Overdrafts. If any Item or other debit presented to us will overdraw the available account balance, including any balance in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive them.
Appears in 10 contracts
Samples: Personal Deposit Account Agreement, Personal Deposit Account Agreement, Personal Deposit Account Agreement
Overdrafts. If any Item or other debit presented to us will You understand that we may, at our discretion, honor withdrawal requests that overdraw your account. However, the fact that we may honor withdrawal requests that overdraw the account balance does not obligate us to do so later. So you can NOT rely on us to pay overdrafts on your account regardless of how frequently or under what circumstances we have paid overdrafts on your account in the past. We can change our practice of paying, or not paying, discretionary overdrafts on your account without notice to you. You can ask us if we have other account services that might be available account balanceto you where we commit to paying overdrafts under certain circumstances, including any balance in such as an overdraft protection line-of-credit or a plan to sweep funds from another account ("ODP Account") we you have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine charge fees for overdrafts. For consumer accounts, we will not charge fees for overdrafts caused by ATM withdrawals or one-time debit card transactions if you have not opted-in our discretion to that service. We may use subsequent deposits, including direct deposits of social security or other government benefits, to cover such overdrafts and overdraft fees. Nonsufficient funds (NSF) fees - If an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the categories, the transactions within a category, the order among categoriesamount of money available in your account, and we decide not to pay the posting orders within item or transaction, you agree that we can charge you an NSF fee for returning the payment. Be aware that such an item or payment may be presented multiple times and that we do not monitor or control the number of times a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categoriesis presented for payment. You agree that we may charge you an NSF fee each time a payment is presented if the amount of money available in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented. Balance information - Keeping track of your balance is important. You can review your balance in a number of ways including reviewing your periodic statement, reviewing your balance online, accessing your account information by phone, or coming into one of our discretion branches. Funds availability - Knowing when funds you deposit will be made available for withdrawal is another important concept that can help you avoid being assessed fees or charges. Please see our funds availability disclosure for information on when different types of deposits will be made available for withdrawal. For those accounts to which our funds availability policy disclosure does not apply, you can ask us when you make these changes a deposit when those funds will be available for withdrawal. An item may be returned after the funds from the deposit of that item are made available for withdrawal. In that case, we will reverse the credit of the item. We may determine the amount of available funds in your account for the purpose of deciding whether to return an item for insufficient funds at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout between the day. Regardless of when during the day times we receive transactions for your accountthe item and when we return the item or send a notice in lieu of return. We need only make one determination, you agree that we may treat them as but if we received all transactions choose to make a subsequent determination, the account balance at the same subsequent time will determine whether there are insufficient available funds. A temporary debit authorization hold affects your account balance - On debit card purchases, merchants may request a temporary hold on your account for a specified sum of money when the merchant does not know the exact amount of the purchase at the end time the card is authorized. The amount of the business daytemporary hold may be more than the actual amount of your purchase. During Some common transactions where this occurs involve purchases of gasoline, hotel rooms, or meals at restaurants. When this happens, our processing system cannot determine that the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end amount of the dayhold exceeds the actual amount of your purchase. This temporary hold, with and the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits amount charged to your account, and report them on will eventually be adjusted to the actual amount of your statementpurchase, but it could be three calendar days, or even longer in a different order some cases, before the adjustment is made. Until the adjustment is made, the amount of funds in your account available for other transactions will be reduced by the amount of the temporary hold. If another transaction is presented for payment in an amount greater than the funds left after the deduction of the temporary hold amount, you will be charged an NSF or overdraft fee according to our NSF or overdraft fee policy. You will be charged the fee even if you would have had sufficient funds in your account if the amount of the hold had been equal to the amount of your purchase. Payment order of items - The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. The payment order can affect the number of items overdrawn or returned unpaid and the amount of the fees you conduct them may have to pay. To assist you in managing your account, we are providing you with the following information regarding how we process those items. Our policy is to process debit card transactions and over-the-counter checks first, in real time as they occur on the day they are processed. We process other checks second, by dollar amount - smallest to largest on the day they are processed. We process ACH and electronic items third, by dollar amount - smallest to largest on the day they are processed. If a check, item or transaction is presented without sufficient funds in your account to pay it, you will be charged an NSF or overdraft fee according to our NSF or overdraft fee policy. We will not charge you a fee for paying an overdraft of an ATM or one-time debit card transaction if this is a consumer account and you have not opted-in to that service. The amounts of the overdraft and NSF fees are disclosed elsewhere, as are your rights to opt in to overdraft services for ATM and one-time debit card transactions, if applicable. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and potentially incurring the resulting fees. INTEREST CHECKING AND NON INTEREST CHECKING ACCOUNT HOLDERS - This Account consists of a checking sub account and a savings sub account. The Bank may periodically transfer funds between these two sub accounts. On a sixth transfer during a calendar month, any funds in the savings sub account will be transferred back to the checking sub account. If your Account is a Plan on which interest is paid, your interest calculation will remain the same. Otherwise, the savings sub account will be non-interest bearing. The saving sub account will be governed by the rules governing our other savings accounts. This process will not affect your available balance, the interest you may earn, FDIC insurance protection, or your monthly statement. OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION - These rules apply to this account depending on the form of ownership and beneficiary designation, if any, specified on the account records. We make no representations as to the appropriateness or effect of the ownership and beneficiary designations, except as they determine to whom we receive thempay the account funds. Individual Account - is an account in the name of one person. Joint Account - With Survivorship (And Not As Tenants In Common) - is an account in the name of two or more persons. Each of you intend that when you die the balance in the account (subject to any previous pledge to which we have agreed) will belong to the survivor(s). If two or more of you survive, you will own the balance in the account as joint tenants with survivorship and not as tenants in common. Joint Account - No Survivorship (As Tenants In Common) - This is owned by two or more persons, but none of you intend (merely by opening this account) to create any right of survivorship in any other person. We encourage you to agree and tell us in writing of the percentage of the deposit contributed by each of you. This information will not, however, affect the number of signatures necessary for withdrawal.
Appears in 5 contracts
Overdrafts. If any Item there are insufficient funds available in your account created by check, in-person withdrawal, ATM withdrawal, or other debit presented to us will overdraw the available account balanceelectric means, including any balance in it may be returned unpaid. However, we may, at our sole discretion, create an overdraft protection account by paying the check or item or by permitting the transaction. In either case, there will be a fee for each item or transaction as follows: - $25 will be charged for Uncollected/Insufficient Funds check/ACH. This fee will be shown as “NSF PAID ITEM(S) CHARGE” on your bank statement, or - $35 will be charged for the combination of Uncollected/Insufficient Funds check/ACH Charge ("ODP Account"$25) we have established for youand Bounce Check/ACH Charge ($10). This fee will be shown as “NSF RETURNED ITEM(S) CHARGE” on your bank statement. - Fees are charged per instance, we will charge meaning that you can be charged multiple fees in a fee, whether we pay the Item or dishonor itsingle day. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of any overdraft immediately, without notice or demand from us. Each account holder or signer is jointly and severally responsible for paying any overdraft amounts created by any authorized signer(s) or party to the dishonored deposited fundsaccount, and you regardless of whether an account holder signed the check or received any benefit from the check. You, therefore, authorize us to debit apply any subsequent deposit to the account with us of which you are an owner, without prior notice and at any time, for against the amount of the returned item any overdraft and resulting fees or other deposit. You also authorize us charges, including any federal or state benefit payments that you choose to debit your deposit in any account for the amount (including direct deposit of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe usSocial Security). We are not responsible for any transactions, including any transactions sent through obligated to continue paying items which create an overdraft even if we have done so in the mail, until we actually receive past and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may refuse to do so in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in future without any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits An ATM withdrawal or Debit Card transaction that would create an overdraft in your account will not be permitted and holds throughout the daytransaction will be declined. Regardless of when during the day we receive A nonsufficient fund fee will not be applied for an overdraft granted for ATM and Debit card transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card due to pay for a purchase at situation where a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themsystem failure occurs.
Appears in 3 contracts
Samples: www.newbankusa.com, www.newbankusa.com, www.newbankusa.com
Overdrafts. If The Bank may pay or return any Item item that is drawn against insufficient funds. Honoring past overdrafts does not obligate the Bank to honor them in the future. Overdraft fees may apply when overdrafts are created by checks, in person withdrawals, or other debit presented to us will overdraw the available account balance, including any balance in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor itelectronic means. You agree immediately upon notice from us to deposit sufficient funds sufficient to cover the overdraft plus applicable and any fees promptly upon notice. You also agree to reimburse the Bank for any costs that we incur collecting the overdraft from you, including, without limitation, reasonable attorneys’ fees and the cost of litigation, to the extent permitted by law. All such fees and costs may be charged to your account. Additionally, you will not hold us accountable for refusing to honor your checks because of insufficient funds caused by these charges. In connection with overdraftsWe are not required to send prior notice of checks returned for insufficient funds. Any overdraft paid by the Bank is in anticipation of your making a deposit to cover the negative balance as soon as possible. This deposit can come from an automated source, such as payroll or other direct deposit, or you may choose to pay the negative balance, which includes any overdraft fee, by stopping by any 1st Source banking center. You agree we may use subsequent deposits, including direct deposits of Social Security or other government benefits, to cover overdrafts and overdraft fees. You may have the option to choose whether or not to allow your checking account to become overdrawn when using your Resource Plus® debit card under our determination of the Deposit Account balance may Overdraft Choice program. This choice, sometimes referred to as opting-out or opting-in, can be made at any time between presentment by contacting your nearest banking center or by calling customer service during normal business hours. Additionally, if you want to limit your overdraft usage and our predetermined deadlineexpenses associated with it, the Bank offers products and services such as Carefree Line of Credit (subject to approval), Overdraft Transfer Service, Online Banking, Text Alerts, and need only be made one timemore. If we pay Items or permit withdrawals which overdraw you have a Carefree Line of Credit, the available Deposit Account balance amount on your line will be considered during a card authorization that would otherwise be declined without the Carefree Line of Credit. For Overdraft Transfer Service, you will need to opt in to the Overdraft Choice program (whether once or repeatedly)if available to you) if you prefer this overdraft protection service be used for one-time debit card and ATM transactions. If you do not opt in, we may decline certain debit card transactions that would overdraw your account. Even if you do so opt in and have available funds in a Carefree Line of Credit or linked savings account, we may still decline debit card transactions, at our discretion without discretion. Health Savings Accounts (HSAs) may not be overdrawn with a check or debit card transaction. Overdrafts in such accounts are considered prohibited transactions according to the IRS. Stop Payment Orders The Bank may charge a fee for each stop payment order. We will not stop payment on treasurer’s checks or one-time debit card transactions. You may stop payment on any obligation of your checks, including checks drawn on a joint account, provided we receive your stop payment order in a manner and at a time that gives us a reasonable opportunity to continue to do soact. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only Your stop payment order on a check will be too late if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment it is not received on within a reasonable time before any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited fundsactions described in Uniform Commercial Code section 4-303 are taken. In general, and you authorize us to debit any deposit account with us these actions include: • accepting the check • paying the check in cash • settling for the check as part of which you are an owner, without prior notice and at any time, the collection process • becoming accountable for the amount of the returned item or other depositcheck • passing of the next banking day after the banking day on which the Bank received the check A stop payment order for a check will be in effect for six (6) months. You also authorize However, if you inform us orally to debit your account for the amount of our returned item feestop payment, any interest paid on the depositwe may, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group discretion, remove the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting stop payment order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive them.after fourteen
Appears in 3 contracts
Samples: www.1stsource.com, www.1stsource.com, www.1stsource.com
Overdrafts. If any Item or other debit presented It is important to us will overdraw understand that your Eligible Transaction Account has two kinds of balances: the available account balance, including any balance in an overdraft protection account ("ODP Account") we Current Balance and the Available Balance. The Current Balance is calculated after all transactions have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if after the item end of the Business Day. The Available Balance is payable in U.S. dollars, subject to our receipt the amount of final paymentfunds available for withdrawal or use at that moment. If final payment is The Available Balance includes pending transactions that have been authorized but may not received on any item you deposited have been posted to your account yet, such as Zelle transactions, debit card and ATM transactions or that we cashed for youpending deposits. It does not include items such as scheduled “Xxxx Pay” transactions, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited fundsdeposits with holds placed on them, and checks that you authorize us have written but that have not yet cleared your account. It is your responsibility to debit any deposit account with us keep track of which payments that you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We have authorized but are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction yet pending or posted to your account. We When using the Services to initiate a Payment Instruction, the transaction is authorized based on the type of Services selected (the Zelle Service or Other Services) and your Available Balance. The Bank may not authorize a Payment Instruction from your Eligible Transaction Account unless you have sufficient funds available in such account. If we process a Payment Instruction in accordance with your instructions that overdraws your Eligible Transaction Account with us, we may assess a fee or charge interest for any such overdraft in accordance with the terms of the applicable Other Agreements. Please note that you should not consider a transaction authorization as a guarantee that there will be sufficient funds in your Eligible Transaction Account to cover the transaction when it posts. Although a transaction has been authorized, it may still might result in an overdraft if other transactions are not liable processed before it. On the day a Payment Instruction from your Eligible Transaction Account posts, if the amount of such Payment Instruction exceeds the Current Balance in your Eligible Transaction Account, your account will be overdrawn and you will be responsible for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account negative balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same dayTo avoid overdrafts, you agree should ensure that we may the Current Balance in our discretion determine our posting orders for your Eligible Transaction Account is sufficient to cover all transactions at the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally time they post some common transactions to your account. We group If we allow your Payment Instruction to be paid when you do not have sufficient funds in your Eligible Transaction Account, it may cause an overdraft, in which case you shall be liable for the different types overdraft and any overdraft fees and interest thereon as set forth in the applicable Other Agreements. To limit overdrafts and the expenses associated with this possibility, you may enroll in one of transactions into categoriesour overdraft plans, such as Carefree Line of Credit or Overdraft Transfer Service. We use several different categories for holdsIn either case, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start you may be assessed fees and/or interest in accordance with the balance in your account at the beginning terms of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your accountsuch applicable overdraft plan. You agree that we have the right to collect funds owed to us from any of your eligible accounts. The amount of any overdrafts, including our fees, are due and payable immediately. Failure to bring your Eligible Transaction Account in good standing may determine in our discretion the categories, the transactions within a category, the order among categoriesremove your standard overdraft coverage, and a continued overdraft status may result in your account(s) being closed. The Agreement for Deposit – Personal Accounts explains the posting orders within a categorydetails and rules regarding our Overdraft Policy. We sometimes add or delete categoriesFor fee information, change posting orders within categories and move transaction types among categoriesplease refer to our Truth in Savings Disclosure. You agree that we may in our discretion make obtain a copy of these changes policies at any time without notice to you. Posting Orders Determined 1st Source banking center or online at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themxxxxx://xxx.0xxxxxxxx.xxx/disclosures.
