Common use of Your Responsibility to Repay Overdrafts Clause in Contracts

Your Responsibility to Repay Overdrafts. Each Account owner is jointly and severally responsible for paying any overdrafts created by any Account owner, authorized person or agent, whether or not such owner participates in the transaction or benefits from its proceeds. You agree that subsequent deposits and other credits to the Account may be used to repay an overdraft, regardless of the source of the deposit, including, without limitation, deposits of government, welfare, retirement or social security benefits. You also agree to pay all costs and expenses in collecting any overdraft, even after it is charged off. We discourage the practice of overdrawing Accounts. If you anticipate the possibility of repeated overdrafts, please consider one of our overdraft protection plans, which is more dependable and may be less expensive. For more information see the subsection titled “Overdraft Protection Plans” in this section.