Overdraft Liability definition

Overdraft Liability. Each account owner and/or signer on a multiple party account agrees to be jointly and severally (individually) liable for any account shortage resulting from charges or overdrafts, whether caused by you or another with access to this account. This liability is due immediately and will be deducted directly from the account balance whenever sufficient funds are available. You have no right to defer payment of this liability, and you are liable regardless of whether you benefited from the charge or overdraft. You agree that any provision of state law to the contrary is waived by you. Our normal fees and charges as set forth in your Schedule of Service & Fees will be charged for each transaction initiated for payment that does not have sufficient collected funds. Typically, we will charge a NSF fee whether we approve an overdraft item for payment or return it unpaid. Transactions that may cause or create an overdraft are checks, automated teller machine transactions, automated clearing house (ACH) transactions, electronic banking and bill payment transactions, telephone transfers, in person withdrawals, or other electronic means. Internet Gambling: Federal Law prohibits you from using your account to perform any transactions involved with unlawful Internet gambling. Such restricted transactions include transactions in which a person or entity accepts credit, funds, instruments or other proceeds from another person or entity in connection with unlawful Internet gambling. Additionally, we reserve the right to refuse any transactions that would potentially violate any state or federal law. If the Credit Union discovers any of these transactions have occurred, we will take remedial action up to and including closing the account. Change in Terms: We may notify you of a change of terms of our Agreement with you by mailing to you at the last address on file for you or delivering a notice, a statement message, posting the updated change of terms Agreement on the Credit Union website, . However, we do not have to notify you if any changes are beneficial to you (e.g. a reduction or waiver of any fees or the addition of services).
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Overdraft Liability. If, on any day, the funds in your share account are not sufficient to cover drafts, fees or other items posted to your account, those amounts will be handled in accordance with our overdraft procedures or any overdraft program you have with us. The Credit Union’s determination of an insufficient account balance may be made at any time between presentation and the Credit Union’s midnight deadline with only one review of the account required. We do not have to notify you if your account does not have funds to cover drafts, fees or other posted items. We may pay any draft even if you do not have sufficient funds in your account. Whether the item is paid or returned, your account may be subject to a charge as set forth in the Rate and Fee Schedule. Except as otherwise agreed in writing, we, by covering one or any overdraft, do not agree to cover overdrafts in the future and may discontinue covering overdrafts at any time without notice. If we pay a draft or impose a fee that would otherwise overdraw your account, you agree to pay the overdrawn amount including fees immediately. We reserve the right to pursue collection of previously dishonored items at any time, including giving a payer bank extra time beyond any midnight deadline limits.
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Examples of Overdraft Liability in a sentence

  • Overdraft Liability Your account is considered overdrawn when the account ledger balance is negative.

  • The Credit Union may also refuse to allow a withdrawal in other cases, for example, any dispute between the owners about the account (unless a court has ordered Overdraft Liability.

  • Overdraft Liability and Protection Options are detailed in your Agreements.

  • For additional details on overdrafts, refer to Overdraft Liability, Overdraft Protection, and Overdraft Privilege Pay Service, as set forth in this Agreement.

  • Drafts or other transfer or payment orders that are drawn against insufficient available funds will Overdraft Liability.

  • Overdraft Liability If on any date, the funds in your share draft/checking account are not sufficient to cover drafts, fees, or other items posted to your account, those amounts will be handled in accordance with our overdraft procedures or an overdraft protection plan you have with us.

  • Overdraft Liability: If on any day, the available funds in your account are not sufficient to cover checks and other items posted to your account, those checks and items will be handled in accordance with our overdraft procedures or an overdraft protection plan you have with us.

  • Each Guarantor agrees it will not exercise any rights which it may acquire by way of subrogation by any payment made hereunder, or otherwise, until all the Obligations, Hedging Liability and ACH and Overdraft Liability shall have been paid in full subsequent to the termination of all the Commitments and expiration of all Letters of Credit.

  • For other types of transactions, please see the Overdraft Liability and Protection Plan section of this Agreement for full details.

  • If there are sufficient available funds to cover some but not all of your withdrawal orders, the Credit Union may allow those withdrawals for Overdraft Liability.

Related to Overdraft Liability

  • Overdraft Obligations means, with respect to any Portfolio, the amount of any outstanding Overdraft(s) provided by the Custodian to such Portfolio together with all accrued interest thereon.

  • Overdraft means any payment or transfer of funds on behalf of a Fund or series of a Fund for which there are, at the close of business on the date of such payment or transfer, insufficient funds held by the Custodian on behalf of such Fund or series thereof.

  • Aircraft Liability This policy does not cover "aircraft liability".

  • Hovercraft Liability This policy does not cover "hovercraft liability".

  • Overdraft Facility or ‘Facility’ means an authorised debit balance that may be offered to you at our discretion from time to time allowing your Account to go overdrawn up to an agreed Overdraft Limit.