Appears in 3 contracts
Samples: Services Terms Agreement, Services Terms Agreement, Services Terms Agreement
Overdrafts. An overdraft is a type of borrowing. If any Item you're in your overdraft, it means you've spent more money than you have in your account. Overdrafts are designed for short-term borrowing, not long-term borrowing. Please be careful before making a payment that takes you into your overdraft. If you try to borrow more than your agreed overdraft limit, or other debit presented to us will overdraw the available account balance, including any balance in without agreeing an overdraft protection limit with us in advance, your payment may not go through. Arranged overdrafts We expect you to keep enough money in your account ("ODP Account") to make your payments. The exception is if we agree an 'arranged overdraft' with you. An arranged overdraft is one that we agree with you in advance. If you have an arranged overdraft, you can spend money up to the limit we have established agreed with you. If we give you an arranged overdraft, we'll send you an overdraft letter explaining the extra terms and conditions that apply. Your overdraft letter will tell you things like how much interest you need to pay and when we can ask you to repay us. Cancelling your arranged overdraft If you have an arranged overdraft with us, you can ask us to cancel it or reduce it at any time. Unarranged overdrafts Usually, if you want to make a payment and there isn't enough money in your account, we'll refuse to make the payment. If we can't refuse to make the payment for any reason, it may still come out of your account. If this happens, the payment will take you into an 'unarranged overdraft'. When you owe us fees or charges, we can take these amounts automatically from your account. It is your responsibility to make sure you have enough money in your account to cover those fees and charges. If you don't, this might also take you into an 'unarranged overdraft'. Unarranged overdrafts are ones which haven't been agreed with us in advance. If you have an unarranged overdraft, you'll owe us interest like you would on any borrowing. Interest and fees The fees and interest that apply to your account are set out in the "overdraft" section on our website here xxx.xxxxxxxxxxx.xx.xx and in your Fee Information Document. Please see the "Our fees and charges" section for details of how to find this. Repaying your overdraft We can ask you to repay your overdraft in full or in part at any time. This is the case whether you have an arranged overdraft or an unarranged overdraft. This may not apply if we have agreed something different with you. We don't have to tell you in advance if we ask you to repay us, but we'll usually try to give you 30 days' notice if possible. When we can refuse or delay a payment We'll always try our best to make a payment when you ask us to, but sometimes we might not be able to. As long as we're acting reasonably, we can refuse or delay to make a payment for any of the following reasons: • we don't believe the instruction comes from you or from a third party with permission to act on your behalf, • you haven't met the conditions for making a payment in these terms and conditions, • you haven't given us any extra identity information required or information on the payment we have asked you for, • your instructions are unclear, or they appear to be wrong, • you don't have enough money in your account or your arranged overdraft to make the payment, • we think there's a high risk you won't be able to repay us the money you are borrowing, • you've asked us to make a type of payment that the other person's account provider doesn't accept, • the payment would take you over any maximum payment limits, or any limits we set to protect you and us against fraud or manage our risk, • we reasonably believe the payment you want us to make is a duplicate payment, • we believe your account is being misused, • we believe your account is being used for illegal, unlawful or fraudulent purposes, • making your payment would mean we could break a law, regulation, code, court order or contract that we need to comply with, • making your payment might expose us to legal action or censure by any government, regulator or law enforcement agency, • we are ordered to do so by a court, • you've broken this agreement in a serious way, • we learn that a bankruptcy or winding up petition has been issued against you, or • we will charge learn that you have been declared bankrupt or a feeliquidator, administrator or administrative receiver has been appointed We won't be responsible for any losses you suffer if we've acted reasonably and there are delays or we have refused your payment, for any of the reasons above. Working out if you have enough money in your account We might refuse to make a payment if there isn't enough money in your account. When we're working out if you have enough money in your account, we can look at: • whether we pay the Item you have an arranged overdraft or dishonor it. You agree immediately upon notice from not, • how much money is left to spend on your arranged overdraft, • any instructions you've given us to deposit funds sufficient make a payment which we've not made yet, • any card payments you've recently made which haven't come out of your account yet, • any regular payments which are due to cover the overdraft plus applicable charges. In connection with overdraftscome out of your account, our determination of the Deposit Account balance may be made at any time between presentment such as Direct Debits and our predetermined deadlinestanding orders, and need only • any interest and charges which are due. If you ask us to make a payment and there isn't enough money in your account or your arranged overdraft (if you have one), we won't always be made one able to refuse it in time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categoriescan't refuse it, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End payment will be made out of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themunarranged overdraft.
Appears in 2 contracts
Overdrafts. When You schedule a Funds Transfer or Bill Payment using Home Banking or Bill Payment, You authorize and are requesting Us to withdraw the necessary funds from Your Account with Us and make payments for You from Your Account. We debit the amount of Your Funds Transfer on the Business Day You instruct Us to process the Funds Transfer between Your Accounts. Each instruction to Us to withdraw or transfer from an Account is an order to Us to pay from that Account on the specified Processing Date. We debit the amount of Your Bill Payment from Your Account on the Processing Date, which is generally five (5) days prior to the due date. If we are unable to complete the transaction for any Item or other debit presented to us will overdraw the available account balancereason associated with Your Account (for example, including any balance there are not sufficient funds in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient Your Account to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedlytransaction), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is transaction may not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incurbe completed. We may also use any other legal remedy to recover charge Funds Transfers and Bill Payments against the amount you owe usAccount even though the charge creates an overdraft. We are not responsible for any transactions, including any transactions sent through the mail, until we actually In some instances You will receive and post the transaction to your accounta return notice from Us. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same dayIn these cases, you agree that we may a non-sufficient funds (NSF) fee will be charged in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start accordance with the balance credit union's established and published service fees. Further, You also agree that a NSF fee may be charged to Your account even if the payment is not returned but is paid and overdraws Your Payment Account. If You overdraw Your Account, You agree to immediately pay Us the overdrawn amount together with any applicable fees. If the Account is maintained in your account at connection with an overdraft credit plan, any overdraft will be made in accordance with the beginning of the business day, subtract holds from your balance, agreement or rules governing that Account rather than this Agreement. By enrolling for and make any adjustments from prior days. Next, we generally add credits to your balance using this Bill Payment and then subtract debits from your balance. Changing Posting Orders Home Banking Service You agree that we may determine in our discretion We have the orders in right to collect funds from all of Your Accounts to recover funds for all payments that have been requested to be paid by You and Your authorized user; this includes accounts on which we post transactions to your account. You agree that we may determine in our discretion are the categoriesprimary member-owner, as well as accounts on which You are the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themjoint owner.
Appears in 2 contracts
Samples: Terms and Conditions, Terms and Conditions Electronic
Overdrafts. If We will not be required to permit any Item or other debit presented to us will overdraw the withdrawal from your account if there are insufficient available funds in your account balance, including any balance in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one timewithdrawal. If we pay Items or do permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reasonsuch a withdrawal, you agree to pay us the amount overdrawn amount, and all applicable Return Deposit Item fees, as soon as we give you notice of the dishonored deposited fundsoverdraft. Under our standard overdraft practices, we may authorize and pay overdrafts for the following types of transactions: • Checks and other transactions made using your checking account number • Automated xxxx payments We will not authorize and pay for the following types of transactions unless you authorize ask us to debit any deposit account with us of which you are an owner, without prior notice and do so: • ATM transactions • Everyday Debit Card transactions You may choose to change your preference at any timetime by notifying us at a branch office, for by calling 1-800-EASTERN (327-8376), online at xxx.xxxxxxxxxxx.xxx/xxxxxxxxx or through the amount mail. We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of the returned transaction even if you have asked us to do so. Fees may be applied to each individual item or other depositthat overdraws your account, even if we do not honor it. You also authorize us to debit your account for the amount may opt out of our returned item feestandard overdraft practices and request that we do not automatically pay items causing an overdraft by calling 1-800-EASTERN (327-8376) or by visiting any branch office. Overdraft Protection We offer two forms of overdraft protection: a Cash Reserve Line of Credit or an Automatic Balance Protection. You may apply for a Cash Reserve Line of Credit for an eligible Checking Account. If you have a Cash Reserve Line of Credit, any interest paid on the depositwe will automatically lend you, and any other fee we pay or loss we incur. We may also use any other legal remedy up to recover prescribed limits, the amount you owe usneed to cover checks or withdrawals that would overdraw your Checking Account. We are not responsible Information about applicable interest rates, terms and conditions, and applications for any transactionsa Cash Reserve Line of Credit is available at our branches. There is a fee associated with a Cash Reserve Line of Credit. You may also request Automatic Balance Protection for your Checking Account if you want to link either another of your checking or statement savings accounts to automatically transfer the amount needed, including any transactions sent through up to the mailavailable balance in the linked account, until we actually receive to cover checks or withdrawals that would overdraw your Checking Account. There is an associated fee for this service, and post the transaction to your by federal regulation there is a limit of six (6) transfers per statement period from a savings or money market account. We are not liable for the default or negligence Standard of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. Care We use automated systems in the processing of checks in order to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types handle a high volume of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account items at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits lowest possible cost to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your accountyou. You agree that, to the extent that such systems are comparable to those used in general banking practice, their use will constitute ordinary care and we may determine will not be liable to you for forgeries or alterations not detected by such systems. You also agree that the exercise of ordinary care will not include detecting forgeries or alterations that could not be detected by an ordinary person acting with reasonable care. Safeguarding Your Checks You agree to use care in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add safeguarding unsigned checks on your account against theft or delete categories, change posting orders within categories and move transaction types among categoriesmisuse. You agree to tell us immediately if any such checks are lost, missing, destroyed or otherwise unaccounted for. Facsimile Signatures If your checks are signed with the use of any facsimile signature or other non-manual form of signature, you acknowledge that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End the use of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions such signature is solely for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that daybenefit and convenience. You should note that often we accept sole responsibility for maintaining security over any device for affixing such signature. Such signature will be effective as your signature regardless of whether the person affixing the signature was authorized to do not receive debits on the same day that you conduct themso. As You agree to indemnify and hold us harmless from all losses resulting from us honoring an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, item in a different order than the order any instance in which you conduct them the item bears or we receive thempurports to bear a facsimile signature resembling the signature of an authorized signer on file with us, regardless by whom or by what means the actual or purported signature was affixed to the item.
Appears in 2 contracts
Samples: Personal Deposit Account Agreement, Personal Deposit Account Agreement
Overdrafts. If any Item item or other debit presented to us will overdraw the available account balance, including any balance in an overdraft protection account ("ODP Account") we have established for you, when paid (not during authorization for a transaction), we will charge you a fee, whether we pay the Item item or dishonor itreturn it (except for debit-card and ATM transactions—they may be declined without a fee). You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, deadline and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Please note that merchants may attempt to get paid a second or third time if their initial ACH or check transaction is returned unpaid. We treat these second and third attempts as separate Items or transactions and will assess a fee each time we return one unpaid or pay one that results in an overdraft. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balancebalance and may affect the total number of overdraft or returned item fees you incur. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, category before we post any transactions assigned to the next category. Overdraft and returned item fees are assessed during the nightly posting process so the order in which we post transactions will affect the total number of overdraft of returned item fees incurred. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive them.
