Temporary Holds and Authorizations for Amounts in Excess of Transactions Clause Samples
The "Temporary Holds and Authorizations for Amounts in Excess of Transactions" clause allows a financial institution or merchant to place a temporary hold on funds in a customer's account for an amount greater than the actual transaction value. For example, when checking into a hotel or renting a car, a hold may be placed for an estimated amount to cover potential additional charges, even if the final bill is lower. This clause ensures that merchants can secure payment for potential incidental costs, while also informing customers that their available balance may be temporarily reduced beyond the actual purchase amount.
Temporary Holds and Authorizations for Amounts in Excess of Transactions. To facilitate certain electronic transactions you make we may place temporary holds on funds in your accounts. The Credit Union can neither control the parties with whom you do business nor regulate the processing of transactions through the commercial networks used to facilitate your transactions. Therefore, it is your obligation to ensure that sufficient funds are on deposit at all times to cover the transactions you make including the amount that may be subject to these holds. Pursuant to the processing networks rules a merchant (hotel, car rental-company, retailer, etc.) may obtain authorization for up to 3 times the total estimated amount of your actual hotel stay, car rental or purchase. This is deemed to be an “authorized amount” by you and the authorized amount will not be available via your account until after your bill is finally settled with such merchant(s), which can cause an insufficient funds situation in your account(s). Even if your bill is satisfied with another form of payment, the merchant/retailer may continue to hold the funds as originally authorized by you for these time periods. In order to avoid problems associated with these holds and authorizations, we recommend you not use your debit card when checking in at hotels or renting cars (a primary source of such holds/authorizations).
Temporary Holds and Authorizations for Amounts in Excess of Transactions. The Credit Union can neither control the parties with whom you do business nor regulate the processing of transactions through the commercial networks used to facilitate your transactions. Therefore, it is your obligation to insure that sufficient funds are on deposit at all times to cover the transactions you make – including the amount that may be subject to these holds. Pursuant to the processing networks rules a merchant (hotel, car rental company, retailer, etc.) may obtain authorization for up to 3 times the total estimated amount of your actual hotel stay, car rental or purchase. To facilitate certain transactions you make we may place temporary holds on funds in your accounts. This is deemed an “authorized amount” by you and the authorized amount will not be available via your account until after your ▇▇▇▇ is finally settled with such merchant(s), which can cause an insufficient funds situation in your account(s). Even if your ▇▇▇▇ is satisfied with another form of payment, the merchant/retailer may continue to hold the funds as originally authorized by you for these time periods.
Temporary Holds and Authorizations for Amounts in Excess of Transactions. To facilitate certain transactions you make, we may place temporary holds on funds in your accounts. The Credit Union can neither control the parties with whom you do business nor regulate the processing of transactions through the commercial networks used to facilitate your transactions. Therefore, it is your obligation to ensure that sufficient funds are on deposit at all times to cover the transactions you make—including the amount that may be subject to these holds. Pursuant to the processing networks rules, a merchant (hotel, car rental company, retailer, etc.) may obtain authorization for up to three times the total estimated amount of your actual hotel stay, car rental or other purchase. This is deemed to be an “authorized amount” by you and will not be available via your account until after your bill is settled with such merchant(s). This can result in an insufficient funds balance in your account(s). Even if your bill is satisfied with another form of payment, the merchant/retailer may continue to hold the funds as originally authorized by you for the aforementioned time periods. In order to avoid problems associated with these holds and authorizations, we recommend you not use your debit card when checking in at hotels or renting cars (which are the primary source of such holds/authorizations). Right to Reject, Delay or Suspend: We will not be obligated to honor, in whole or in part, (or may delay or suspend) any transaction or instruction which: • Is not in accordance with any term or condition applicable to the relevant account; • We reasonably believe may have been requested or issued without proper authority; • Involves funds subject to a hold, dispute, restriction or legal process which we believe prevents withdrawal; • We reasonably believe might violate the laws or regulations of the United States or any State, including without limitation, regulations of the Office of Foreign Asset Control (OFAC); • Would violate any applicable provision of any risk control program of the FDIC or applicable rule or regulation of any other federal or state regulatory authority; • Is not in accordance with any other requirement of our applicable policies, procedures or practices; or, • We reasonably decline to honor for your or our protection. You agree that any such action allowed above is a permissible or delay under the terms of laws and regulations applicable to the availability of funds held in deposit accounts. the Schedule. You agree that we may chan...
Temporary Holds and Authorizations for Amounts in Excess of Transactions. To facilitate certain transactions you make, we may place temporary holds on funds in your accounts. The Credit Union can neither control the parties with whom you do business nor regulate the processing of transactions through the commercial networks used to facilitate your transactions. Therefore, it is your obligation to ensure that sufficient funds are on deposit at all times to cover the transactions you make – including the amount that may be subject to these holds. Pursuant to the processing network’s rules, a merchant (hotel, car rental company, retailer, etc.) may obtain authorization for up to 3 times the total estimated amount of your actual hotel stay, car rental or purchase. This is deemed to be an “authorized amount” by you and the authorized amount will not be available to you until after your bill is finally settled with such merchant(s), which can cause an insufficient funds situation in your account(s). Even if your bill is satisfied with another form of payment, the merchant/retailer may continue to hold the funds as originally authorized by you for these time periods.