Member Repayment Responsibility Sample Clauses
The Member Repayment Responsibility clause establishes the obligation of a member to repay certain amounts owed to the organization or other members. Typically, this clause outlines the circumstances under which repayment is required, such as advances, loans, or expenses paid on behalf of the member, and may specify the timeline and method for repayment. Its core practical function is to ensure that financial responsibilities are clearly allocated and that the organization or its members are reimbursed for outlays made for the benefit of an individual member, thereby preventing disputes and maintaining financial fairness.
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Member Repayment Responsibility. You agree your overdraft balance, including applicable overdraft fees, is due and payable upon demand. If there is more than one owner on an account, all owners are jointly and severally liable for repayment of the overdraft balance. If you fail to repay your overdraft balance within 35 days of the overdraft, we may immediately suspend the Privilege Pay service. Accounts may be closed for failure to repay overdraft balances and we will report account closures to consumer reporting agencies. We may impose an account closure fee as set forth in our Fee Schedule.
Member Repayment Responsibility. You agree that your overdraft balance, including applicable overdraft fees, is due and payable upon demand. If there is more than one owner on an account, all owners are jointly and severally liable for repayment of the overdraft balance. Accounts may be closed for failure to repay overdraft balances and will be subject to collection and any other legal remedy. We will report account closures to consumer and/or credit reporting agencies.
Member Repayment Responsibility. You agree your overdraft balance, including applicable overdraft fees, is due and payable upon demand. If there is more than one owner on an account, all owners are jointly and severally liable for repayment of the overdraft balance. If you fail to repay your overdraft balance within 35 days of notice from us, we may immediately suspend EOD. Accounts may be closed for failure to repay overdraft balances and we may report unpaid balances to consumer reporting agencies.