Appears in 2 contracts
Samples: Personal Deposit Account Agreement, assets.ctfassets.net
Overdrafts. If You are not allowed to overdraw your account and agree not to attempt to make any Item or other debit presented to us will overdraw the available account balance, including any balance withdraw that would result in an overdraft protection unless you have an account ("ODP Account") we have established for you, we will charge you a fee, whether we with sufficient overdraft protection. We pay items from your account in the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one timeorder they are received by us. If we determine that your account has insufficient available funds to pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly)a transaction, we do so at are not required to honor the transaction and may return or decline the transaction or accept the transaction in our absolute discretion without any obligation notice to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final paymentyou. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution becomes overdrawn for any reason, you are responsible for the full amount of any overdrafts. You agree to pay deposit sufficient funds to cover any overdrafts immediately and you agree that any overdrafts may be repaid out of any subsequent deposit to your account or set-off against such deposit including, without limitation, deposits of social security, supplemental security income, or other government benefits. You also agree to reimburse us for any losses we incur in collecting any overdrafts. The Bank is under no obligation to permit overdrafts. If the amount of the dishonored deposited fundsBank honors a transaction that results in an overdraft, it does not obligate us to honor any future transaction that may result in an overdraft, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid should not rely on the deposit, and any other fee Bank to honor an overdraft even if we pay or loss we incurhave done so in the past. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Transaction Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. Order – When we process multiple transactions more than one transaction for your account on the same day, you agree that we may in our sole discretion determine our the processing and posting orders order for the transactions and that we may credit, authorize, accept, pay, decline or return creditsany transaction in our sole discretion. Deposits and other credits increase your balance, subject to our funds availability policy. Withdrawals, other debits and holds in reduce your balance. We post the following types of debit transactions and remove the funds from your account when these transactions are executed by Synchrony Bank: • Wire transfers; • Transfers from one Synchrony Bank account to another Synchrony Bank account; • Cashier’s checks; • Withdrawals you make at any order branch the Bank may have using a teller; and • Checks that you wrote from your Synchrony Bank account and that are cashed at our optionany branch the Bank may have by a teller. Posting Orders This section summarizes how We place a hold on your account, which reduces your available balance, when the following types of debit transactions are received by Synchrony Bank, and then post the transaction and remove the funds from your account after the close of business: • ATM withdrawals; and • Point-of-sale transactions using your ATM or debit card. After the close of business, we generally first post credits and add them to your account balance, subject to our funds availability policy. We then post and subtract from your balance any debits from your account as follows: • We first post sequentially in serial number (the serial number is generally based on the date/time stamp on the transaction) order all electronic debit transactions (for example, scheduled transfers, preauthorized or automatic payments that use your deposit account number, bill payments and checks that your payee has converted to an ACH transaction). We post any electronic debit transactions without a serial number in the order they were received prior to posting electronic debit transactions with serial number information; • We then post sequentially in serial number (the serial number is typically the check number) order any checks you wrote from your account that are presented to the bank for payment. We post any checks without a serial number or with an illegible check number in the order they were received prior to posting checks with a legible check number; and • We then post fees payable from your account in order from highest to lowest dollar amount. The Bank uses automated check processing procedures and most checks and other items are processed on the basis of the MICR (Magnetic Ink Character Recognition) line printed along the bottom edge of the check or item. You understand and agree that standard industry practice and reasonable commercial standards do not require us to review every check or other item processed. We may, however, review a sample of checks and other items from time to time and select some common transactions checks or items for review based on certain criteria that we may change in our sole discretion from time to time. We may also elect in some cases to make further inquiries about certain checks or other items that are presented for payment against your account. We group the different types of transactions into categories. We use several different categories for holdsIf we are unable to contact you, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for or take other steps to determine with reasonable certainty that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Nextyou authorized these payments, we generally add credits may either pay the checks and other items or return them unpaid without any liability to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your accountyou. You agree that we will have exercised ordinary care if we examine only those checks and other items that we identify according to the criteria that we may determine establish from time to time. Because we do not individually examine most checks and other items, you should safeguard your checks, promptly review your account statements, and immediately report any suspicious or unauthorized activity to us. Stop Payments on Checks – Subject to certain limitations, any account owner or individual authorized to manage an account may stop payment on any check drawn on the account but not yet presented. If you call, we may also require you to put your request in our discretion writing and deliver it to us within 14 days after the categoriescall. We may charge a fee for any stop payment request. You must give us correct information about each check, including, but not limited to, the transactions within a categorycheck number, the order among categoriesdate of issuance, exact amount, payee, and the posting orders within a categoryaccount number on which the item is drawn. We sometimes add If any of this information is inaccurate or delete categoriesinsufficient, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as or if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not have a reasonable opportunity to act upon the stop payment request before payment is made, we will not be responsible or liable in any way if the request cannot be executed. A stop payment request is effective for 6 months and may be renewed for an additional 6-month period if we receive debits an extension request in writing while a stop payment request is effective. After any stop payment request ceases to be effective, we may pay the check previously subject to a stop payment request. You may not stop payment on the same day that you conduct them. As an exampleofficial, when you use your debit card certified, cashier’s, or teller’s check issued by us, or request us to pay for a purchase at a merchant and sign stop payment if we otherwise become accountable for the transactioncheck. If we pay a check against a valid stop payment request and you had a legal right to stop payment, we usually receive an authorization request may be liable to you for the lesser of the amount of the check or your actual loss suffered. In no case will we be liable for any amount in excess of the face amount of the check. See the Electronic Banking section below regarding stop payment requests on preauthorized electronic funds transfers from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive them.
Appears in 2 contracts
Samples: Account Agreement, Account Agreement
Overdrafts. We may honor overdrafts made at an ATM or teller workstation. If at any Item or other debit presented to us will overdraw time, the available funds in your account balance, including any balance in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds are not sufficient to cover share withdrawals and any other debit items, including but not limited to ACH debit or other electronic transaction (except ATM withdrawals) presented for payment on your account, those share withdrawals and items will be handled in accordance with our overdraft procedures. Your account will then be subject to a charge for the item whether paid or returned as provided in our fee schedules. This fee is imposed for any overdraft plus applicable chargescreated by share withdrawals, ACH, debit cards, or by other electronic means. In connection with overdraftsAdditionally, our determination of the Deposit Account balance more than one overdraft fee may be charged against the account per day, depending on the number of ACH, or other electronic items presented on, and other withdrawals made from the account. Except as otherwise agreed in writing, we, by covering one or any overdraft, do not agree to cover overdrafts in the future and may discontinue covering overdrafts at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items a share withdrawal or permit withdrawals which other debit item that would otherwise overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reasonaccount, you agree to pay us the overdraft amount immediately. We reserve the right to pursue collection of the previously dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and items at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee If we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions have approved an overdraft protection plan for your account, we will honor withdrawals drawn on insufficient funds by transferring funds from a share draft account or another deposit account or a loan account, as you agree that we have directed. No more than six (6) transfers may treat them as if we received all transactions at be permitted in any calendar month from deposit accounts. Once the same time at transfer total for the end of the business day. During the daymonth has reached six (6), we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen any insufficient funds items will be handled in Online Banking. Please note that transactions shown as processing have not been posted yetaccordance with our regular overdraft procedures. The posting order fee for these transactions overdraft transfers and excessive transfers, if any, is determined at set forth in our Fee Schedule. Rate and Annual Percentage Yield ("APY"). Your Share Account will earn what are known as dividends. Dividends are like interest, except that the end rate of dividends is set by the day, with Credit Union's Board of Directors (the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card "Board") from time to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your accounttime, and report them dividends are not guaranteed. The Credit Union estimates a prospective dividend rate and prospective annual percentage yield (APY) on your statement, Share Account for each dividend period. The dividend rate and APY may change every calendar quarter as determined by the Board. The dividend rates will be available each business day at our office. The words "dividend" and "interest" may be used interchangeably in a different order than the order in which you conduct them or we receive themthis Agreement.
Appears in 2 contracts
Samples: Membership Account Agreement, Membership Account Agreement
Overdrafts. If any Item or other debit presented to us will overdraw the available account balance, including any balance in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive them.
Appears in 2 contracts
Samples: Personal Deposit Account Agreement, Axos Bank Online Banking Agreement
Overdrafts. If An overdraft is created when you have insufficient funds in your Account to cover a check, withdrawal, automatic transfer, electronic transaction (e.g., ATM or point-of-sale purchase), returned deposited item, or any other electronic purchase, payment, or debit. When we receive a check or process an Automatic Clearing House (“ACH”) payment request to debit your Account, and your account has a non-sufficient available balance to pay the check or payment request, we may charge you Paid Item Fees and/or Returned Item Fees (as such terms are defined, respectively, in the Service Fees section of the Accounts Disclosure) each time that check or other debit payment request attempts to clear your Account. When your check or payment request is returned for non-sufficient funds, your check or payment request may be presented and re-presented to us your Account for payment multiple times, and each time that your Account has a non-sufficient available balance to pay the check or payment request, we may charge you a Paid Item Fees and/or Returned Item Fees. This means you may be charged multiple Returned Item Fees (or Returned Item Fees and then a Paid Item Fee, if paid into overdraft) for the same check or ACH payment request that are re-presented for payment when your Account has a non-sufficient available balance. We will process debit and credit ACH transactions throughout the day, in the order they are received in our processing center. Therefore, if an Account withdrawal or debit transaction is processed in the morning and it exceeds your available balance at that time, you may be charged Paid Item Fees and/or Returned Item Fees, even if a deposit or credit transaction occurring later that day raises your available balance above $0.00. We may receive multiple credit or debit transactions on your Accounts in many different forms throughout each day. The best way to know your Available Balance and avoid paying Paid Item Fees and/or Returned Item Fees is to record and track all your transactions closely. Courtesy Coverage Courtesy Coverage is a service that the Bank may, but is not required to, use to pay checks and other withdrawal requests that would otherwise overdraw the available account balance, including your checking Account (or would exceed any balance in an overdraft protection account ("ODP Account") we Overdraft Protection or Reserve Credit Overdraft Line of Credit that you have established for youthe Account). Typically, we the Bank limits Courtesy Coverage on consumer checking Accounts to $800.00 and offers the service only after: (1) an Account has been open for thirty days, and (2) has had at least $400.00 in deposits made to the Account, and (3) has incurred no overdrafts. There is no guarantee that the bank will charge you a feealways authorize and pay your transactions and items. The Bank retains the discretion to decline payment of items or transactions that will overdraw your Account, whether we pay the Item or dishonor it. You agree immediately upon notice and may remove Courtesy Coverage from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit your Account balance may be made at any time between presentment and our predetermined deadlinewithout notice to you. By federal law, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance banks are required to separate transactions into two categories when applying Courtesy Coverage: (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, 1) one-time debit card transactions and ATM withdrawals, and (2) checks, ACH, recurring debit card transactions, and feesall other types of transfers and withdrawals. One-time debit card transactions and ATM withdrawals These types of transactions are not automatically covered by the Courtesy Coverage service. You will be required to “Opt In” if you want the Bank to consider paying these types of transactions. If you “Opt-In” for these transactions, a fee will apply if the transaction is paid (Paid Item Fee) using Courtesy Coverage. The specific fees are disclosed in the Service Fees section of the Accounts Disclosure. If you do not “Opt-In”, the Bank will automatically decline or reject any of these transactions that would overdraw your Account. To “Opt-In”, or subsequently “Opt-Out” of Courtesy Coverage for ATM withdrawals and one-time debit card transactions, you may notify