Common use of Loading the Card Clause in Contracts

Loading the Card. The Card is a prepaid card where funds can be loaded in various ways, such as Direct Deposit of wages or of Federal payments. These loads are accepted only in the name of the cardholder. The funds that are available are recorded in your Card Account. The value of the funds available on the Card at any given time is referred to in this Agreement as the “Available Funds.” By loading funds or by initiating transactions with the Card, you appoint Central National Bank to act as your agent to pool your funds, together with funds from other Cardholders and to deposit those funds at one or more banks. By initiating a transaction with the card, you appoint the Bank as your agent to obtain the funds on your behalf from the pooled funds account and to transfer your funds as you direct. This pooled account or accounts are referred to in this Agreement as the “CNB Agency Pooled Account”. Your funds will be held separately from the corporate funds of the Bank. The value associated with this card is insured by the Federal Deposit Insurance Corporation (FDIC) up to applicable limits.

Loading the Card. The Card is a prepaid card where funds can be loaded in various ways, such as Direct Deposit of wages or of Federal payments. These loads Federal payments are only accepted only in the name of the cardholder. The funds that are available are recorded in your Card Account. The value of the funds available on the Card at any given time is referred to in this Agreement as the “Available Funds.” By loading funds or by initiating transactions with the Card, you appoint Central National the Bank to act as your agent to pool your funds, together with funds from other Cardholders and to deposit those funds at one or more banks. By initiating a transaction with the card, you appoint the Bank as your agent to obtain the funds on your behalf from the pooled funds account and to transfer your funds as you direct. This pooled account or accounts are referred to in this Agreement as the “CNB Agency Pooled Account”. Your funds will be held separately from the corporate funds of the Bank. The value associated with this card is insured by the Federal Deposit Insurance Corporation (FDIC) up to applicable limits.