Overdrafts and Overdraft Protection Clause Samples
Overdrafts and Overdraft Protection. Overdrafts, returned items and overdraft protection options are governed by our Overdraft Governance Documents. The Overdraft Governance Documents are hereby incorporated as if fully set forth herein. Any conflict between the Overdraft Governance Documents and this or other agreements shall be governed by the Overdraft Governance Documents. Stop Payment Orders. You may request a stop payment order on any check or other written instrument drawn on your account that has not been paid or certified. You may call us to request a stop payment, but to be binding, we may require that the order be dated, signed, and describe the account number, item number, and the exact amount of the item. The stop payment order will be effective if we receive the order in time for us to act upon the order. You understand that the exact information is necessary for our computer system to identify the item. If you give us incorrect or incomplete information, or the stop payment order is not received in time for us to act upon it, we will not be responsible for failing to stop payment on the item and we will not be liable to you or to any other party for payment of the draft. If we recredit your account after paying a draft over a valid and timely stop payment order, you agree to sign a statement describing the dispute with the payee, to transfer to us all of your rights against the payee or other holders of the draft and to assist us in any legal action. ACH and Wire Transfers. This provision applies to funds transfers as defined in Article 4A of the Uniform Commercial Code and Subpart B of Regulation J of the Board of Governors of the Federal Reserve System. (e.g., wire transfers). You authorize us to transfer funds according to your instructions ("payment order") to and from your designated account(s), or to and from another financial institution. You also authorize us to charge your account for any related fees or service charges. We may require that transfers follow certain security procedures. We will notify you of any such security procedures and you agree that our security procedures are commercially reasonable. Cut-off times may apply to the receipt, execution and processing of funds transfers, payment orders, cancellations, and amendments and if received after a cut-off time, may be treated as having been received on the next following funds transfer business day. Information about any cut-off times is available upon request. When processing a payment order, payment may be...
Overdrafts and Overdraft Protection. An overdraft occurs when you do not have enough Available Balance in your account to cover a transaction, but we pay it anyway. You agree to maintain available funds in your account at all times sufficient to pay any withdrawal order (whether verbal, written, or otherwise) or item presented for payment against the account. We are under no obligation to pay any withdrawal order or item (i) the amount of which exceeds the Available Balance in the account upon which the order was made or the item was drawn, or
Overdrafts and Overdraft Protection. An overdraft occurs when you do not have enough funds in your Account’s Available Balance to cover a transaction, but we pay it anyway. You agree to maintain available funds in your Account at all times sufficient to pay any withdrawal order (whether verbal, written, or otherwise) or item presented for payment against the account. We are under no obligation to pay any withdrawal order or item that (i) exceeds the Available Balance in the account upon which the order was made or the item was drawn, or (ii) would exceed limitations imposed upon the account under our policies and procedures or under applicable law. Debit transaction refers to any item presented for payment against your Account, including merchants that present items previously returned unpaid. ACH transactions are posted to your Account in the order they are received, as we are able to process them. Nacha rules allow merchants to request payment for one (1) item up to three (3) times. This includes decoupled debit cards, which are issued by third party card issuers, such as stores, merchants, gas stations, or other companies. When you set up a decoupled debit card you provide the card issuer your account number and routing number to access the funds in your Account. When you pay with your decoupled debit card, the card issuer submits the transaction to us for payment as an ACH debit transaction processed through the ACH network not as a debit card transaction processed through a payment card network like the debit card we issue. Please review the terms the card issuer provided you for additional information. For the purposes of fee determination, and the terms of this Agreement, decoupled debit card transactions are ACH transactions. The order of transaction processing can affect the Available Balance in your Account used by us to determine whether you have sufficient funds to cover a debit transaction. For this reason, the order of transaction processing can affect our decision to pay or return an item unpaid and charge an associated Courtesy Pay Fee or Insufficient Funds Fee, respectively to your Account. If no standard overdraft practices or alternative overdraft protection plans exist on your Account (e.g., you have opted out of all of RBFCU’s standard overdraft practices and alternative overdraft protection plans), your Account is still subject to Insufficient Funds Fees or Insufficient Funds Fees - UCF as set forth in the Truth in Savings Fee Schedule. To avoid fees, you should ensure t...
Overdrafts and Overdraft Protection. An overdraft occurs when you do not have enough Available Balance in your account to cover a transaction, but we pay it anyway. You agree to maintain available funds in your account at all times sufficient to pay any withdrawal order (whether oral, written, or otherwise) or item presented for payment against the account. We are under no obligation to pay any withdrawal order or item if (i) the amount of which exceeds the Available Balance in the account upon which the order was made or the item was drawn, or (ii) that would exceed limitations imposed upon the account under our policies and procedures or under applicable law, including Federal Reserve Board Regulation D unless the item is authorized or pre-authorized. We pay all checks and debits on your checking account in order of arrival sequence throughout the day. See the “What You Need to Know About Overdraft Protection” for additional information about the standard overdraft practices and overdraft protection plans, and optional overdraft practices available for your account.