the Bank by calling us at 000-000-0000, visiting an office or our website, xxx.XxxxXX.xxx. You may revoke your Opt-In or Opt-Out at any time by notifying the Bank through the same channels listed above. Your decision to Opt-In or Opt- Out of Courtesy Coverage will be effective the next business day after we receive your notice, and will apply to all transactions initiated after we have affected such notice. Checks, ACH, recurring debit card transactions, and all other types of transfers and withdrawals These types of transactions are automatically included in the standard Courtesy Coverage service. If you wish to Opt-Out of Courtesy Coverage for these specific types of transactions you must notify the Bank. If you Opt-Out, all of your checks, ACH, recurring debit card transactions and all other transfers and withdrawals will generally be returned unpaid or declined. However, recurring debit card transactions that are authorized when funds are available in your Account but post at a later date when funds are no longer available, may overdraw your Account and these items will be subject to Paid Item Fees even if you are Opted Out of the Courtesy Coverage service. The Paid Item fee for Insufficient/Unavailable Funds will apply when the checks or transactions are paid and the Returned Item Fee will apply for checks or transactions that are returned. The specific fees are disclosed in the Service Fees section of the Accounts Disclosure. You will be charged a Returned Item Fee each time we return unpaid for a non- sufficient available balance an item that is presented for payment, even if that item has previously been presented and returned for a non-sufficient available balance and you were previously charged a Returned Item Fee for that return. Further, you will be charged a Paid Item Fee if we honor or pay the item or transaction when you have a non-sufficient available balance even if you were previously charged Returned Item Fees when the item or transaction was previously returned, rejected, or declined. We use automated systems have no obligation to process transactions and then to post transactions to accounts. When notify you if we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accepthonor, pay, return or decline an item or transaction for a non-sufficient available balance. To Opt-Out of Courtesy Coverage for check, ACH, recurring debit card transactions, and all other items, you may notify the Bank by calling us at 000-000-0000 or visiting our nearest office. You may revoke this decision at any time. Your decision to Opt-Out or Opt-In to Courtesy Coverage will be effective the next business day after we receive your notice, and will apply to all transactions initiated after we have affected such notice. If you have multiple overdrafts on any given day, we may honor any one or more and return credits, debits and holds the others in any order at our optionorder. Posting Orders This section summarizes how we generally post some common Multiple Paid Item or Returned Item fees can be charged against your Account per day on these occasions. The Paid Item and/or Return Item fees for all transactions shall be limited to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include no more than one transaction typesix (6) per day. After In addition, if any individual item is $3.00 or less, or any individual item overdraws your Account by $5.00 or less, you will not be charged a fee. The specific fees are disclosed in the end Service Fees section of the business dayAccounts Disclosure and are subject to change from time to time. You are in the best position to ensure that your Account has sufficient funds to cover any check or other debit by maintaining an accurate and current record of your deposits and withdrawals. You have the ability to confirm your current and available Account balances through any Bank Rhode Island ATM, our automated systems assign each transaction received for that day Telephone Banking, Online Banking, by contacting any office or by calling us at 000-000-0000 prior to writing a categorycheck, withdrawing cash, or initiating any electronic or debit transaction. We generally post all transactions within a category, using the posting order Current and available balances do not include outstanding checks or orders that apply to that category, before we post any transactions assigned debits not yet submitted to the next categoryBank. We start with Payment of an overdraft creates a debt owed to the balance in your account at Bank. The amount owed includes applicable fees and the beginning amount of the business dayitem(s) paid. The Bank is not responsible for notifying you prior to incurring a Paid Item or Return Item Fee due to Insufficient/Unavailable Funds. Once you are notified that your Account is overdrawn, subtract holds from your balance, you will be required to repay the Bank or to deposit sufficient funds to cover the overdraft and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your accountall related fees. You agree and acknowledge that the Paid Item Fee and the Returned Item Fee are designed to compensate the Bank for its costs in processing overdraft items and to compensate the Bank for its risk in electing, at its discretion, to pay certain overdrafts. You further agree that Paid Item and Returned Item fees do not constitute a penalty. If you fail to reimburse the Bank for the overdraft and related fees, we may determine will be entitled to recover our expenses in our discretion collecting the categoriesoverdraft and fees; and any related charges including, without limitation, attorney’s fees and legal costs. The payment of one or more overdrafts does not obligate the transactions within a category, the order among categoriesBank to honor or pay future overdrafts, and you should not rely upon the posting orders within Bank to honor or pay any overdraft. As to any Account with multiple owners, each owner agrees that they are jointly and severally liable for any overdraft paid by the Bank and subsequent Paid Item and Return Item fees. Each owner also agrees that the Bank may debit funds from any other Account held by such owners to repay the overdraft and any related fees. Overdraft Protection Overdraft Protection is a category. We sometimes add service that automatically transfers funds to a qualifying deposit Account to cover an overdraft by one or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end more of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end following methods: (i) transfer of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for funds from a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive them.designated Overdraft Line of Credit Account;
Appears in 2 contracts
Samples: Personal Deposit Agreement, Personal Deposit Agreement
Overdrafts. Funds to cover your Card transactions will be deducted directly from your personal or business Share Draft (Checking) Account. If any Item there are insufficient funds available in your personal or other debit presented business Share Draft Account to us will overdraw cover the available account balance, including any balance in an overdraft protection account ("ODP Account") we have established for youtransaction amount, we will charge you a feetransfer funds from your Share (Savings) Account, whether we pay provided you’ve authorized this service and agreed to the Item or dishonor itOverdraft Protection Transfer Fee that will be assessed. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination Please see current Schedule of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, Fees & Charges for the amount of the returned item fee. Otherwise, the transaction will be declined, unless you have an Overdraft Line of Credit or other depositVISA Credit Card. You also authorize us See below for related information. If you have been approved for an Overdraft Line of Credit, or VISA Credit Card, you may elect to debit have all overdrafts automatically covered by funds transferred from the Line of Credit or VISA Credit Card. The terms of your account Line of Credit or VISA Credit Card will apply. Currently, there is no fee assessed for this service. If there are insufficient funds available from your Line of Credit or VISA Credit Card, the amount of our returned item fee, any interest paid on the deposittransaction will be declined. If sufficient funds are not available to pay a pre-authorized VISA Check Card transaction, and any other fee we pay you do not have a Share Account, Overdraft Line of Credit, or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactionsVISA Credit Card agreement, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizationswill be force-paid (as required by VISA rules), and holds related you will be required to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on pay the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the deficient balance in your account at the beginning of the business daya timely manner. Failure to do so, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine will result in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to FRONTWAVE taking collection action against you. Posting Orders Determined at End COURTESY PAY Courtesy Pay is another type of Day We receive creditsoverdraft protection (with pre-approved limits), debits and holds throughout the daythat qualifying members can receive. Regardless of when during the day we receive transactions It is not a loan. Courtesy Pay will pay checks presented for payment against your account, you agree that we may treat them as even if we received all transactions at those checks cause your account to become overdrawn. Your account will be assessed a Courtesy Pay fee (See current Schedule of Fees and Charges) each time your account is overdrawn, if the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen transaction results in Online Banking. Please note that transactions shown as processing have not been posted yeta negative balance greater than $20. The posting order for these transactions maximum number of fees charged in a day is determined at the end of the day, with the other transactions we receive for that dayfive (5). You should note that often we do will be sent notification whenever Courtesy Pay is activated. You must repay the outstanding negative balance within 30 days, to avoid termination of Courtesy Pay services, or collection action. Courtesy Pay is not receive debits available on the same day that Business Accounts. Courtesy Pay is also available for Debit and/or ATM Card transactions, however you conduct them. As an example, when you use your debit card must provide written authorization (Opt In) to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them have Courtesy Pay overdraft services on your statement, in a different order than the order in which you conduct them Debit or we receive themATM Card transactions.
Appears in 2 contracts
Samples: www.frontwavecu.com, www.frontwavecu.com
Overdrafts. If you initiate any Item ACH transaction or write any check (including checks that the payee may convert into an ACH or other debit presented to us will overdraw form of electronic transaction) in an amount that exceeds the available account balance, including any balance in your account, it is within our sole discretion to pay the ACH or check, thereby creating an overdraft protection on your account, or return it unpaid. We have no obligation to permit overdrafts on your account, and our decision to permit you to create an overdraft on your account ("ODP Account") we have established does not require us to do so in the future. We will not be liable to you or any other person for you, we will charge you a fee, whether we our decision to pay the ACH or check or return it unpaid. We may impose, and you agree to pay, an Overdraft Return Item Fee or dishonor itOverdraft Paid Item Fee, as disclosed in our Fee Schedule, for each ACH transaction or check that we return or pay. We make the decision whether to pay your ACH or check, or return it unpaid, based on the funds available in your account, the amount of your ACH or check, and other considerations. You agree to immediately upon notice from us to deposit funds sufficient to cover repay the amount of any overdraft created on your account, and the amount of any Overdraft Paid Item Fee(s) that may be imposed on your account. For joint accounts, all account owners agree that this obligation of repayment is joint and several, regardless of who may have initiated the ACH transaction or written the check that caused the overdraft plus applicable chargesand resulting Overdraft Paid Item Fee(s) and to reimburse us for Losses we incur in collecting the overdraft from you. In connection with overdrafts, our determination of the Deposit Account balance You also agree that these amounts may be made at repaid out of any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated subsequent deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse setoff against such deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an ownerincluding, without prior notice and at any timelimitation, for the amount deposits of the returned item Social Security, Supplemental Security Income or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themgovernment benefits.
Appears in 2 contracts
Samples: www.salisburybank.com, www.salisburybank.com
Overdrafts. If any Item When a check or other debit item, including an electronic debit, is presented to us will overdraw the available account balancefor payment, including any balance and there are not enough funds in an overdraft protection account ("ODP Account") we have established for youyour Account to pay it, we will charge do one of two things. First, we may pay it. If the item is paid, then your Account will be overdrawn. If your Account becomes overdrawn, you a fee, whether we pay will be notified promptly and told how much money you have to deposit to cover the Item or dishonor itoverdraft. You agree immediately upon notice from to reimburse us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned overdraft and fee charged, if applicable, without delay. Second, we may return the item or other depositrefuse the debit without paying it. You also authorize us It is in our discretion whether to debit pay or to return the item. In either case, you will be charged an overdraft fee, which will be taken directly out of your account for the Account. The amount of our returned item fee, any interest paid on the deposit, overdraft fee is listed in your Health Savings Account Fee and Interest Schedule. Automated Clearing House (“ACH”) Rules. All ACH credits and debits received for your Account are subject to the rules of the National Automated Clearing House Association and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your accountapplicable ACH rules. You agree to be bound by the ACH rules. Any credit that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day give you for an ACH credit is provisional until we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business dayfinal payment. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often If we do not receive debits final payment, we may charge your Account for the amount or otherwise obtain a refund from you, and the party making payment to you will not be deemed to have paid you the amount of the entry. Except as reported in your periodic Account statements, we will not notify you of the receipt of ACH transactions for your Account. HSA Bank does not originate outbound international (cross border) ACHs. You agree to indemnify and hold us and Xxxxxxx Bank, N.A. harmless from and against all claims, demands, liabilities and expenses (including reasonable attorneys’ fees and costs) resulting from any error on your part, or any failure on your part to exercise reasonable care, in the same day that provision, transmission, or processing of data provided to us or Xxxxxxx Bank, N.A. thereunder or in complying with any ACHA rules or in our or Xxxxxxx Bank, N.A.’s relying on your request and instruction or complying with obligations under the Electronic Fund Transfer Act, the Office of Foreign Assets Control (“OFAC”), UCC Article 4A, or other applicable law. Manual Withdrawal Request: If you conduct them. As an examplewant to manually withdraw money from your Account, when you use your debit card to pay for a purchase at a merchant must fill out and sign a withdrawal form. Please contact us for specific instructions on how to obtain the transaction, we usually receive an authorization request from manual withdrawal form. The amount of the merchant the same day, but we might not receive the final debit card transaction for payment manual withdrawal fee is listed in your Health Savings Account Fee and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themInterest Schedule.
