Common use of Overdraft Clause in Contracts

Overdraft. If you have an existing overdraft credit line or open end loan account attached to your share draft/checking account, any overdrafts will be subject to finance charges in accordance with the terms of the applicable agreement. In the event we are unable to process a services transaction, (if, for example, there are insufficient funds in your designated account) the transaction will result in a Failed Payment or Transfer. In such event, we will charge the total cost of the transaction, including any service charges, to you. In the event of repetitive failed payment or transfer, we reserve the right to suspend your access to the services. This suspension may be without prior notice to you. If your access is suspended, transactions which were previously initiated may still continue to be processed unless canceled and confirmation of such cancellation is provided as specified below. Suspension will be handled by Customer Service and all inquiries and correspondence including request for reinstatement should be directed to Customer Service. With respect to any failed payment or transfer, you agree to reimburse us within fourteen (14) days after notice is sent to you, for any funds we have already paid to one or more of your designated merchants which we were unable to recover by debit to the merchant or charge to you. Stop-Payment Orders. To be effective, a stop-payment order must be received in time to allow us a reasonable opportunity to act on it, and for some direct payments via ACH must be received at least three banking days before the scheduled date of transfer. To be effective, a stop-payment order must identify the payment sufficiently to allow us a reasonable opportunity to act on it. If the payment is by check, an oral stop-payment order is not effective, and a stop- payment order is effective only if it is in writing. If the payment is by direct payment via ACH and we give notice at the time an oral stop-payment order is received that written confirmation is required and provide an address where the written confirmation can be sent, an oral stop-payment order is effective for 14 calendar days only, unless confirmed in writing within the 14-day period. Properly signed written stop-payment orders are effective for 6 months after date received and will automatically expire after that period unless renewed in writing. With respect to direct payments via ACH, you and we agree to abide by the ACH rules and regulations regarding stop-payment orders. We will charge you for each stop-payment order you give as disclosed on our Fee Schedule.

Overdraft. If you have an existing overdraft credit line or open end loan account attached to your share draft/checking account, any overdrafts will be subject to finance charges in accordance with the terms of the applicable agreement. In the event we are unable to process a services transaction, (if, for example, there are insufficient funds in your designated account) the transaction will result in a Failed Payment or Transfer. In such event, we will charge the total cost of the transaction, including any service charges, to you. In the event of repetitive failed payment or transfer, we reserve the right to suspend your access to the services. This suspension may be without prior notice to you. If your access is suspended, transactions which were previously initiated may still continue to be processed unless canceled and confirmation of such cancellation is provided as specified below. Suspension will be handled by Customer Service and all inquiries and correspondence including request for reinstatement should be directed to Customer Service. With respect to any failed payment or transfer, you agree to reimburse us within fourteen (14) days after notice is sent to you, for any funds we have already paid to one or more of your designated merchants which we were unable to recover by debit to the merchant or charge to you. Stop-Payment Orders. Orders To be effective, a stop-payment order must be received in time to allow us a reasonable opportunity to act on it, and for some direct payments via ACH must be received at least three banking days before the scheduled date of transfer. To be effective, a stop-payment order must identify the payment sufficiently to allow us a reasonable opportunity to act on it. If the payment is by check, an oral stop-payment order is not effective, and a stop- stop-payment order is effective only if it is in writing. If the payment is by direct payment via ACH and we give notice at the time an oral stop-payment order is received that written confirmation is required and provide an address where the written confirmation can be sent, an oral stop-payment order is effective for 14 calendar days only, unless confirmed in writing within the 14-day period. Properly signed written stop-payment orders are effective for 6 months after date received and will automatically expire after that period unless renewed in writing. With respect to direct payments via ACH, you and we agree to abide by the ACH rules and regulations regarding stop-payment orders. We will charge you for each stop-payment order you give as disclosed on our Fee Schedule.