Common use of Overdraft Services Clause in Contracts

Overdraft Services. We offer three levels of overdraft protection plans. The first level is called Overdraft Transfers. This service automatically transfers available funds from your designated savings, line of credit, and/or credit card account to pay a transaction when your checking account does not have sufficient available funds. We determine whether sufficient funds are available when the transaction is presented to us for settlement. We will charge an Overdraft Transfer fee for this service as set forth in the Fee Schedule. This fee is less than the fee for the Overdraft Privilege Program described below. To use this service, you must enroll and designate the priority of your Overdraft Transfer sources on the Application or other form we have designated. The second level is called our standard overdraft option. This option in our Overdraft Privilege Program is automatically extended to eligible members. The standard overdraft option is provided pursuant to our Discretionary Overdraft Privilege Policy as a non-contractual courtesy. It is not a line of credit and it is not guaranteed. However, in the event you write a check or initiate an ACH, online xxxx payment, or recurring debit card transaction and sufficient funds are not available in your checking account to pay the transaction, and if there are no other sources of overdraft protection available, we will strive to pay your reasonable overdrafts if your account is in good standing and you continue to meet eligibility requirements. The third level is our Enhanced Overdraft Privilege option that extends the overdraft privilege program to your ATM and everyday debit card transactions. To use this option, you must affirmatively opt-in to our Enhanced Overdraft Privilege option for ATM and everyday debit card transactions by completing our opt-in form. Both levels of the Overdraft Privilege Program will charge an Overdraft Privilege fee as set forth in the Fee Schedule when a transaction is paid using the service. The amount of your Overdraft Privilege approved limit for your checking account may vary and is subject to change at any time based on certain membership factors such as age of account, deposit activity and history, and overdraft activity and history, including repayment history. If you no longer want an Overdraft Privilege option, you may opt-out of any level at any time in writing or by phone, within the Online Banking system or in-person at any one of our branches. Please refer to our Discretionary Overdraft Privilege Policy for eligibility requirements and additional information about the Overdraft Privilege Program.

Overdraft Services. We offer three levels of overdraft protection plans. The first level is called Overdraft Transfers. This service automatically transfers available funds from your designated savings, line of credit, and/or credit card account to pay a transaction when your checking account does not have sufficient available funds. We determine whether sufficient funds are available when the transaction is presented to us for settlement. We will charge an Overdraft Transfer fee for this service as set forth in the Fee Schedule. This fee is less than the fee for the Overdraft Privilege Program described below. To use this service, you must enroll and designate the priority of your Overdraft Transfer sources on the Application or other form we have designated. The second level is called our standard overdraft option. This option in our Overdraft Privilege Program is automatically extended to eligible members. The standard overdraft option is provided pursuant to our Discretionary Overdraft Privilege Policy as a non-contractual courtesy. It is not a line of credit and it is not guaranteed. However, in the event you write a check or initiate an ACH, online xxxx bill payment, or recurring debit card transaction and sufficient funds are not available in your checking account to pay the transaction, and if there are no other sources of overdraft protection available, we will strive to pay your reasonable overdrafts if your account is in good standing and you continue to meet eligibility requirements. The third level is our Enhanced Overdraft Privilege option that extends the overdraft privilege program to your ATM and everyday debit card transactions. To use this option, you must affirmatively opt-in to our Enhanced Overdraft Privilege option for ATM and everyday debit card transactions by completing our opt-in form. Both levels of the Overdraft Privilege Program will charge an Overdraft Privilege fee as set forth in the Fee Schedule when a transaction is paid using the service. The amount of your Overdraft Privilege approved limit for your checking account may vary and is subject to change at any time based on certain membership factors such as age of account, deposit activity and history, and overdraft activity and history, including repayment history. If you no longer want an Overdraft Privilege option, you may opt-out of any level at any time in writing or by phone, within the Online Banking system or in-person at any one of our branches. Please refer to our Discretionary Overdraft Privilege Policy for eligibility requirements and additional information about the Overdraft Privilege Program.