Appears in 2 contracts
Samples: Deposit Account Agreement, Deposit Account Agreement
Overdrafts. If any Item or other debit presented to us will overdraw the available account balanceWhen you schedule an electronic funds transfer using Online Banking, including any balance in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit withdraw the necessary funds from your account with us of which you are an owner, without prior notice and at any time, for us. We deduct the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for funds transfer from your account on the same daydate we process your instruction. Each instruction to us to withdraw or transfer funds from your account is an order to us to make the payment from that account at that time or on a later date, if any, indicated in the instruction. We may charge payments you agree that instruct us to make to your account even though the charge creates an overdraft, or we may in our discretion determine our posting orders for refuse to make the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our optionpayments if the charge creates an overdraft. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for If you overdraw your account, you agree to immediately pay us the overdrawn amount, together with any applicable fees. If the account is maintained in connection with an overdraft credit plan, any overdraft will be made in accordance with the agreement or rules governing that account rather than this Agreement. Notifi Alerts Online banking alerts allow you to set up automated alert events based on your own criteria. Alerts may be sent via e-mail, text message or online message box within Online Banking, or all three options. Alerts will be sent to the e-mail address or phone number you provide in creating the alert. Data rates may apply to alerts sent via text message. • First Resource Bank may add or remove types of alerts from time to time. • If you change your e-mail address you are responsible for changing this in the alerts you have already set up. You agree that alerts may be delayed or prevented for a variety of reasons. • We do not guarantee the delivery or validity of the contents of any alert. • You agree that we shall not be liable for any delays, delivery failure or misdirected delivery of any alert. • You agree that we shall not be liable for any actions taken or not taken by you or anyone else in reliance of an alert. The bank will never include your password or full account number in an e-mail alert; however, you understand that alerts may treat them include your name and some information about your accounts. Address Changes It is your sole responsibility to ensure that the contact information in your user profile is current and accurate. This includes, but is not limited to, name, address, phone numbers and email addresses. You may notify us by: • Online banking change of address request through the secure email service. • In person – You will sign documentation stating your new information. • By mail – If you mail in a request, it must be signed and notarized. If there is any question about signature authentication, you will be notified and asked to stop in personally at one of our locations. • If we receive an address change notice from the U.S. Postal Service. It is at our discretion to us this address. Statements Your Online Banking account activity will appear on the account statements we make available to you. We will make available to you an account statement each month in which an electronic fund transfer is made to or from your account. If there are no transfers in a particular month, you will receive your account statement at least quarterly. Notification should be made as soon as possible if we received all transactions at you think your statement or receipt is wrong or if you need more information about a transaction listed on the same time at statement or receipt. You must contact First Resource Bank no later than 60 days after it sent you the end first statement on which the problem or error appears. You must be prepared to provide the following information: • Your name and account number. • A description of the error or the transaction you are unsure about along with an explanation as to why you believe it is an error or why you need more information. • The dollar amount of the suspected error. We will determine whether an error occurred within ten (10) business daydays (twenty (20) business days for new accounts) after we hear from you and will correct any error promptly. During the dayIf we need more time, however, we show some transactions as processingmay take up to forty-five (45) days (ninety days for new accounts and foreign initiated or Point of Sale transfers) to investigate your complaint or question. As an exampleIf we decide to do this, we show some transactions as processing on will credit your account within ten (10) business days, (twenty (20) business days for new accounts) for the Account Details screen amount you think is in Online Banking. Please note error, so that transactions shown as processing you will have not been posted yet. The posting order for these transactions is determined at the end use of the day, with money during the other transactions time it takes to complete our investigation. If we receive for that day. You should note that often ask you to put your complaint or question in writing and we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transactionit within ten (10) business days, we usually may not credit your account. The extended time periods for new accounts apply to all electronic fund transfers that occur within the first thirty (3) days after the first deposit to the account is made, including those for foreign initiated or Point of Sale transactions. We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may request copies of the documents that were used in the investigation. You agree that First Resource Bank may respond to you by e-mail with regard to any claim of unauthorized electronic fund transfer related to Online Banking. Any such e-mail sent to you by First Resource Bank shall be considered received within three (3) Business Days of the date sent by First Resource Bank, regardless of whether or not you sign on to Online Banking within that time frame. RESPONSIBILITIES First Resource Bank, agrees to make reasonable efforts to ensure full performance of Online Banking. First Resource Bank will be responsible for acting only on those instructions sent through Online Banking which are actually received, and cannot assume responsibility for circumstances over which the bank has no direct control. This includes but not limited to, the failure or malfunctions in communication facilities, which may affect the accuracy or timeliness of messages you send. First Resource Bank is not responsible for any losses should you give incorrect instructions, or if your payment instructions are not given sufficiently in advance to allow for timely payment or delays in mail service. Any information you receive an authorization request from First Resource Bank is believed to be reliable. However, it can only be provided on a best- efforts basis for your convenience and is not guaranteed. First Resource Bank is not liable for any deficiencies in the accuracy, completeness, availability, or timeliness of such information or for any investment or other decision made using this information. First Resource Bank is not responsible for any fees incurred for Internet access, or for any computer virus or related problems that may be attributable to services provided by any Internet access service provider. You are responsible for obtaining, installing, maintaining, and operating all computer hardware and software necessary for performing Online Banking. First Resource Bank will not be responsible for any errors or failures from the merchant malfunction or failure of your hardware or software. The limit of First Resource Bank liability shall be as expressly set forth herein. Under no circumstances will First Resource Bank be liable in contract, tort, or otherwise for any special, incidental, or consequential damages, whether or not foreseeable. By consenting to use Online Banking, you agree to waive any and all right to any of the same dayaforesaid, but and you acknowledge that the limit of your remedy is as otherwise expressly set forth herein. THE BANK’S RESPONSIBILITY We will be liable to you for damages proximately caused by our failure to make a properly requested electronic fund transfer, in accordance with the terms and conditions of this Agreement, in the correct amount or in a timely manner. Notwithstanding the foregoing, unless required by law, we might will not receive be liable to you if: • If you do not have adequate money to complete a transaction or if that account has been closed; • If you do not have an adequate credit limit in a credit account to complete a transaction from that account, or if that account has been frozen or closed; • Circumstances beyond our control (e.g., fire, flood, power outage, mail delivery delays, equipment or technical failure or breakdown) prevent the final debit card transaction for payment and posting until several days later. We generally post credits and debits to transfer or use of Internet service, despite reasonable precautions that we have taken • There is a hold on your account, or if access to your account is blocked in accordance with banking policy • Your funds are subject to legal process or other encumbrance restricting the transfer • Your transfer authorization terminates by operation of law • You believe someone has accessed your accounts without your permission and you fail to notify First Resource Bank immediately • You have not properly followed the scheduling instructions, included in this Agreement, to make a transfer or the Payee refuses Online Banking. • For the failure of any payee to correctly account for or credit the payment in a timely manner • We have received incomplete or inaccurate information from you or a third party involving the account or transfer. • For changes to the payee’s address or account number (unless you have advised us of the change within three (3) business days in advance). • We have a reasonable basis for believing that unauthorized use of your password or account has occurred or may be occurring, or if you default under this Agreement, the Deposit Account Agreement, a credit agreement, or any other agreement with us, or if we or you terminate this Agreement. • The error results from any malfunctions of your browser, Internet service provider, computer, computer virus or other problems relating to the computer equipment you use with Online Banking, including, without limitation, your inability to access Online Banking or any part of Online Banking. • The transfer service was not working properly and you knew about the breakdown when you started the transfer. There may be other exceptions stated in this agreement and in other agreements with you. In no event shall we be liable for damages in excess of your actual loss due to our failure to complete a transfer, and we will not be liable for any incidental or consequential damages. If any of the circumstances listed above shall occur, we shall assist you with reasonable efforts in taking appropriate corrective action to reprocess the transactions that may not have been completed or to correct incorrect transactions that have been processed. Unless otherwise required by law, our sole responsibility for an error directly caused by us in transferring funds will be to correct the error. In no case will we be liable for any indirect, special, incidental or consequential damages in connection with or in any way related to Internet service. Your Responsibility You are responsible for: • Actions that may be taken by anyone using Online Banking after signing in with your username and password. We are entitled to rely and act upon instructions received under your username and password. • Keeping your username and password confidential and for ensuring that you have signed off from Online Banking when your session is complete to prevent unauthorized persons from using Online Banking. You agree that you will be the only user of your username and password, that you will not transfer or disclose any of this information to any other person, and that you will be responsible for all usage of Online Banking and any fees associated with use of other services accessed through Online Banking on your Account whether or not authorized by you. You agree to immediately notify us and report them on any actual or suspected unauthorized use of your statementusername or password. You agree to provide true, in a different order than the order in accurate, current and complete information about yourself as requested and you agree to not misrepresent your identity. You will: • Not use Online Banking for any illegal purposes; • Comply with all regulations, policies and procedures of networks through which you conduct them access and use Online Banking; • Not use Online Banking for any activity or we receive themuse that may disrupt Online Banking or the networks through which you access or use Online Banking; and • Not access or attempt to access any Online Banking account for which you have no access authorization, or duplicate, modify, distribute or display any of the data or files from any such account.
Appears in 2 contracts
Samples: Banking Agreement, Banking Agreement
Overdrafts. Funds to cover your Card transactions will be deducted directly from your personal or business Share Draft (Checking) Account. If any Item there are insufficient funds available in your personal or other debit presented business Share Draft Account to us will overdraw cover the available account balance, including any balance in an overdraft protection account ("ODP Account") we have established for youtransaction amount, we will charge you a feetransfer funds from your Share (Savings) Account, whether we pay provided you’ve authorized this service and agreed to the Item or dishonor itOverdraft Protection Transfer Fee that will be assessed. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination Please see current Schedule of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, Fees & Charges for the amount of the returned item fee. Otherwise, the transaction will be declined, unless you have an Overdraft Line of Credit or other depositVISA Credit Card. You also authorize us See below for related information. If you have been approved for an Overdraft Line of Credit, or VISA Credit Card, you may elect to debit have all overdrafts automatically covered by funds transferred from the Line of Credit or VISA Credit Card. The terms of your account Line of Credit or VISA Credit Card will apply. Currently, there is no fee assessed for this service. If there are insufficient funds available from your Line of Credit or VISA Credit Card, the amount of our returned item fee, any interest paid on the deposittransaction will be declined. If sufficient funds are not available to pay a pre-authorized VISA Debit Card transaction, and any other fee we pay you do not have a Share Account, Overdraft Line of Credit, or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactionsVISA Credit Card agreement, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizationswill be force-paid (as required by VISA rules), and holds related you will be required to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on pay the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the deficient balance in your account at a timely manner. Failure to do so, will result in the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to Credit Union taking collection action against you. Posting Orders Determined at End COURTESY PAY Courtesy Pay is another type of Day We receive creditsoverdraft protection (with pre-approved limits), debits and holds throughout the daythat qualifying members can receive. Regardless of when during the day we receive transactions It is not a loan. Courtesy Pay will pay checks presented for payment against your account, you agree that we may treat them as even if we received all transactions at those checks cause your account to become overdrawn. Your account will be assessed a Courtesy Pay fee (See current Schedule of Fees and Charges) each time your account is overdrawn, if the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen transaction results in Online Banking. Please note that transactions shown as processing have not been posted yeta negative balance greater than $20. The posting order for these transactions maximum number of fees charged in a day is determined at the end of the day, with the other transactions we receive for that dayfive (5). You should note that often we do will be sent notification whenever Courtesy Pay is activated. You must repay the outstanding negative balance within 30 days, to avoid termination of Courtesy Pay services, or collection action. Courtesy Pay is not receive debits available on the same day that Business Accounts. Courtesy Pay is also available for Debit and/or ATM Card transactions, however you conduct them. As an example, when you use your debit card must provide written authorization (Opt In) to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them have Courtesy Pay overdraft services on your statement, in a different order than the order in which you conduct them Debit or we receive themATM Card transactions.
Appears in 2 contracts
Samples: www.frontwavecu.com, www.frontwavecu.com
Overdrafts. If any Item A fee is charged for each check or other type of debit item presented against insufficient funds whether we choose to us pay the debit item or not. We will overdraw determine in our sole discretion whether to pay a debit item presented for payment if the account does not contain sufficient available account balance, including any balance in an overdraft protection account ("ODP Account") funds. Whether we have established pay or do not pay a check or debit item for youwhich there are insufficient funds, we will charge send you a feenotice disclosing the overdraft amount and the fees associated with the overdraft. The overdraft and uncollected item charges we may assess are listed in our Schedule of Business Account Charges. An “Overdraft Fee - Returned” is a fee imposed on your account for returning a debit item as unpaid (including checks, whether electronic fund transfers or other items that debit your account) when you do not have enough available funds in your account to pay the transaction. An “Overdraft Fee - Paid” is a fee imposed on your account when we pay a debit item (including checks, electronic fund transfers or other items that debit your account) even though you do not have enough available funds in your account to pay the Item transaction. We do not charge an Overdraft Fee - Returned when we decline an everyday debit card or dishonor itATM transaction unless you have authorized us in a separate document to pay such transactions. You agree immediately upon notice from us We reserve the right, in any case, to deposit funds sufficient decline to cover the overdraft plus applicable charges. In pay any ATM withdrawal or everyday debit card transaction that would overdraw your account, but we will not charge a fee in connection with overdraftsdeclining such transactions, our determination of the Deposit Account balance unless you have agreed to pay such fees, as described above. Merchants or other third parties may be made at any time between presentment and our predetermined deadline, and need only be made present a debit item for payment more than one time. If we pay Items or permit withdrawals which overdraw When the available Deposit Account balance (whether once or repeatedly)same debit item is presented for payment multiple times, we may charge you an Overdraft Fee - Returned or Overdraft Fee - Paid, as applicable, each time the item is re-presented for payment, and you do so at our discretion without any obligation not have enough available funds in your account to continue pay the debit item. We use an available balance method to do sodetermine if there are sufficient funds in your account to pay a debit item and to assess overdraft fees (Overdraft Fee – Paid or Overdraft Fee – Returned). Our Receipt of Deposits In receiving deposits, we act only as your collecting agent The available balance reflects deposits and assume no responsibility beyond the exercise of ordinary care. All deposits are transactions that have been posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or transactions that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, including checks you may have written; deposit holds; and report them holds on debit card transactions that have been authorized but not yet posted (i.e., preauthorization holds). These pending transactions and holds reduce your statementavailable balance. For example, you have $500 in your account and a different order than pending transaction of $50. Your available balance is $450 because the order in which pending $50 transaction reduces your available account balance. You can avoid overdraft fees for paid and returned debit items by making sure that your account always has sufficient available funds to cover all of your transactions and account fees. We offer services that you conduct them can use to help manage your account and help you avoid overdrafts, such as our Online Banking service and Online/Mobile Alerts. You can avoid these fees by checking your account balance regularly (at least daily) and by making a deposit or we receive themtransfer that will cover the overdraft. We also offer an Overdraft Protection Transfer Service whereby funds are transferred from your savings to your checking to cover an overdraft.