Overdrafts and Overdraft Protection. You agree to maintain sufficient available funds in your Accounts at all times to pay any withdrawal order (whether oral, written, or otherwise) or item presented for payment against the applicable Account.We are under no obligation to pay any order or item (i) the amount of which exceeds the available balance in the Account upon which the order was made or the item was drawn, or (ii) that would exceed limitations imposed upon the applicable Account under our policies and procedures or under applicable law, including Federal Reserve Board Regulation D. In the event that we do pay any such order or item, we will not waive our right to dishonor any subsequent orders or items presented. If we do pay an order or item, the amount of which exceeds the available balance in the Account upon which it is drawn, or if any item deposited to your Account is subsequently returned and charged back to your Account creating an overdraft, you agree to pay us immediately the amount by which that Account is overdrawn together with any fees that we might ▇▇▇▇▇▇.▇▇▇ also authorize us to deduct any overdraft from your next deposit person different than the named beneficiary or a financial institution different from the named financial ▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ agree that neither we nor any other institution involved in the transaction has a duty to determine whether the number given matches the intended beneficiary or the named financial institution. If we receive a payment order for you that does not specify an Account suffix, you agree that we may deposit the payment into any Account of yours, including a Multiple Party Account.
Overdrafts and Overdraft Protection. You agree to maintain a ledger balance in your Account at all times sufficient to pay any check or other withdrawal order (whether oral, written, or otherwise) or item presented for payment against the applicable Account so that your Account does not become overdrawn as determined under this section. Withdrawal orders or items include, without limitation, withdrawals made at branches, checks, ACH debits, wire transfers, debit card transactions, and ATM withdrawals. The “ledger balance” in your Account is made up of the amount on deposit in the Account at any point in time, with no adjustment made for any holds that are in effect either for debits or the availability of deposits. The “available balance” in your account is comprised of the ledger balance less any debit card transactions that are in a pending status and any deposited funds that are not available due to a hold. This balance is used, among other things, to determine whether we will authorize a requested debit card transaction. You should determine your “available balance” before making transactions. You can get that information through online banking, telephone banking, ATM balance inquiries or by visiting a branch.
Overdrafts and Overdraft Protection. We pay checks and allow other transactions and withdrawals on your Account based on the “available balance.” More information about the available balance is provided below in this section. The availability of funds in your Account may be delayed or reduced as provided in this Agreement, the Funds Availability Policy Disclosure, the Electronic Fund Transfers Agreement and Disclosures, the Mobile Deposit Service Agreement, and for other reasons such as legal holds.
a. What is an Overdraft?
Overdrafts and Overdraft Protection. Overdrafts, returned items and overdraft protection options are governed by our Overdraft Governance Documents. The Overdraft Governance Documents are hereby incorporated as if fully set forth herein. Any conflict between the Overdraft Governance Documents and this or other agreements shall be governed by the Overdraft Governance Documents. Stop Payment Orders. You may request a stop payment order on any check or other written instrument drawn on your account that has not been paid or certified. You may call us to request a stop payment, but to be binding, we may require that the order be dated, signed, and describe the account number, item number, and the exact amount of the item. The stop payment order will be effective if we receive the order in time for us to act upon the order. You understand that the exact information is necessary for our computer system to identify the item. If you give us incorrect or incomplete information, or the stop payment order is not received in time for us to act upon it, we will not be responsible for failing to stop payment on the item and we will not be liable to you or to any other party for payment of the draft. If we recredit your account after paying a draft over a valid and timely stop payment order, you agree to sign a statement describing the dispute with the payee, to transfer to us all of your rights against the payee or other holders of the draft and to assist us in any legal action. Checks Presented for Payment in Person. We may refuse to accept any check or draft drawn on your account that is Remotely Created Checks. For purposes of this paragraph, “account” means a transaction account, credit account, and any other account on which checks (share drafts) may be drawn. A remotely created check is a check created by someone other than the person on whose account the check is drawn. A remotely created check is generally created by a third party payee as authorized by the owner of the account on which the check is drawn. Authorization is usually made over the telephone or through on-line communication. The owner of the account does not sign a remotely created check. In place of the owner’s signature, the remotely created check usually bears a statement that the owner authorized the check or bears the owner’s printed or typed name. If you authorize a third party to draw a remotely created check against your account, you may not later revoke your authorization. It is your responsibility to resolve any authorization...
Overdrafts and Overdraft Protection