Overdraft Protection Advances Clause Samples

The Overdraft Protection Advances clause establishes the terms under which a bank or financial institution will provide funds to cover transactions that exceed the available balance in a customer's account. Typically, this clause outlines the conditions for advancing funds, any associated fees or interest, and the process for repayment. For example, if a customer writes a check or makes a payment that would overdraw their account, the bank may automatically transfer funds from a linked account or extend a short-term loan to cover the shortfall. The core function of this clause is to prevent declined transactions and potential penalties for insufficient funds, thereby offering customers a safety net against accidental overdrafts.
Overdraft Protection Advances. If you designate your credit card account as an overdraft protection source in writing, the following applies: You may request a loan advance on your credit card account by writing a check/share draft any time there are not sufficient funds in your check/share draft account. If you request a debit card or Online Access or Bill Payment transaction, you can also request a loan advance by using those services to make payments out of your credit union checking/share draft account when there are insufficient funds in that account. Any overdraft of your checking/share draft account, up to your unused credit limit on your credit card account, will be added to your loan balance under this Agreement if and when we pay the check/share draft or other transaction. We have the right to refuse overdraft loan advances but will promptly notify you in writing of the reasons for refusal. Overdraft protection advances will not be made if your credit union membership is not in good standing or if you do not have available credit. All overdraft loan advances will be in amounts sufficient to cover the overdrafts and any applicable fees assessed against your share or checking/share draft accounts. They will be subject to cash advance fees and overdraft protection advance fees (if any) and will begin to accrue interest charges as soon as they post.
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Overdraft Protection Advances. Overdraft protection advances will begin only if you designate your Card as an overdraft protection source in writing. If your checking account does not have sufficient available funds to cover any item presented and drawn on the account, any overdraft up to your unused credit limit will be added to your credit Card account balance under this Agreement, if the Credit Union pays the item. The Credit Union has the right to refuse overdraft advances but will notify you of the refusal. If there is more than one person listed on the checking account (such as a joint checking account) that you have linked for Overdraft Protection, then: (1) you will be responsible for all Overdraft Protection advances regardless of which person causes any item to be presented or engages in any other transaction that causes the overdraft (checks, ACH, debit Card, etc); and (2) you expressly consent to us disclosing to any other person on that checking account that the checking account is linked to the Card for Overdraft Protection. We reserve the right to cancel or suspend your Overdraft Protection service at any time at our sole discretion, for any reason.
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Overdraft Protection Advances. Overdraft protection advances will begin only if you designate your Card as an overdraft protection source in writing. If your checking Account does not have sufficient available funds to cover any item presented and drawn on the Account,
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Overdraft Protection Advances. If you have an eligible checking account with us and have enrolled this Account to provide overdraft protection, you may link this credit card Account to the eligible checking account with us to cover an overdraft on that pre­designated checking Account under the terms of this Agreement and your checking account agreement. Credit Card Overdraft Protection works by charging your credit card with us for Cash Advances in the total amount of checks or other transactions drawn against insufficient funds, with resulting deposits of the Cash Advance amount into your checking Account to cover such checks or other transactions, up to your available Cash Advance Limit. This feature allows funds to be transferred from your Account into your pre­designated BancorpSouth Bank checking and/or money market account(s). Transfers resulting from overdrafts by you (including automatic transfers to cover checking account fees) to your Account will be subject to the terms of this Agreement. Each day’s total overdraft protection transaction will be processed up to the available Cash Advance Limit, regardless of who initiated the debit(s) that caused the overdrawn condition. If the available Cash Advance Limit is insufficient to cover your overdraft, we may refuse to process any such overdraft. Except as provided below, we will automatically transfer funds sufficient to cover the amount of any overdraft transaction to your predesignated checking or money market account(s). Transfers to your checking and/or money market account from your Account are processed after close of business Monday through Friday and the amount of your then available Cash Advance Limit on your Account must be sufficient to cover all checks and other items creating an overdraft status received by us on that day. A Cash Advance Transaction Fee will be assessed for each such overdraft protection advance. An Interest Charge is imposed on each Cash Advance from the date the transaction is made. No Interest Charge is imposed on new Purchases if you pay the New Balance shown on your Periodic Statement on or before the Payment Due Date as shown on the Periodic Statement where such purchases initially appear. If the New Balance is not paid in full as specified above, an Interest Charge will apply. We figure the Interest Charge on your account by applying the periodic rate to the “average daily balance” of your account. To get the “average daily balance” we take the beginning balance of your account each day, add an...
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Overdraft Protection Advances. In addition, an overdraft fee may be charged, refer to the separate account disclosure, which may be amended from time to time.
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Overdraft Protection Advances. If your Card Account has been linked to a designated business checking account using procedures we established, the Card Account may be used as a form of overdraft protection whereby overdrawing your checking account triggers an advance of funds from the Card Account. Overdraft Protection Advances are treated as Cash Advances. Your Card Account must have sufficient available funds to make a Ready Cash Deposit. The amount we transfer will be in $50 increments sufficient to cover the amount overdrawn. If the unused credit available is less than $50, a transfer will not be made. You may terminate the Ready Cash Deposit service at any time by writing to us at the address on your monthly Statement. We may cancel or suspend the Ready Cash Deposit service at any time for any reason without prior notice except as required by applicable law. If we cancel or suspend the Ready Cash Deposit service, we will not be liable for any consequences that occur as a result. Some of these services may not be available at all ATMs, terminals or merchant locations. The Bank is not responsible for the refusal of any merchant to accept or honor a Card. Failure of a Cardholder to sign a draft does not relieve you of liability for the transaction.
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Overdraft Protection Advances. Overdraft protection advances will begin only if you
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Related to Overdraft Protection Advances

