OVERDRAFT PROTECTION PROGRAM Sample Clauses
The Overdraft Protection Program clause establishes the terms under which a bank or financial institution will cover transactions that exceed the available balance in a customer's account. Typically, this clause outlines the eligibility requirements for the program, the types of accounts or transactions it covers, and any associated fees or limits on the amount that can be overdrawn. For example, it may specify that overdraft protection applies to checks, debit card purchases, or automatic bill payments, and detail how the customer will be notified and required to repay the overdrawn amount. The core function of this clause is to provide customers with a safety net against declined transactions or returned payments due to insufficient funds, thereby helping to avoid inconvenience and potential penalties.
OVERDRAFT PROTECTION PROGRAM. To help pay your transactions when your account does not have enough available funds to pay item(s), you may enroll in FSB’s optional overdraft protection program. With this program, available funds are transferred or advanced to your checking or savings account (the “protected account”) from another FSB checking or savings account or USAA credit card (the “protecting account”) to help pay item(s) when your account does not have sufficient available funds. Your protecting account can provide overdraft protection for more than one protected account. Any account holder of both the protected and protecting account may enroll in the overdraft protection program without the consent of the other account holders. FSB reserves the right to exclude certain types of account ownership, including, but not limited to, trust, estate, guardianship, and Uniform Transfers to Minors Act (UTMA) accounts, from being enrolled in this program. If you have granted a power of attorney authorizing another person to transact on your account, that account is not eligible for this program.
OVERDRAFT PROTECTION PROGRAM. (1) Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure Association adherence to a Checking Overdraft Policy reflecting the aggregate limits detailed in the Office of Thrift Supervision Guidance on Overdraft Protection Programs, 70 FR 8428 (February 18, 2005). The Policy shall include, at a minimum:
(a) conditions and circumstances under which overdrafts are allowable, including standards, dollar threshold limits for overdraft approvals and specific overdraft lending authority limits;
(b) charges that will be levied against depositors using overdrafts;
(c) controls to ensure that employee overdrafts are treated consistent with account agreements;
(d) a prohibition on the use of overdrafts by Association borrowers to finance their business activities; and
(e) clear guidelines governing the charge-off of past-due overdrafts.
(2) Upon adoption, the Association shall forward a copy of this overdraft policy to the Assistant Deputy Comptroller.
(3) The Board shall ensure that the Association has processes, personnel and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.
OVERDRAFT PROTECTION PROGRAM. If we have approved an overdraft protection program for your share draft/checking account, we may honor debit transactions when your account has insufficient available funds by transferring funds from another account or a line of credit, as you have directed, or as required under the Credit Union’s overdraft policy. Funds transferred from your Regular Share Account are subject to the transaction limitations described in the Account Agreement. In most cases we will transfer an amount required to cover the overdraft and the Overdraft Transfer Fee or all available funds, whichever is less. We will charge you an Overdraft Transfer Fee only if the funds transferred are sufficient to cover the overdraft. The fee for overdraft transfers, if any, is set forth in the Fee Schedule. Contact the Credit Union to enroll in the Overdraft Protection Program. (In accordance with federal regulations, savings accounts are limited to six (6) preauthorized, automatic, telephone, or audio response transfers (including overdraft protection transfers) to another account for which you are the accountholder. Transfers beyond the six may incur a fee or may not be processed.)
OVERDRAFT PROTECTION PROGRAM. If we have approved an overdraft protection program for your share draft/checking Account, we may honor debit transactions when your Account has insufficient available funds by transferring funds from another Account or a line of credit, as you have directed, or
OVERDRAFT PROTECTION PROGRAM. If we have
OVERDRAFT PROTECTION PROGRAM. If we have approved an overdraft protection program for your share draft/checking Account, we may honor debit transactions when your Account has insufficient available funds by transferring funds from another Account or a line of credit, as you have directed, or as required under the Credit Union’s overdraft policy. We will transfer an amount required to cover the transaction and the Overdraft Transfer Fee or all available funds, whichever is less. We will charge you an Overdraft Transfer Fee only if the funds transferred, in addition to the available balance in your checking Account, are sufficient to cover the transaction. The fee for overdraft transfers, if any, is set forth in the Fee Schedule. Please note, unlike the Courtesy Pay or the overdraft fees, this Overdraft Transfer Fee will be charged for every transaction that is fully covered by a transfer to your checking Account. This means that the fee may be charged even when your current balance is sufficient to cover the transaction. You may avoid this fee by transferring funds to your checking Account via Mobile and Online Banking, at any of our branches or ATMs or by contacting our Member Service Center before you initiate the transaction that would exceed your available balance. Contact the Credit Union to enroll in the Overdraft Protection Program.