Courtesy Overdraft and Card Overdraft Sample Clauses
POPULAR SAMPLE Copied 1 times
Courtesy Overdraft and Card Overdraft. Our Courtesy Overdraft service means that we may in our discretion honor and pay your checks or items drawn against insufficient funds so that your checks or transactions are not returned unpaid. For overdrafts resulting from ATM and debit card purchase transactions you must opt-in to the Card Overdraft service for these accounts before we can offer the service or charge a fee for payment of any overdrafts. For all other transactions, the Courtesy Overdraft service is made available only to members meeting specific qualifying criteria. In order to be eligible to receive Courtesy Overdraft protection you must be a member in good standing. Other qualifying criteria may apply. Not all members may qualify. Our Courtesy Overdraft service may apply to checks you have drawn against insufficient funds in your checking account(s) with us, as well as other transfer or withdrawal request(s) you have authorized (such as, but not limited to, preauthorized transfers) for which funds are insufficient. We may, at our sole discretion, but are not obligated to, make payment on such overdrawn checks, transfers, and/or withdrawal requests in any order at our option or return the overdrawn checks, transfers, and/or withdrawal requests unpaid. Regardless, we are not liable for any action we take regarding payment or nonpayment of an overdrawn check, transfer, or withdrawal request. If we choose to pay an overdrawn check, transfer, or withdrawal request, you will be subject to a fee(s) in the amount as set forth in the accompanying Personal Fee Schedule for each transaction. In that event, you understand and agree that you are obligated to reimburse us and you are required to deposit with us sufficient good funds to cover the overdrawn check, transfer, or withdrawal request paid by us under this Courtesy Overdraft service and pay the applicable fee(s). You agree that we have the right to transfer available funds from your other accounts you may have with us to cover the overdrawn checks, transfer, or withdrawal request and pay the applicable fee(s). If we choose not to pay the overdrawn check, transfer, or withdrawal request, you are subject to the applicable fee(s) for each such item in the amount set forth in our Personal Fee Schedule. We may charge a fee each time a check or item is submitted or resubmitted for payment. Therefore, you may be assessed more than one fee as a result of a returned item or resubmission(s) of the returned item. We reserve the right to limit the num...
Courtesy Overdraft and Card Overdraft. Courtesy Overdraft is a service that allows iQ Credit Union to pay a check, ACH or ▇▇▇▇ Pay item presented against your checking account even if it causes the account to be overdrawn. Card Overdraft is a service that once you Opt-In, allows iQ Credit Union to pay an ATM or everyday debit card item presented against your checking account, even if it causes the account to be overdrawn. Overdraft protection starts only after all other overdraft protection services on your account have been maximized. Overdraft protection is not an invitation to overdraw your account. It is to be used as a safety net for occasional errors or in an emergency. With Courtesy Overdraft and Card Overdraft, qualified members in good standing may be given the ability to overdraw their eligible checking accounts up to $1,000. As long as you maintain the account in good standing, the Credit Union may pay items up to the authorized limit. Account holders under the age of 18 are not eligible for the Courtesy Overdraft or Card Overdraft programs. An account must be open at least thirty (30) days and be considered in good standing. Good standing includes making regular deposits sufficient to cover transactions, not allowing the account to be overdrawn more than thirty (30) days, having no legal orders, such as levies or garnishments against the account, having no iQ Credit Union loan past due more than thirty (30) days and there must be a valid mailing address on the account. In addition, if there is a ChexSystems record on any signer on the account, it must be at least one (1) year old. If all conditions of good standing are met, the Credit Union, at its sole discretion, may pay overdrafts up to the $1,000 limit. The $1,000 limit includes our normal fee for Insufficient Funds Items and payments made under the Courtesy Overdraft and Card Overdraft program. A fee is assessed whether we pay the item or return it. The fee will be either an Insufficient Funds charge or a Courtesy Overdraft Charge. You will not be charged for both fees, however.