transaction, we trust how the merchant has coded it and will not perform an independent assessment or review. We do not authorize and pay overdrafts for the following types of transactions unless you authorize us to do so: ATM transactions and one-time debit card. Recurring payments that you may have set up using your debit card not considered one-time purchases. If you would like us to authorize and pay one-time debit card and ATM transactions that may overdraw your account, please visit a branch or fill out the Overdraft Privilege Consent Form which you obtained at account opening and which can also be found at ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇ and mail it to TruStone Financial Credit Union, Attn: Operations Department, ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇. An example may further explain how actual and available balances can be different and how you may incur an overdraft fee. Assume your actual and available balances are both $100 and you swipe your debit card at a merchant for $40. A hold is placed on the account at the time that you swipe, so the available balance is now only $60. However, because we have not yet received the merchant charge for processing and settlement, your actual balance is still $100. Before the merchant charge is received by us for processing and settlement, a check that was previously written for $75 clears your account. Because there was only $60 available (you already committed to pay the merchant $40), the account will be overdrawn by $15, even though the actual balance is $100 at the time the check is presented. In this case, ▇▇▇▇▇▇▇▇ TruStone may pay the $75 check, but you will be charged an overdraft fee. That fee will be deducted from the account on the day that we pay the check, further reducing the available and actual balances. When the $40 merchant charge is then presented for payment and assuming you have authorized us to pay overdrafts for one-time debit card transactions, we will not assess an additional overdraft fee because your available balance was sufficient when we authorized the transaction. We may refuse to pay an overdraft for you at any time, even though your account is in good standing and even though we may have previously paid overdrafts for you. Non- sufficient funds items paid or returned that you have will be listed on your monthly statement; however, we have no obligation to notify you before we pay or return any item. The amount of any overdrafts including fees you owe us shall be due and payable immediately. If there is an overdraft paid by us on an account with more than one owner, each owner, and agent if applicable, drawing / presenting the item creating the overdraft, shall be jointly and severally liable for such overdrafts including our fees. * Always a DISCRETIONARY SERVICE — Overdraft Privilege is a purely discretionary courtesy or privilege and not a right or obligation. We may provide Overdraft Privilege to you from time to time and withdraw or withhold the service at any time without prior notice, reason or cause. For example and not by way of limitation, we may elect not pay items under Overdraft Privilege if you do not maintain your account in good standing by bringing your account to a positive balance within every 30 day period for a minimum of 24 hours, if you default on any loan or other obligation to TruStone Financial or if your account is subject to any legal or administrative levy. Accounts may be charged the standard Overdraft fee of $30.00 for handling each overdraft created by check, ACH, Point-of-sale, in-person withdrawal, ATM withdrawal, or other electronic item that is paid and $30.00 for items returned. An overdrawn balance must be repaid within 30 days. You may opt-out of Overdraft Privilege by calling us at ▇▇▇.▇▇▇.▇▇▇▇ or by coming into any of our branches. The best way to know how much money you have and avoid paying overdraft fees is to record and track all of your transactions closely. There are basically two types of transactions in your account: credits or deposits of money into your account, and debits or payments out of your account. It is important to understand how each is applied to your account so that you know how much money you have and how much is available to you at any given time. This section explains generally how and when we post transactions to your account.
Appears in 1 contract
Sources: Service Agreement