Appears in 1 contract
Samples: Deposit Account Contract
Overdrafts. If any Item or other debit presented to us will overdraw the you do not have sufficient available account balance, including any balance in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to funds on deposit funds sufficient to cover the amount of a check or other transaction (e.g., in-person withdrawal, automatic payment, or other electronic transaction), we may return the check or reject the transaction without payment. We may elect, however, in our sole discretion to create an overdraft plus applicable chargesby paying the check or permitting the transaction. In connection with overdraftssome cases (e.g., deposits received after our determination processing cutoff hour), the deposit may not be deemed received until the next business day. We also may impose a fee for overdrafts created by fees or deposited items that are returned, even if it has previously been returned unpaid and is later paid against an over- drawn balance. We may charge a NSF/OD fee for up to two (2) presentments of the Deposit Account balance may same check – paid or returned for being NSF/UCF/Postdated. If the same item is presented for a third or more times, no charge will be made at any time between presentment made. See our Personal or Business Fee Schedule for further information. Non-Sufficient Funds (NSF) Fee will not be assessed more than three (3) times per day AND will not be assessed more than two (2) times for the same item. We do not impose an overdraft/NSF fee for consumer ATM transactions or everyday (that is, non-recurring) debit card transactions and our predetermined deadline, and need only be made one timethose that are processed as ACH Retry items. If we pay Items permit an overdraft or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to otherwise allow your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer balance to your account is dishonored by the issuing financial institution for any reasondrop below zero, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owneroverdraft promptly, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe demand from us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine use subsequent deposits and other credits to the account, including without limitation deposits of government, welfare, retirement and Social Security bene- fits, to cover any overdraft existing in our discretion your account, to the categoriesfullest extent permitted by law. Each account owner is jointly and severally responsible for paying any overdrafts created by any authorized signer(s) or party to the account, whether or not the owner participates in the transaction or benefits from its proceeds. Our payment of any checks or allowance of transactions within that create overdrafts in no way obligates us to continue that practice at a category, the order among categories, and the posting orders within a categorylater time. We sometimes add may discontinue permitting overdrafts without cause or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End We discourage the practice of Day overdrawing accounts. We receive creditswill not charge a fee if your ending account balance is overdrawn by $10 or less. Additionally, debits and holds throughout the day. Regardless of when during the day we receive transactions for even if your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the dayending balance is overdrawn, we show some transactions will not charge a fee for any item that is $10 or less. We offer overdraft transfer services. This allows you to link one of your accounts as processinga backup account to your checking account to help pay any overdrafts. As an exampleIf your checking account does not have enough funds, we show some will use the available funds from your backup account to authorize or pay transactions as processing on without any overdraft or any other associated fees. If the Account Details screen in Online Banking. Please note that transactions shown as processing backup account does not have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card sufficient funds to pay for a purchase at a merchant and sign for cover the transaction, we usually receive an authorization request from the merchant the same day, but we might no transfer will be made. Time Deposit or IRA accounts cannot receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your be used as a back-up account, and report them on your statement, in a different order than the order in which you conduct them or we receive them.
Appears in 1 contract
Samples: Deposit Account Agreement
Overdrafts. If You agree that you will not use your Card, a PIN, or any Item other Service to withdraw or other debit presented to us will overdraw transfer funds from your Account in amounts exceeding the available account balance, including any balance in an your Account at the time of any such transfer. Subject to any overdraft protection account ("ODP Account") we arrangements you have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection made with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may will be under no obligation to make a withdrawal or transfer if there are insufficient available funds in our discretion determine our posting orders your Account. The term “available funds” means your available balance, which is that part of your Account balance that is not subject to a hold and is immediately available to pay transactions presented for the transactions and that payment. If your Account has sufficient available funds to cover one or more but not all checks, withdrawal orders, or electronic fund transfers during any given business day, we may credithonor those items, authorizeallow those withdrawals, accept, pay, decline or return credits, debits and holds make any such electronic fund transfers in any order at we choose in our sole discretion, including first honoring any such checks, orders, or transfers payable to us, and dishonoring or refusing any item, order, or transfer for which there are insufficient available funds available thereafter. At our option. Posting Orders This section summarizes how , we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally may also post all VISA Check Card transactions within a categoryduring any day before posting any other checks, using the posting order withdrawal orders, or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your accountother electronic fund transfers presented or made. You agree that we may determine use of the Card and/or PIN or use of any other EFT Service shall be subject to the Overdraft and Overdraft Protection provisions set forth in the Account Agreement, as well as our discretion the categories, the transactions within a category, the order among categories, overdraft policies and the posting orders within a categoryprocedures. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your accountIf you have an overdraft protection agreement with us, you agree that we may treat them as if we received all transactions at the same time at the end your use of the business dayCard and/or a PIN shall be subject to that agreement. During If you wish to have the dayCourtesy Pay overdraft protection service extended to ATM and everyday VISA Check Card transactions, we show some you must complete a separate opt-in authorization. We will not consider paying ATM and everyday Check Card transactions as processing. As an example, we show some transactions as processing on using the Account Details screen in Online BankingCourtesy Pay service unless you have separately opted-in. Please note that transactions shown as processing have not been posted yet. The posting order contact us for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an opt-in authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themform.
Appears in 1 contract
Samples: Membership and Account Agreement
Overdrafts. If any Item or other debit presented to us will overdraw An overdraft occurs when the available account balance, including any balance in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at is insufficient to pay a debit (withdrawal) transaction, but we pay the beginning transaction anyway . We strongly recommend that you not overdraw your account, as overdrafts can result in fees for which you will be responsible . You will also be responsible for bringing your account current . We do not promise to cover your overdrafts under our standard overdraft practices . There are ways to avoid overdrafts, including avoiding poor account management . An overdraft can happen, which may trigger an overdraft item fee (see the Fee Schedule (“Overdraft Paid Item Fee,” “NSF Returned Item Fee”)), for example: • If you write a check without enough money in your checking account to pay the check, and we pay the item; • If an electronictransactionclearsagainstyour accountwithoutenoughmoney in your account to cover thetransaction; • If you make a withdrawal from your account that exceeds youravailable balance; • Ifyou use your Banc of California debit card for payment without enough money in your checking account to cover the amount authorized or the amount paid to the merchant; • If you make a deposit, withdraw money based on the credit received from that deposit, and then have that deposit reversed because the deposited item is later returned to us unpaid; • If you withdraw money from your account and do not have enough money left to pay any related charges posted to the account; • When funds are credited to your account in error and you use the funds, and the reversal of the business day, subtract holds from your balance, credit results in an overdraft; or • When fees such as monthly maintenance fees are charged and make any adjustments from prior daysyou do not have sufficient funds to cover. Next, we generally add credits You do not have the right to your withdraw funds that exceed the available balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to on your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for When an item overdraws your account, we can either pay or return the item. You cannot choose which items we pay or return, unless you agree that have opted-into the “Courtesy Overdraft Service,” described below, which covers ATM and everyday debit card transactions. If we may treat get a batch, or multiple batches, of items in a day (for example, checks, ATM purchase transactions, and debit card purchase transactions typically come in batches), and if one, some or all of them as would overdraw your account if we received all transactions at the same time at the end of the business day. During the daypaid, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen will post items in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, accordance with the other transactions we receive for that day“Order of Payments” section within this Agreement . You should note that often we do not receive debits If you make a deposit on the same day that you conduct theman item, service charge or transaction creates an overdraft (a “temporary” or “intra-day overdraft”), we may charge the fee for the overdraft since the covering deposit may not be posted until the end of the Business Day. As an exampleSee the Fee Schedule (“Overdraft Paid Item Fee”). In some cases (e.g., when you use deposits received after our processing cutoff hour), the deposit may not be deemed received until the next Business Day . We also may impose a fee fordeposited itemsthat are returned. See the Fee Schedule (“Returned Deposit Item Fee,” balance in your debit card account . Available Balance The available balance in your account is the amount of funds available for withdrawal and authorizing transactions. Your available balance may be less than the ledger balance or the collected balance . The available balance may not include the following: (i) the amount of pending transactions, such as point-of-sale transactions; (ii) funds on hold in accordance with our funds availability policy; (iii) funds related to pay our receipt of a notice that a transaction will be presented or returned; (iv) our receipt of legal process related to funds in your account; and (v) funds frozen for another reason, such as funds pledged as collateral for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which loan or commitment you conduct them or we receive themhave made .
Appears in 1 contract
Samples: Deposit Account Agreement
Overdrafts. If you initiate any Item ACH transaction or write any check (including checks that the payee may convert into an ACH or other debit presented to us will overdraw form of electronic transaction) in an amount that exceeds the available account balance, including any balance in your account, it is within our sole discretion to pay the ACH or check, thereby creating an overdraft protection on your account, or return it unpaid. We have no obligation to permit overdrafts on your account, and our decision to permit you to create an overdraft on your account ("ODP Account") does not require us to do so in the future. We will not be liable to you or any other person for our decision to pay the ACH or check or return it unpaid. We may impose, and you agree to pay, an Overdraft Item Fee, as disclosed in our Fee Schedule, for each ACH transaction or check that we have established return or pay. If an ACH transaction or check that we returned is presented again for youpayment, we will make a new decision whether to pay it or return it and may charge you an additional Overdraft Item Fee each time it is presented. We make the decision whether to pay your ACH or check, or return it unpaid, based on the available funds in your account, the amount of your ACH or check, and other considerations. For this purpose, the “available funds” in your account is the balance of all deposits and withdrawals that have been posted to your account (also known as the “actual balance” or “ledger balance”) minus any “holds” for (i) deposits that have not yet cleared (as described in our Funds Availability Policy), (ii) transactions that we have authorized but are still pending, and (iii) any legal process or other claims, such as a feelevy, whether we pay the Item garnishment, or dishonor itsetoff. You agree to immediately upon notice from us to deposit funds sufficient to cover repay the amount of any overdraft created on your account, and the amount of any Overdraft Item Fee(s) that may be imposed on your account. For joint accounts, all account owners agree that this repayment obligation is joint and several, regardless of who may have initiated the ACH transaction or written the check that caused the overdraft plus applicable chargesand resulting Overdraft Item Fee(s) and to reimburse us for Losses we incur in collecting the overdraft from you. In connection with overdrafts, our determination of the Deposit Account balance You also agree that these amounts may be made at repaid out of any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated subsequent deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse setoff against such deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an ownerincluding, without prior notice and at any timelimitation, for the amount deposits of the returned item Social Security, Supplemental Security Income or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themgovernment benefits.
Appears in 1 contract
Samples: www.salisburybank.com
Overdrafts. If any Item or other debit presented We may agree to us will overdraw the available account balance, including any balance in give you an overdraft protection on an account ("ODP Account") if we think you can afford it. Overdrafts are only for short term borrowing and aren’t available on savings accounts. An overdraft is explained below and is repayable ‘on demand’. This means that we can ask for immediate repayment even if you have established or haven’t breached this agreement, and you must pay us the full amount of what we’ve demanded and within the time we’ve demanded. Arranged overdrafts This is where you ask us for youan overdraft before making any transactions that takes your account overdrawn, or over your current arranged overdraft limit. We’ll confirm your overdraft limit in writing. There’s no fixed period but we’ll review it each year. Unarranged overdrafts This is where we provide you with an overdraft to allow a transaction that would otherwise cause your account to be overdrawn. We’ll charge you a fee every time we provide you with this type of overdraft. If your account balance goes below zero, we will charge treat this as your request for an overdraft. We do not have to agree to this request. For example: 1 June: we provide you with an unarranged overdraft: You will incur a fee 5 June: you have not repaid your 1 June overdraft but we increase this to allow another payment: You will incur a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us should not make payments which would take the balance of your account over your arranged overdraft limit. If you do, we’ll normally refuse to deposit funds sufficient to cover make the overdraft plus applicable charges. In connection with overdraftspayment but, our determination of if we do make the Deposit Account balance payment, you may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited fundscharged an unarranged overdue fee, and you authorize us must immediately repay any amount over the arranged overdraft limit, so you won’t have to debit pay any deposit account with us of which charges or interest. If you are an ownerin default on your overdraft, without prior notice and at any time, then we will give you a statement of account or alternative (for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order transaction history) if you ask for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themit.
Appears in 1 contract
Samples: www.hsbc.com.au
Overdrafts. If any Item or other debit presented to us will overdraw the available account balance, including any balance of collected funds in an overdraft protection account ("ODP Account") we have established for youAccount is insufficient to pay an item or items drawn by you thereon, we will charge you a fee, whether we not be required to pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedlysuch item(s), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, but you agree to pay us a service charge for the proces- sing and return of the item(s). If we, at our sole discretion, agree to pay such item, we may deduct an overdraft charge from the Account (“Overdraft Charge”), and you agree to pay the overdraft balance and the Overdraft Charge within five (5) calendar days from the date of the overdraft. In the event of an overdraft balance in an Account, we shall have the right, at our sole discretion, to charge you interest on the amount of the dishonored deposited fundsoverdraft at such interest rate as we deem appropriate (but not to exceed the highest interest rate allowed by applica- ble law) (“Overdraft Interest”), and you authorize us to debit set-off against or charge to any deposit account with us of Account which you are an ownermay have at Bank, the amount of such overdraft, Overdraft Charge and Overdraft Interest thereon, without prior notice to or the consent of the Customer. Bank makes no representation that Bank's Overdraft Interest is the lowest or best rate of interest offered by Bank for overdrafts or for loans of any other kind. In order to provide funds with which to pay an item presented for payment on an Account, or to cover an overdraft in an Account we may, at our sole discretion, transfer funds from one Account of yours to another Account of yours, regardless of whether either Account is joint or single and/or a Demand Deposit, Money Market or a Time Deposit Account; however, in the absence of a specific written agreement to the contrary with you, Bank shall be under no obligation to provide funds from another Account. You may specifically request in writing, in the appropriate form provided by Bank, that Bank grant you, subject to such terms and conditions we deem appropriate, a credit facility whereby you will be permitted from time to time to overdraft a specified Account up to a specified aggregate maximum amount not to be exceeded at any time, for one time (“Overdraft Facility”). Notwithstanding the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categoriesforegoing, the transactions within a category, the order among categories, Bank may grant your request to esta- xxxxx an Overdraft Facility only at its sole and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories absolute discretion and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice on such terms and conditions determi- xxx solely by and acceptable to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themBank.
