Overdrafts and Overdraft Services Clause Samples

Overdrafts and Overdraft Services. If we so choose, we may pay any Overdraft via a pre-approved overdraft line of credit (“NuPal”), via an overdraft transfer program (“Overdraft Transfer”), via a courtesy overdraft program (“Courtesy Pay”), or otherwise on a case- by-case basis, but we have no obligation to do so, or to continue to do so, unless otherwise expressly agreed in a separate written agreement. We may impose a fee (as contained in the Fee Schedule as amended from time to time) for any Overdraft or Return Item. Multiple presentments of an item may result in multiple Overdrawn Fees or Courtesy Pay Fees being assessed. You are required to promptly pay us the amount of any Overdraft, together with any fee, pursuant to our Policies. We have no obligation to notify you prior to any Overdraft, any Return Item, or any charge that creates a negative funds balance. Any overdraft protection plans you have with us now or in the future are intended to cover Overdrafts and other negative funds balances caused by or arising from your actions. Pre-Approved Overdraft Line of Credit – The NuPal is a line of credit for which you must apply and be approved. The NuPal is used as an overdraft protection plan on your Checking Account and may also be used as a line of credit up to your pre-approved limit. If you have been approved for the NuPal, we may honor transactions on your Checking Account drawn on insufficient funds, up to your approved credit limit, by transferring the amount needed to pay the transaction from your NuPal to your Checking Account and clearing the item. If you do not have a sufficient amount available on your NuPal to pay an item, the transaction may result in an NSF and we may charge you an Overdrawn Item Fee (as contained in the Fee Schedule). Overdraft Transfer – Overdraft Transfer is an optional overdraft transfer program where you authorize us to make transfers from another account (“Transfer Account”) you have designated for overdraft transfers and overdraft transfer fees to cover Overdrafts on your Checking Account. This service is optional and by request. Eligible Transfer Accounts are at the sole discretion of the Credit Union. However, all Owners on the Checking Account must be Owners on the Transfer Account. If you have set up Overdraft Transfer on your Checking Account, we will consider, without obligation on our part, paying items for which your Checking Account has insufficient or unavailable funds, instead of automatically returning those items unpaid. For each day a...