Transactions to your Account Sample Clauses

The 'Transactions to your Account' clause defines the rules and procedures governing deposits, withdrawals, and other financial activities involving a customer's account. It typically outlines how funds can be added or removed, the types of transactions permitted, and any limitations or requirements, such as verification steps or transaction limits. By clearly specifying these processes, the clause ensures both the account holder and the financial institution understand their rights and obligations, reducing the risk of disputes and promoting secure, transparent account management.
Transactions to your Account. We may charge your account on the day that a check or other transaction is presented (or returned) to us directly or electronically for payment. We may charge your account or place a hold on funds at an earlier time if we receive notice that a check or other item deposited to your account is being returned, or if we receive notice that your check or electronic payment (e.g., at a point-of-sale) is being processed for collection.
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Transactions to your Account. Posting order is the order in which we apply withdrawals, deposits and other transactions to your Account. We receive transactions at different times throughout the Business Day, and some transactions will show up on your Account as pending transactions during the day while others may not. Although we receive Items throughout the day, we generally treat them as if we received all Items at the same time at the end of the Business Day. We look at your Account only once to determine if your Available Balance is sufficient to pay an Item. The posting order is important because it determines which Items may create an Overdraft and how many related fees you incur. You agree that we may choose our posting order regardless of whether additional fees may result. We reserve the right to change our posting order at any time. It is important to understand that Items are not posted to your Account in the same order in which the transactions occurred. Instead, Items are posted to your Account using automated systems that group transactions into categories based on the Item type. At the end of each Business Day, we process transactions on your Account by starting with the Ledger Balance at the end of the previous Business Day and subtracting from this amount any Holds on your Account. Then, we post credits and debits to your Account generally in the order shown below. An Overdraft is created if your Available Balance is not sufficient to pay for any Item posted to your Account during this process. Please note that the examples provided below are intended to be representative of the most common types of Items within each category, and other Items may be posted to your Account even though not specifically identified on the following page. FIRST, we add deposits and other credits to your Account that are received before the applicable cutoff time, including: • Cash and check deposits, including ATM and Mobile Deposits • Transfers into your Account such as those made through online or mobile banking • Direct deposits (ACH) These Items are posted in order from highest to lowest dollar amount. SECOND, we subtract certain fees that were incurred the prior Business Day, specifically: • Fees for Overdrafts and • Daily fees for Accounts that remain overdrawn These Items are posted in order from lowest to highest dollar amount. THIRD, we subtract priority debits, which are transactions paid from your Account that are cash or cash-equivalent and cannot be returned. This includes: • ...
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Related to Transactions to your Account

  • Closing Your Account Unless an agreement relating to a particular product or service says otherwise, you can close your Account at any time provided that you first settle any debit balance owing.

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  • USING YOUR ACCOUNT If you are approved for an account, the Credit Union will establish a line of credit for you. You agree that your credit limit is the maximum amount (purchases, cash advances, finance charges, plus "other charges") which you will have outstanding on your account at any time. Unless disclosed otherwise, the Credit Union will not allow advances over the credit limit. If the Credit Union has a program whereby it allows payment of advances that exceed your credit limit, subject to a fee, the Credit Union will provide you with notice, either orally, in writing, or electronically (notwithstanding the requirements of the paragraph entitled “Statements and Notices”) explaining your right to opt in to the Credit Union’s program whereby it will honor advance requests over the credit limit. In the event you opt in to such a program, you agree to the terms of such a program. You may request an increase in your credit limit only by a method acceptable to the Credit Union. The Credit Union may increase or decrease your credit limit, refuse to make an advance and/or terminate your account at any time for any reason not prohibited by law. If you are permitted to obtain cash advances on your account, we may, from time to time, issue convenience checks to you that may be drawn on your account. Convenience checks may not be used to make a payment on your account balance. If you use a convenience check, it will be posted to your account as a cash advance. We reserve the right to refuse to pay a convenience check drawn on your account for any reason and such refusal shall not constitute wrongful dishonor.

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