Appears in 1 contract
Samples: Account Agreement
Overdrafts. If any Item or other debit presented to us will overdraw An overdraft occurs when the available account balance, including any balance in an overdraft protection your account is insufficient to pay a debit ("ODP Account"withdrawal) we have established for youtransaction, we will charge you a fee, whether but we pay the Item or dishonor ittransaction anyway. We strongly recommend that you not overdraw your account, as overdrafts can result in fees for which you will be responsible. You agree immediately upon notice from us will also be responsible for bringing your account current. Our standard overdraft services do not ensure that your overdrafts will be covered. There are ways to deposit funds sufficient avoid overdrafts, including prudent account management. Where the “Fee Schedule” is cited, consumers should reference the Schedule of Fees and Charges – Personal Accounts, while business accounts should reference the Schedule of Fees and Charges – Business Accounts. Your account will not be charged an overdraft fee if your account is overdrawn by less than the de minimis amount as described in the applicable Fee Schedule. Further, see the applicable Fee Schedule for the maximum number of overdraft charges that we impose per account per day, whether the overdraft item is paid or returned. Your consumer account will not be charged the following fees: NSF Returned Item Fee, Overdraft Coverage Transfer Fee, and Daily Negative Balance Fee. An overdraft can happen, which may trigger an overdraft item fee (see the Fee Schedule (“Overdraft Paid Item Fee,” “NSF Returned Item Fee”)), for example: • If you write a check without enough money in your checking account to pay the check, and we pay the item; • If an electronic transaction clears against your account without enough money in your account to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. transaction; • If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to make a withdrawal from your account that exceeds your available balance; • If you use your Banc of California debit card for payment without enough money in your checking account to cover the amount authorized or that we cashed for you, or if any direct the amount paid to the merchant; • If you make a deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid withdraw money based on the credit received from that deposit, and then have that deposit reversed because the deposited item is later returned to us unpaid; • If you withdraw money from your account and do not have enough money left to pay any other fee we pay related charges posted to the account; or loss we incur. We may also use any other legal remedy to recover • When at the amount moment you owe us. We are not responsible for any authorize certain transactions, including any transactions sent through your account has a positive balance; however, by the mail, until we actually receive and post time the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondentsis settled, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account has a negative balance. Posting a credit increases your balance. Posting a debit These transactions can occur, for example, when an ATM transaction or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, an everyday debit card authorizationstransaction is approved, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process other subsequent transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with reduce the balance in your account at the beginning of the business day, subtract holds from before your balance, and make any adjustments from prior days. Next, we generally add credits ATM transaction or everyday debit card transaction is posted to your account (i.e., a force pay transaction). Your account will not be charged an Overdraft Paid Item Fee for any force pay transactions. You do not have the right to withdraw funds that exceed the available balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to on your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for When an item overdraws your account, you agree that we may treat can either pay or return the item. You cannot choose which items we pay or return. If we get a batch, or multiple batches, of items in a day (for example, checks, ATM purchase transactions, and debit card purchase transactions typically come in batches), and if one, some or all of them as would overdraw your account if we received all transactions at the same time at the end of the business day. During the daypaid, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen will post items in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, accordance with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later“Order of Payments” section within this Agreement. We generally post credits may charge a fee if your account is overdrawn and debits your covering deposit is deemed received the next Business Day (e.g., deposits received after our processing cutoff hour). See the Fee Schedule (“Overdraft Paid Item Fee”, “NSF Returned Item Fee”). We also may impose a fee for deposited items that are returned. See the Fee Schedule (“Returned Deposit Item Fee” ). When an overdraft fee is imposed, it operates to reduce the available balance in your account, and report them on your statement, in a different order than the order in which you conduct them or we receive them.
Appears in 1 contract
Samples: Deposit Account Agreement
Overdrafts. If any Item A transaction or other item that results in or creates a negative Available Balance in Your Account is called an “Overdraft.” We decide whether to authorize debit presented to us will overdraw the available account balance, including any balance in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we card transactions and pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid items based on the deposit, and any other fee we pay or loss we incur“Available Balance” of funds in Your Account. We may also use any other legal remedy decide whether to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, oneassess per-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account item Overdraft fees based on the same day“Ledger Balance” of funds in Your Account. An Overdraft that results in or increases a negative Ledger Balance in Your Account will incur a per-item Overdraft fee as described herein and as set forth in the Fee Schedule. As set forth in the Fee Schedule (see paragraphs 1 and 9 of this Agreement) and as permitted by law, you agree that we may We will assess per-item Overdraft fees for Overdraft items regardless of whether the items are paid or returned. The “Ledger Balance” is the current balance of funds in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account Your Account at the beginning of the business dayBusiness Day. For purposes of determining whether to authorize transactions, subtract We determine the “Available Balance” by taking the Ledger Balance and reducing that amount by any outstanding holds from your balancefor deposits that are not yet available under Our Funds Availability Policy; by debit card items We have authorized but not processed for payment; and by intra-day activities (including but not limited to wire transfers, ATM withdrawals, and make any adjustments other electronic transfers). Certain business operations (e.g., taxis, hotels, rental or leasing companies) may request debit card authorizations in an amount exceeding the amount they ultimately charge You. When We authorize a debit card transaction, We establish a hold and reduce Your Available Balance by the full amount We authorize (which may differ from the transaction amount) until the item is paid or is no longer considered to be pending. In the event You deposit a check that is not from a guaranteed source, a hold is placed on the Account to the extent and during the period described in the Funds Availability Policy section of this Agreement. In Our discretion, We can reduce the time frame for a hold or choose not to place a hold at all. For example, in some cases We are able to verify that a check has been honored prior days. Nextto the time a hold would otherwise expire and can manually remove the hold, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine making funds available earlier in our discretion the orders in which we post transactions to your accountprocess. You agree that we We may determine pay checks and other items, including ACH items and other electronic debits to Your Account, in our discretion any order that complies with applicable law. For example: We may process deposits before debits. We may process certain kinds of electronic items, such as debit card, ATM and ACH items, ahead of other kinds of items, such as checks. We may process certain items based on the categoriestime they were authorized by Us. We may process certain items based on the time they were received for processing. We may process checks in serial number order. Multiple Overdraft fees may be charged to Your Account in one day. Also, items returned to the presenting institution as a result of insufficient funds may be re- presented to Us multiple times for payment by the presenting institution. If sufficient funds are not available in Your Account at the time of re-presentment, an additional Overdraft fee may be incurred. To the extent permitted by law, You authorize Us to deduct any Overdrafts and any Overdraft fees from any funds that may thereafter be deposited into the Account, even if those funds come from restricted income sources that are exempt from attachment. We are under no obligation to pay or authorize any item or withdrawal request presented if there are insufficient available funds to cover the item. You agree, however, that, in Our sole discretion, We may honor any check, recurring debit card, and/or ACH debits presented to Your Account when there are insufficient available funds to cover such items. We also offer an optional discretionary Overdraft service, Overdraft Privilege, that may be available to You for ATM and everyday debit card transactions. For each of Your Accounts, You can opt in to Overdraft Privilege (or opt out after first opting in) by calling Us toll free at 888- MIDFIRST (888-643-3477) or by calling or visiting one of Our banking centers. You are not eligible for this Overdraft Privilege service unless You have an eligible Account, and You first opt in to the service. If You do not opt in to this Overdraft Privilege service and You attempt an ATM or everyday debit card transaction at a time when Your Account does not have sufficient available funds to cover the transaction, the transactions within a categorytransaction will be declined. Please note that if You do not opt in to this Overdraft Privilege service for ATM and everyday debit card transactions: (i) We will continue to apply Our current Overdraft policies to paper check, the order among categoriesACH, and recurring debit card transactions and (ii) the posting orders within date items are presented for payment and Our processing order could still cause a category. We sometimes add paper check, ACH, or delete categories, change posting orders within categories and move recurring debit card transaction types among categoriesto result in an overdraft of Your Account. You agree that we may in our discretion make these changes at payment of any time without notice Overdraft item on any occasion(s) does not obligate Us to youpay any future Overdraft items. Posting Orders Determined at End We have no obligation to notify You before We pay an Overdraft item or before We return an Overdraft item unpaid. You agree to pay the amount of Day We receive credits, debits any Overdraft and holds throughout the dayall Overdraft fees immediately upon demand. Regardless of when during the day we receive transactions for your account, you You agree that we We may treat them as pursue any collection remedy available under applicable law, of which You may become responsible to reimburse Us for any related expenses. You should know that: A maximum of 5 per-item Overdraft fees will be charged on any Processing Day. We will not charge any per-item Overdraft fees if we received all transactions at the same time Your Account is overdrawn by $5.00 or less at the end of a Processing Day. We will not charge any per-item Overdraft fees if the business dayonly debit items We process on a Processing Day are fees We assess. During the day We will charge a one-time Extended Overdraft Fee if Your Account is overdrawn in any amount for at least seven consecutive calendar days. Extended Overdraft Fees are based on Your Ledger Balance. Under Our Overdraft Protect and Overdraft credit services, we show some transactions as processingYou may agree to authorize automatic transfers from a linked Account or through certain credit services to cover Account Overdrafts, subject to availability of funds in Your linked Account or availability of credit subject to applicable restrictions and other limitations. As an example, we show some transactions as processing on the Account Details screen Overdraft Protect is described in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at further detail near the end of this Agreement. Credit services that may be used for Overdraft protection are subject to the daystandard applicable credit application, with approval and execution of credit documents. For more information about Overdraft Protect, available credit services, applicable terms and conditions, fees and enrollment, please visit the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an exampleMidFirst Overdraft Services webpage at xxxxxxxx.xxx/xxxxxxxxxxxxxxxxx, when you use your debit card to pay for a purchase call Us toll free at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them 888-MIDFIRST (888-643- 3477) or we receive themcall or visit any MidFirst banking center.
Appears in 1 contract
Samples: Account Agreement
Overdrafts. If An overdraft occurs when you make or authorize any Item or other debit presented to us will overdraw transaction that exceeds the available account balance, including any balance in an overdraft protection the account you access by check, electronically, or otherwise or if we impose a fee that exceeds the balance in your account(s) ("ODP AccountNSF Transaction") we have established for you, we will charge you a fee, whether we pay the Item or dishonor it). You agree immediately upon notice from us not to deposit funds sufficient cause any NSF Transaction on any of your accounts with us. The Credit Union, in its sole discretion, may pay any NSF Transaction via its Overdraft Security program or otherwise on a case-by-case basis, but has no obligation to cover the overdraft plus applicable charges. In connection with overdraftsdo so, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving depositsHowever, we act only before the Credit Union can include ATM withdrawals or one-time (non-recurring) Debit Card purchases with the Overdraft Security program, you must enroll (opt-in) in the Credit Union’s Overdraft Security Program. We may impose a fee as your collecting agent and assume no responsibility beyond set forth in the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution Fee Schedule for any reasonNSF Transaction, you whether paid or denied. You agree to pay to us promptly the amount of the dishonored deposited fundsNSF Transaction as applicable together with the fee pursuant to the Credit Union's policies. The Credit Union has no obligation to notify you of any NSF Transaction or charge that creates an insufficient funds balance in your account(s). You agree that the Credit Union may utilize any funds in any of your accounts to pay any overdrafts as defined herein or to pay any other debts that you owe as a result of any authorized acts. Authorized acts include, but are in no way limited to any transaction on your accounts, payments on your loans and you authorize us to debit other obligations whether pre-authorized or otherwise, any deposit default or transaction that exceeds your authorized credit limits. Funds may be applied from any account with us of in which you are an owner, without prior notice have a beneficial interest; and at any time, for the amount may include funds regardless of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, source including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to deposits of funds representing the following: teller depositspayment of Social Security, direct deposits and credits we makeVeterans benefits, or any other funds that may be subject to limitations under federal or state laws. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfersAny application of funds hereunder shall be deemed a voluntary transfer that you have authorized. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same dayFurther, you agree that we may any overdraft protection plans you have now or in our discretion determine our posting orders the future are intended to cover and be utilized for the transactions and that we may credit, authorize, accept, pay, decline any such matter addressed herein caused by or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request arising from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them actions of any owner or we receive themauthorized users.
