Payment Order of Your Transactions Clause Samples
The 'Payment Order of Your Transactions' clause defines the sequence in which a financial institution processes payments or withdrawals from an account. Typically, this clause outlines whether transactions are processed in the order they are received, by transaction type, or by amount (such as largest to smallest). For example, checks, electronic payments, and ATM withdrawals may be prioritized differently, which can affect the timing and outcome of overdraft fees. The core function of this clause is to provide transparency and predictability for account holders regarding how their transactions are handled, helping to manage expectations and reduce disputes over payment processing.
Payment Order of Your Transactions. To assist you in handling your account(s) with us, we are providing you with the following information regarding how we process the items that you authorize. When processing items drawn on your account, our policy is to pay them as we receive them. We commonly receive items to be processed against your account(s) multiple times per day in what is referred to as presentment files. Each presentment file received commonly contains a large amount of a specific type of item (Check, ACH, or ATM/POS). It is common for each of these presentment files to contain multiple items to be processed against your particular account. In this case, when multiple items are received at once, the items will be paid as follows: checks are paid in order of check amount, lowest to highest; ACH items in each presentment file post credits first, then debits paid by dollar amount, lowest to highest, and generally we will receive up to four ACH presentment files per day. ATM/POS items are paid in the order they are presented. Items performed in person such as withdrawals or checks cashed at one of our locations or a shared branch, are generally paid at the time they are performed. WHY THIS IS IMPORTANT TO YOU: The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. Our payment policy may cause your larger, and perhaps more important, items to not be paid first (such as your rent or mortgage payment), but may reduce the amount of overdraft or NSF fees you have to pay if funds are not available to pay all of the items. Please note that items are paid from the “available balance” in your account (as defined in paragraph 14a above). The actual balance in your account may be higher than the Available Balance, because a portion of the funds on deposit in your account may not be available due to debits authorized but not yet cleared. If an item is presented without sufficient available funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item (NSF). The amounts of the overdraft and NSF fees are disclosed elsewhere in this Agreement and/or our Fee Schedule. We encourage you to make careful records and practice good account management. This will help you to avoid writing checks or drafts, or performing debit or other withdrawal orders, without sufficient available funds and incurring the resulting fees. For more information please refer to the Discretionary ...
Payment Order of Your Transactions. To assist you in handling your account(s) with us, we are providing you with the following information regarding how we process the items that you authorize. When processing items drawn on your account, our policy is to pay them as we receive them. We commonly receive items to be processed against your account(s) multiple times per day in what is referred to as presentment files. Each presentment file received commonly contains a large amount of a specific type of item (ACH, check, or ATM/POS). It is common for each of these presentment files to contain multiple items to be processed against your particular account. In this case, when multiple items are received at once, the items will be paid as follows: ACH items in each presentment file post credits first, then debits paid by dollar amount, lowest to highest; checks are paid by dollar amount, lowest to highest; ATM/POS items are paid in the order they are presented. Items performed in person such as withdrawals or checks cashed at one of our branch locations or a shared branch location are generally paid at the time they are performed.