Overdraft Services. We offer three levels of This section describes when you have an overdraft protection plansin your account and when ESL will pay or reject the transaction that caused the overdraft. The first level ‘Overdraft’ means there is called Overdraft Transfers. This service automatically transfers not enough available funds from balance in your designated savings, line of credit, and/or credit card account to pay for a transaction when your checking account does not have sufficient available funds. We determine whether sufficient funds are available when at the transaction time it is presented to us ESL for settlementpayment. We will charge Should an Overdraft Transfer fee for this service as set forth in overdraft occur and you have requested CheckOK, then ESL may honor the Fee Schedule. This fee is less than the fee for the Overdraft Privilege Program described below. To use this service, you must enroll and designate the priority of your Overdraft Transfer sources on the Application check or other form we have designatedpayment transactions and transfer the amount of the overdraft from your regular Daily Dividend, Premier Money Maker or Money Maker Account. The second level Or, if ESL has previously approved a Cash Reserve Account that is called our standard attached to your share draft account, ESL will honor overdraft optionchecks or other items drawn on insufficient available funds and add the amount of the overdraft to your Cash Reserve Account up to your approved credit limit. This option in our Overdraft Privilege Program is automatically extended to eligible members. The standard overdraft option is provided pursuant to our Discretionary Overdraft Privilege Policy as a non-contractual courtesy. It is not a line of credit and it is not guaranteed. However, in the event you write a check or initiate an ACH, online xxxx payment, or recurring debit card transaction and sufficient If funds are not available from these sources, then ESL may decline to authorize or pay for the transaction, or ESL may pay it using our Courtesy Pay service. Courtesy Pay applies when ESL pays overdraft checks, Automatic Clearing House (ACH) transactions, xxxx pay, debit card payments, ATM withdrawals and other payment transactions. Please note that for one-time debit card transactions, you must affirmatively consent to Courtesy Pay. Without your consent, ESL may not authorize one-time debit card transactions that will result in insufficient available funds in your checking account and the transactions will be declined. If ESL pays for an overdraft, then ESL will charge you an Overdraft Fee as provided in ESL’s current fee schedule. If ESL declines to pay an overdraft transaction, such as when a check or ACH payment is returned, then ESL will charge an Insufficient Funds (NSF) fee, which is the same amount as an Overdraft Fee. Note: Transactions that are declined may be presented to ESL again for payment multiple times until paid. You may be charged an Overdraft Fee or NSF Fee each time a transaction is presented for payment, even if it was previously declined and a fee was previously charged. The following is important information regarding your account balance, how transactions are posted to your account, and when an Overdraft or NSF Fee will be charged. YOUR CHECKING ACCOUNT BALANCE. Your Checking Account has two kinds of balances: the ‘Actual’ Balance and the ‘Available’ Balance. Both can be checked when you review your account online, at an ATM, by phone, or at a branch. It is important to understand how the two balances work so that you know how much money is in your account at any given time. This section explains Actual and Available Balances and how they work. Your Actual Balance is the full amount of all deposits, even though some portion of a deposit may be on hold and may not be available to you, less payment transactions that have been presented and ‘posted’ to your account, but not payment transactions that have been authorized and are pending. Thus, while the term ‘actual’ may sound as though the number you see is an up-to-date display of what is in your account that you can spend, that is not always the case. Any holds for purchase transactions, holds on deposits, or other checks, payments and fees that have not yet posted will not appear in your actual balance. For example, if you have a $50 Actual Balance, but you just wrote a check for $40, then your Actual Balance is $50 but it does not reflect the pending check transaction. So at that point, you actually have $50, but you have already spent $40. Your Available Balance is the amount of money in your account that is available to you to use. The Available Balance is the Actual Balance less things like holds placed on deposits and pending transactions (such as pending debit card purchases) that ESL has authorized but that have not yet posted to your account. For example, assume you have an Actual Balance of $50 and an Available Balance of $50. If you were to swipe your debit card at a restaurant to buy lunch for $20, then that merchant could ask ESL to pre-authorize the payment. In that case, ESL will reduce your Available Balance by $20 because once ESL authorizes the payment, ESL is obligated to pay it. Your Actual Balance would still be $50 because this transaction has not yet been presented and posted, but your Available Balance would be $30 because you have committed to pay the transactionrestaurant $20. When the restaurant submits its xxxx for payment (which could be a few days later), ESL will post the transaction to your account and if there your Actual Balance will be reduced by $20. The Available Balance at the time transactions are no other sources of overdraft protection available, we will strive presented to pay ESL and posted to your reasonable overdrafts if account (not when they are authorized) is used to determine when your account is in good standing overdrawn. The following example illustrates how this works: Assume your Actual and Available Balance are both $100 and you continue swipe your debit card at a restaurant for $60. As a result, your Available Balance will be reduced by $60 so your Available Balance is only $40. Your Actual Balance is still $100. Before the restaurant charge is sent to meet eligibility requirementsESL for posting, a check that you wrote for $50 clears. The third level Because you have only $40 available (you have committed to pay the restaurant $60), your account will be overdrawn by $10, even though your Actual Balance was $100 before the check posted and is our Enhanced Overdraft Privilege option that extends still $50 after the check posts. In this case, ESL may pay the $50 check, but you will be charged an overdraft privilege program fee. That fee will be deducted from your account, further reducing the balance. Also, when the $60 restaurant charge is presented to ESL and posted to your ATM account, you will not have enough money in your Available Balance because of the intervening check, and everyday you will be charged an overdraft fee for that transaction as well, even though your Available Balance was positive when it was authorized. It is very important to understand that you may still overdraw your account even though the Available Balance appears to show there are sufficient funds to cover a transaction that you want to make. This is because your Available Balance may not reflect all your outstanding checks and automatic xxxx payments that you have authorized, or other outstanding transactions that have not been authorized or paid from your account. In the example above, the outstanding check will not be reflected in your Available Balance until it is presented to ESL and posted to your account. In addition, your Available Balance may not reflect all of your debit card transactions. To use this optionFor example, you must affirmatively optif a merchant obtains ESL’s prior authorization but does not submit a one-in to our Enhanced Overdraft Privilege option for ATM and everyday time debit card transaction for payment within three business days of authorization (or for up to 30 business days for certain types of debit card transactions), ESL must release the authorization hold on the transaction. If the authorization hold is released, then your Available Balance will not reflect this pending transaction until it has been presented to ESL for payment and posted to your account. HOW TRANSACTIONS ARE POSTED TO YOUR ACCOUNT. There are basically two types of transactions by completing our opt-in form. Both levels your account: credits (or deposits) of the Overdraft Privilege Program will charge an Overdraft Privilege fee as set forth in the Fee Schedule when a transaction is paid using the service. The amount money into your account and debits (or payments) out of your Overdraft Privilege approved limit for account. It is important to understand how each is applied to your checking account may vary and so that you know how much money is subject available to change you at any time based on certain membership factors such as age of given time. This section explains generally how and when ESL posts transactions to your account, deposit activity and history, and overdraft activity and history, including repayment history. If you no longer want an Overdraft Privilege option, you may opt-out of any level at any time in writing or by phone, within the Online Banking system or in-person at any one of our branches. Please refer to our Discretionary Overdraft Privilege Policy for eligibility requirements and additional information about the Overdraft Privilege Program.