Common use of Payment Order of Items Clause in Contracts

Payment Order of Items. The order in which items are presented may affect the fees assessed to your account. Most transactions are posted when you conduct them. The following transactions are generally posted real time or very near real time: • Transactions you conduct at a Summit Branch or through our Member Service Center • Transactions you conduct at shared branching locations • Your ATM deposits* and withdrawals • PIN Based Debit Card Transactions • Transfers you conduct using our automated phone system (“Quik ▇▇▇▇”) • Transfers you conduct using our Online Banking or Mobile Banking platforms For signature-based debit card transactions (see Section 12(b) for additional information), a merchant will usually seek prior authorization for a transaction. When that happens, an authorization hold is placed on your account. However, the subsequent posting (also referred to as “settlement”) of the transaction may lag hours or days based on when the merchant presents the transaction to the Credit Union for posting. We post settlement transactions at the time the Credit Union receives them. For ACH entries and checks, which are received in batch files, the Credit Union posts the transactions in the order in which they are received.

Payment Order of Items. The order in which items are presented may affect the fees assessed to your account. Most transactions are posted when you conduct them. The following transactions are generally posted real time or very near real time: •  Transactions you conduct at a Summit Branch or through our Member Service Center •  Transactions you conduct at shared branching locations •  Your ATM deposits* and withdrawals •  PIN Based Debit Card Transactions •  Transfers you conduct using our automated phone system (“Quik ▇▇▇▇”) •  Transfers you conduct using our Online Banking or Mobile Banking platforms For signature-based debit card transactions (see Section 12(b) for additional information), a merchant will usually seek prior authorization for a transaction. When that happens, an authorization hold is placed on your account. However, the subsequent posting (also referred to as “settlement”) of the transaction may lag hours or days based on when the merchant presents the transaction to the Credit Union for posting. We post settlement transactions at the time the Credit Union receives them. For ACH entries and checks, which are received in batch files, the Credit Union posts the transactions in the order in which they are received.