  • OVERDRAFT PROTECTION To the extent permitted by law, You authorize Us to transfer funds from other Accounts You may have with Us in necessary multiples (or in such increments as We may from time to time determine) to Your Account to cover any overdraft. If You have a line of credit with Us, transfers will be made first from Your primary share Account, provided You have enough available funds in that Account, then from Your line of credit up to Your available credit limit, and then We may elect to pay such overdraft, subject to any preference You have indicated to Us for clearing any overdraft(s). Overdraft transfers are subject to a transfer fee. You hold Us harmless from any and all liability which might otherwise exist if a transfer does not occur.

  • Overdraft Facility In the event that the Custodian is directed by Proper Instructions to make any payment or transfer of funds on behalf of the Fund for which there would be, at the close of business on the date of such payment or transfer, insufficient funds held by the Custodian on behalf of the Fund, the Custodian may, in its sole discretion, provide an overdraft (an "Overdraft") to the Fund in an amount sufficient to allow the completion of such payment. Any Overdraft provided hereunder: (a) shall be payable on the next business day, unless otherwise agreed by the Fund and the Custodian; and (b) shall accrue interest from the date of the Overdraft to the date of payment in full by the Fund at a rate agreed upon in writing, from time to time, by the Custodian and the Fund. The purpose of such Overdrafts is to temporarily finance extraordinary or emergency expenses not reasonably foreseeable by the Fund. The Custodian shall promptly notify the Fund in writing ("Overdraft Notice") of any Overdraft by facsimile transmission or in such other manner as the Fund and the Custodian may agree in writing. The Custodian shall have a right of set-off against all Assets (except for Assets held in a segregated margin account or otherwise pledged in connection with options or futures contracts held for the benefit of the Fund and for Assets allocated to any other Overdraft or loan made hereunder); provided, however, the Custodian shall promptly notify the Fund in writing of any intent to exercise a right of set-off against Assets hereunder and shall not exercise any such right of set-off against Assets hereunder unless and until the Fund has failed to pay (within ten (10) days after the Fund's receipt of such notice of intent to exercise a right of set-off), any Overdraft, together with all accrued interest thereon. Notwithstanding the provisions of any applicable law, including, without limitation, the Uniform Commercial Code, the only rights or remedies which the Custodian is entitled to with respect to Overdrafts is the right of set-off granted herein.

  • Overdraft In the event that the Custodian is directed by Proper Instructions to make any payment or transfer of funds on behalf of a Fund for which there would be, at the close of business on the date of such payment or transfer, insufficient funds held by the Custodian on behalf of such Fund, the Custodian may, in its discretion, provide an overdraft ("Overdraft") to the Fund (such Fund being referred to herein as an "Overdraft Fund"), in an amount sufficient to allow the completion of such payment or transfer. Any Overdraft provided hereunder: (a) shall be payable on the next Business Day, unless otherwise agreed by the Overdraft Fund and the Custodian; and (b) shall accrue interest from the date of the Overdraft to the date of payment in full by the Overdraft Fund at a rate agreed upon in writing, from time to time, by the Custodian and the Overdraft Fund. The Custodian and the Funds acknowledge that the purpose of such Overdrafts is to temporarily finance the purchase or sale of securities for prompt delivery in accordance with the terms hereof. The Custodian hereby agrees to notify each Overdraft Fund by 3:00 p.m., New York time, of the amount of any Overdraft. Provided that Custodian has given the notice required by this subparagraph (f), the Funds hereby agree that, as security for the Overdraft of an Overdraft Fund, the Custodian shall have a continuing lien and security interest in and to all interest of such Overdraft Fund in Securities whose purchase is financed by Custodian and which are in Custodian's possession or in the possession or control of any third party acting on Custodian's behalf and the proceeds thereof. In this regard, Custodian shall be entitled to all the rights and remedies of a pledgee under common law and a secured party under the New York Uniform Commercial Code and any other applicable laws or regulations as then in effect."

  • Failure to Make Letter of Credit Advances The failure of any Lender to make the Letter of Credit Advance to be made by it on the date specified in Section 2.03(c) shall not relieve any other Lender of its obligation hereunder to make its Letter of Credit Advance on such date, but no Lender shall be responsible for the failure of any other Lender to make the Letter of Credit Advance to be made by such other Lender on such date.

  • Cash Advances An Finance Charge will be imposed on cash advances from the date made or from the first day of billing cycle in which the cash advance is posted to your account, whichever is later, and will continue to accrue until the date of payment.