Payment Order of Your Transactions. To assist you in handling your account with us, we are providing you with the following information regarding how we process the items that you write. When processing items drawn on your account, our policy is to pay them as we receive
Payment Order of Your Transactions. To assist you in handling your account(s) with us, we are providing you with the following information regarding how we process the items that you authorize. When processing items drawn on your account, our policy is to pay them as we receive them. We commonly receive items to be processed against your account(s) multiple times per day in what is referred to as presentment files. Each presentment file received commonly contains a large amount of a specific type of item (Check, ACH, or ATM/POS). It is common for each of these presentment files to contain multiple items to be processed against your particular account. In this case, when multiple items are received at once, checks are paid in the order of check number, lowest to highest. ATM/POS items are paid in the order they are presented for payment in the
Payment Order of Your Transactions. To assist you in handling your Account, we are providing you with the following information regarding how we process the items that you authorize. When processing items on your Account, we process them as we receive them. ATM and debit card transactions are paid in the order they are presented. Transactions conducted in person (such as a withdrawal at one of our locations or a shared branch) are generally paid at the time they are conducted. We commonly receive items to be processed against your Account multiple times during the day in “presentment files.” Each presentment file that we receive commonly contains a large number of a specific type of item (Check, ACH or ATM/Debit Card transactions). It is common for each of these presentment files to contain multiple items to be processed. When we receive multiple items at once, we process the items in the following order: Credits are posted first and then Debits. Checks are paid in order of dollar amounts, lowest to highest; ACH items are posted by settlement date. Why this is Important to You: The order in which items are paid is important if there is not enough money in your Account to pay all of the items that are presented. If an item is presented without sufficient funds in your Account, we may, at our discretion, pay the item as an Overdraft (creating an Overdrawn Account) or return the item for insufficient funds. We may impose a fee (as described in the Fee Schedule) for any Overdraft or Return Item.
Payment Order of Your Transactions. To assist you in handling your account(s) with us, we are providing you with the following information regarding how we process the items that you authorize. When processing items drawn on your account, our policy is to pay them as we receive them. We commonly receive items to be processed against your account(s) multiple times per day in what is referred to as presentment files. Each presentment file received commonly contains a large amount of a specific type of item (Check, ACH, or ATM/POS). It is common for each of these presentment files to contain multiple items to be processed against your account. In this case,
Payment Order of Your Transactions. To assist you in handling your Account, we are providing you with the following information regarding how we process the items that you authorize. When processing items drawn on your Account, we pay them as we receive them. We commonly receive items to be processed Restrictions on Withdrawals from All Accounts: We may refuse to allow or process any transaction in certain circumstances (and we will notify you when required by Applicable Law). Circumstances in which we may refuse to allow or process a transaction include (but are not limited to) those in which (a) there is a dispute between Account Owners; (b) a legal garnishment, attachment or levy is served on us; and (c) we have not been provided any documentation that we require. Under certain conditions, we also may refuse to allow or process a transaction if the Account secures an obligation owed to us or you are delinquent or fail to pay a loan or any other obligation owed to us when due. Additional Restrictions on Withdrawals from Savings and Money Market Accounts: Pursuant to Federal Regulation D, there are certain restrictions on the number of withdrawals or transfers you may make from your savings account or your money market account during any month. Specifically, you may not make more than 6 “convenience” withdrawals from, or transfers to another of your accounts at the Credit Union or to a third party from, your savings account or your money market account during any month. A convenience withdrawal or transfer includes (but is not limited to) a withdrawal or transfer: (a) via Online Banking (including mobile banking); (b) via telephone (unless the withdrawal is a check mailed to you) or by facsimile;
Payment Order of Your Transactions. Added the following sentence to the below section: Why this is Important to You: The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. If an item is presented and the Available Balance in your account is not sufficient to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item (NSF). Any item or transaction can be presented for payment multiple times, which is beyond the control of the Credit Union. Each presentment will be charged a separate fee even though it may be for a repeat presentment. The amounts of the overdraft and NSF fees are disclosed in the Schedule. We encourage you to make careful records and practice good account management.
Payment Order of Your Transactions. To assist you in handling your account with us, we are providing you with the following information regarding how we process the items that you write. When processing items drawn on your account, our policy is to pay them as we receive them. We commonly receive items to be processed against your account(s) multiple times per day. Items performed in person such as withdrawals or checks cashed at one of our locations or a shared branch, are generally paid at the time they are performed. Why this is Important to You: The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. If an item is presented without sufficient funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item (NSF). The amounts of the overdraft and NSF fees are disclosed in our Fee Schedule. We encourage you to take careful records and practice good account management. This will help you to avoid writing checks or drafts without sufficient funds and incurring the resulting fees.