Common use of Electronic Presentment Clause in Contracts

Electronic Presentment. Posting We may charge your account on the day that a check or other transaction is presented (or returned) to us for payment. We may also charge your account or place a hold on funds at an earlier time if we receive notice that an item or transaction has been deposited for collection in another institution or is being processed against your account by a merchant (for example, at a point-of-sale terminal). Some merchants may obtain authorizations in advance for point-of-sale transactions in an amount greater than the final transaction amount. This could affect the balance available in your account to cover other transactions. We are not responsible for damages or wrongful dishonor if any item is not paid because of insufficient funds resulting from these procedures. We reserve the right to process and post transactions on your account in any order we determine. Generally, we do not sort transactions based on dollar amount, but process them as they are received, and we generally process checks by check number sequence. The order in which you make withdrawals from your account is not necessarily the order in which we post the transactions to your account. This processing order may affect whether or not you incur an overdraft or NSF/overdraft fees.