Canceling Overdraft Protection Clause Samples
The "Canceling Overdraft Protection" clause defines the process and conditions under which a customer or the financial institution can terminate overdraft protection services linked to an account. Typically, this clause outlines the required notice period, the method for requesting cancellation, and any potential fees or consequences associated with ending the service. For example, a customer may need to notify the bank in writing or through online banking to stop automatic transfers from a linked savings account. The core function of this clause is to provide clear guidelines for discontinuing overdraft protection, ensuring both parties understand their rights and obligations, and preventing misunderstandings or unauthorized account activity.
Canceling Overdraft Protection. In the event you would like to have this service removed from your account, you can do so by simply calling Member Services (See Contact Us).
Canceling Overdraft Protection. Any owner of both a qualifying checking account and the backup account may enroll in Overdraft Protection without the consent of other owners and both accounts must share at least one owner to maintain Overdraft Protection. Any owner of the checking account or the backup account may cancel Overdraft Protection (by terminating the service or closing the account) without the consent of other owners. A backup account can provide Overdraft Protection for more than one checking account, but a checking account can have only one backup account. A personal checking account may be linked to a Chase personal savings account; and a business checking account may be linked to a Chase business savings account or a business line of credit in good standing. We may cancel your Overdraft Protection service at any time. Your request to add or cancel Overdraft Protection will become effective within a reasonable time after approval. Transfers: We will make one Overdraft Protection transfer per business day that will appear on your statement for both accounts. If you have enough available funds in your backup account, we will automatically transfer enough to bring your checking account balance to zero. If you do not have enough available funds in your backup account to bring your checking account balance to zero, but you have enough available funds to pay one or more transactions and/or your previous day’s negative balance, we will transfer that amount. If the amount transferred does not bring your checking account balance to zero, your checking account will become overdrawn and you may be charged Insufficient Funds or Returned Item fees. If we authorize your transaction, we will leave the funds in your backup account until we pay the transaction, which may take several days. However, if you use those funds before the transaction is paid there will not be available funds to make the transfer and your checking account may become overdrawn and charged an Insufficient Funds Fee. The available balance for a savings account is determined at the time that we authorize a transaction or at the end of business day processing. The available balance for a business line of credit is determined at the end of the previous business day processing. We are not required to notify you if funds from the backup account cannot be transferred for Overdraft Protection (for example if the account is dormant, purged, restricted or not in good standing). Refer to the section Restricting Your Account; Bl...