Appears in 1 contract
Samples: www.southernsecurity.org
Overdrafts. If Our general practice is to decline to pay any Item or other debit presented to us will overdraw the available account balance, including any balance in transaction that would cause an overdraft protection account on your Deposit Account ("ODP Account"i.e., your Available Balance is less than the amount of that item plus all other items received but not yet paid) (Overdraft), or would cause a negative Available Balance in any Wallet. Even if we have established for youpaid these items before, we will charge you a fee, whether we pay are not required to do it in the Item or dishonor itfuture. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, We can change our determination practice of the paying these items on your Deposit Account balance without notice to you. We may be made determine the amount of Available Balance for the purpose of deciding whether to return an item for insufficient funds at any time between presentment the time we receive the item and our predetermined deadline, and when we return the item or send a notice in lieu of return. We need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit look at your Available Balance in your KlaDot Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only decide if the item would cause an Overdraft or negative Available Balance, but if we choose to make a subsequent determination, the Available Balance at the subsequent time will determine whether there are insufficient available funds. It is payable in U.S. dollars, subject your responsibility to our receipt of final payment. If final payment is not received on any item you deposited to avoid overdrawing your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, Deposit Account and you authorize us to debit any deposit account with us of which you are maintain an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance Available Balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior daysKlaDot Account. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your accountOverdraft Fees. You agree that we may determine charge fees for Overdrafts as set forth in our discretion the categoriesFee Schedule. Your Responsibility to Pay Overdrafts. You are liable for any Deposit Account or Wallet shortage resulting from charges or Overdrafts, whether caused by you, an Authorized User, or any another person to whom you provide access to your KlaDot Account. If we pay a transaction that causes an Overdraft or negative Available Balance, you must immediately pay the transactions within a category, amount of any Overdraft and restore the order among categoriesAvailable Balance to at least $0.00. You have no right to defer such payments, and you are liable regardless of whether you signed the posting orders within a categoryitem or benefitted from the charge or Overdraft. If you fail to pay an Overdraft, we also may report you to consumer reporting agencies, close your KlaDot Account, or both. This could affect your ability to open accounts with us or other banks in the future. We sometimes add or delete categories, change posting orders within categories and move transaction types among categoriesmay also apply funds in your Deposit Account to cure a negative Available Balance. You authorize us to use the money from any subsequent deposits to your Deposit Account to pay any Overdraft or apply the deposit to cure a negative Available Balance. Subsequent deposits include any federal or state benefit payments that you choose to deposit in your Deposit Account (including direct deposit of Social Security benefits), unless prohibited by law. You understand and agree that we if you do not want your benefits applied in this way, you may in our discretion make these changes change your direct deposit instructions at any time without notice to youtime. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end still pursue collection of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions amount you owe (including suing you) after it is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themcharged off.
Appears in 1 contract
Samples: Account Agreement
Overdrafts. If any Item or You have automatic overdraft protection from your share savings account. Overdraft protection may also be arranged from other debit presented to us will overdraw the available account balanceaccounts, including any balance in an overdraft protection account ("ODP Account") we have established lines of credit. We also offer Overdraft Protection Plus, for you, we will charge you a fee. See Overdraft Protection Plus-Agreement & Disclosure. Overdraft transfers will occur once per day in the amounts equal to the cumulative overdrafts for that day, whether we pay up to the Item or dishonor itamount of available funds. You agree immediately upon notice from us to deposit funds sufficient to cover Transfers occur the overdraft plus applicable charges. In connection with night after the overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reasonoverdrawn, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit deduct the amount your account is overdrawn from any deposit deposit, including deposits of government payments or benefits. Understanding Your Account Balance Your checking account with us has two kinds of which you balances: the “actual” balance and the “available” balance. Both balances are an owneraccessible online, without prior notice by phone or at a branch. We use the available balance when determining whether a transaction will cause your account to overdraw and at any time, for fee assessments. Your Actual Balance Your actual balance is the amount of the returned item or other deposit. You also authorize us to debit money that is actually in your account for at any given time. Your actual balance reflects transactions that have “posted” to your account, but it does not include transactions that have been authorized and are pending. While it may seem that the actual balance is the most up-to- date display of the funds that you can spend from your account, this is not always the case. Your account may have purchases, holds, fees, other charges, or deposits that have not yet posted, and, therefore, will not appear in your actual balance. Your Available Balance Your available balance is the amount of our returned item money in your account that is available to you without incurring a fee, any interest paid . Your available balance takes into account holds that have been placed on the deposit, deposits and any other fee pending transactions (such as pending debit card transactions) that we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are have authorized but that have not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction yet posted to your account. We are Postdated and Stale-Dated Checks You agree not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transitto issue any check that is payable on a future date (postdated). Processing Transactions If you do issue a check that is postdated and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same daypay it before that date, you agree that we shall have no liability to you for such payment. You agree not to deposit checks before they are properly payable. We are not obligated to accept for deposit or pay any check drawn on your account that is presented more than six (6) months past its date (stale-dated). We will not be responsible for any losses or costs you incur as a result of the payment by us of any check more than six months old, or the payment of any check before the date written on the face of it by you. Check Printing Requirements Only approved checking forms and other methods approved by Wings may in our discretion determine our posting orders for the transactions and that we may creditbe used to withdraw funds from an account. We may, authorize, accept, pay, decline or return credits, debits and holds in any order at our option, pay any item, whether or not the item is properly encoded. Posting Orders This section summarizes how we generally post some common transactions Wings shall have no responsibility to stop payment on any check or other item not conforming to our printing and encoding standards. Stop Payments Any authorized signer may stop payment on any check drawn on an account, whether they signed the item or not. Wings must receive your accountrequest at a time and in a manner which allows us a reasonable opportunity to act. An oral order is valid for 14 calendar days, unless it is confirmed or revoked in writing within that time period. An electronic or written order is valid for six months. Your written order to stop payment must contain your name and account number, the name to which the check is made out (payee), and the number and exact amount of the check. Failure to provide us with the correct information regarding the check(s) may result in the check being paid. You may renew your order in writing every six (6) months. We group may pay your check after your stop payment order has expired, even though the different types of transactions into categorieschecks are more than six (6) months old. Any authorized signer may remove a stop payment, even if they are not the one who placed the stop payment initially. We use several different categories for holdsare not required to notify you when a stop payment order expires. Although payment of an item may be stopped, creditsyou may remain liable to any item holder, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your accountincluding us. You agree to indemnify and hold Wings harmless from all costs, including attorneys’ fees, damages, or claims related to our refusing payment of an item, including claims of any joint account owner, payee, or endorsee in failing to stop payment of an item as a result of incorrect information provided by you. You understand that, as a rule, we will not stop payment on Cashier’s Checks. If we agree to stop payment, we require that you indemnify us. For ACH Stop Payments, see Preauthorized Payments and Direct Deposit in Electronic Funds Transfer Act Notice - Reg E section. Checks Presented for Payment in Person We may refuse to accept any check drawn on your account that is presented for payment in person. Such refusal shall not constitute a wrongful dishonor of the check, and we shall have no liability for refusing payment. If we agree to cash a check that is presented for payment in person, we may determine in our discretion require the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card presenter to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themfee.
Appears in 1 contract
Samples: www.wingsfinancial.com
Overdrafts. If any Item The Credit Union is under no obligation, unless it has contracted to the contrary, to pay a check or other debit presented transaction you have written or authorized if it would result in this Checking Account being overdrawn. However, the Credit Union may pay such a transaction and charge the amount of the resulting overdraft plus any applicable service charge against your Regular Share Account or any of your other accounts. Subject to us will applicable law, the Credit Union may pay checks or other transactions drawn upon your Checking Account (including those payable to the Credit Union or on which the Credit Union may be liable) in any order determined by the Credit Union, even if paying a particular check or other transaction results in an insufficient balance in your Checking Account to pay one or more other transactions that otherwise could have been paid out of your Checking Account. The Credit Union has the option of honoring an overdraft transaction or dishonoring it to avoid the creation of an overdraft. Honoring of past overdrafts does not obligate the Credit Union to honor them in the future. The Credit Union is not required to send prior notice of transactions returned because th ey would, if paid, overdraw the available account balance, including any balance in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor itaccount. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals The amount by which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by overdrawn is due and payable to the issuing financial institution for any reasonCredit Union upon our demand, and you agree to pay us the full amount of it to us, together with any applicable fees as set forth in the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other depositFee Schedule. You also authorize us us, in such a case, to debit your apply from any other shares or deposits you may have in the Credit Union (except for an Individual Retirement Accounts or other account for permitting tax deferrals or providing other tax benefits under state or federal law) any amount necessary to pay such overdrawn amount and fees. If this is a joint account, all of the Joint Owners are jointly and severally liable to repay the Credit Union the amount of any overdraft and service charges, regardless of which of the parties writes the check or authorizes the transaction that creates an overdraft. If the Credit Union has contractually agreed to provide you with overdraft protection, such as through a share transfer agreement, it will pay overdrafts in accordance with the terms of the applicable agreement(s) when sufficient funds are available through such agreements to pay the overdrafts. When determining whether a check or other transaction drawn on your Checking Account is a nonsufficient funds transaction, bo th for the purpose of determining whether and how to honor the transaction and whether a fee related to it being an overdraft may be charged, the Credit Union will use the “Available Balance” for your Checking Account at the time the transaction is presented. The Available Balance is the balance shown on our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover books (“Ledger Balance”) reduced by (i) the amount you owe us. We are not responsible for of any transactionsholds in place with respect to deposited checks or other items, including (ii) the amount in the account that is subject to any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited preauthorization requests related to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to account that have been accepted by the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive them.Credit Union,
Appears in 1 contract
Samples: michiganlegacycu.org
Overdrafts. An overdraft is a type of borrowing. If any Item you're in your overdraft, it means you've spent more money than you have in your account. Overdrafts are designed for short-term borrowing, not long-term borrowing. Please be careful before making a payment that takes you into your overdraft. If you try to borrow more than your agreed overdraft limit, or other debit presented to us will overdraw the available account balance, including any balance in without agreeing an overdraft protection limit with us in advance, your payment may not go through. Arranged overdrafts We expect you to keep enough money in your account ("ODP Account") to make your payments. The exception is if we agree an 'arranged overdraft' with you. An arranged overdraft is one that we agree with you in advance. If you have an arranged overdraft, you can spend money up to the limit we have established agreed with you. If we give you an arranged overdraft, we'll send you an overdraft letter explaining the extra terms and conditions that apply. Your overdraft letter will tell you things like how much interest you need to pay and when we can ask you to repay us. Cancelling your arranged overdraft If you have an arranged overdraft with us, you can ask us to cancel it or reduce it at any time. Unarranged overdrafts Usually, if you want to make a payment and there isn't enough money in your account, we'll refuse to make the payment. If we can't refuse to make the payment for youany reason, it may still come out of your account. If this happens, the payment will take you into an 'unarranged overdraft'. When you owe us fees or charges, we will charge can take these amounts automatically from your account. It is your responsibility to make sure you have enough money in your account to cover those fees and charges. If you don't, this might also take you into an 'unarranged overdraft'. Unarranged overdrafts are ones which haven't been agreed with us in advance. If you have an unarranged overdraft, you'll we us interest like you would on any borrowing. Interest and fees The fees and interest that apply to your account are set out in the "overdraft" section on our website here xxx.xxxxxxxxxxx.xx.xx and in your Fee Information Document. Please see the "Our fees and charges" section for details of how to find this. Repaying your overdraft We can ask you to repay your overdraft in full or in part at any time. This is the case whether you have an arranged overdraft or an unarranged overdraft. We don't have to tell you in advance if we ask you to repay us, but we'll usually try to give you 30 days' notice if possible. When we can refuse or delay a feepayment We'll always try our best to make a payment when you ask us to, whether but sometimes we pay might not be able to. As long as we're acting reasonably, we can refuse or delay to make a payment for any of the Item following reasons: • we don't believe the instruction comes from you or dishonor it. You agree immediately upon notice from a third party with permission to act on your behalf, • you haven't met the conditions for making a payment in these terms and conditions; • you haven't given us any extra identity information required or information on the payment we have asked you for, • your instructions are unclear or they appear to be wrong, • you don't have enough money in your account or your arranged overdraft to make the payment, • we think there's a high risk you won't be able to repay us the money you are borrowing, • you've asked us to deposit funds sufficient make a type of payment that the other person's account provider doesn't accept, • the payment would take you over any maximum payment limits, or any limits we set to cover protect you and us against fraud or manage our risk, • we reasonably believe the overdraft plus applicable chargespayment you want us to make is a duplicate payment; • we believe your account is being misused; • we believe your account is being used for illegal, unlawful or fraudulent purposes, • making your payment would mean we could break a law, regulation, code, court order or contract that we need to comply with, • we are ordered to do so by a court, • making your payment might expose us to legal action or censure by any government, regulator or law enforcement agency, or • you've broken this agreement in a serious way. In connection with overdraftsWe won't be responsible for any losses you suffer if we've acted reasonably and there are delays or we have refused your payment, our determination for any of the Deposit Account balance may be reasons above. Working out if you have enough money in your account We might refuse to make a payment if there isn't enough money in your account. When we're working out if you have enough money in your account, we can look at: • whether you have an arranged overdraft or not, • how much money is left to spend on your arranged overdraft, • any instructions you've given us to make a payment which we've not made at yet, • any time between presentment card payments you've recently made which haven't come out of your account yet, • any regular payments which are due to come out of your account, such as Direct Debits and our predetermined deadlinestanding orders, and need only • any interest and charges which are due. If you ask us to make a payment and there isn't enough money in your account or your arranged overdraft (if you have one), we won't always be made one able to refuse it in time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categoriescan't refuse it, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End payment will be made out of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themunarranged overdraft.
Appears in 1 contract
Samples: Agreement
Overdrafts. If An overdraft occurs when you make or authorize any Item transaction that exceeds the balance in any account with us that we pay or if we impose a fee that exceeds the balance in your account(s) ("overdraft"). An overdraft may result from; the payment of checks, electronic funds transfers or other debit presented withdrawal requests you initiate; payments authorized by you; returned, unpaid items deposited by you; or charging your account for our applicable service charges and fees or the deposit of items to us will overdraw the available your account balancewhich, including any balance in according to our Funds Availability Policy, are treated as not yet “available.” Unless you have Overdraft Services with us, you agree not to cause an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination on any of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one timeyour accounts. If we decide not to pay Items an overdraft, the transaction will result in a non-sufficient funds ("NSF") transaction. We may impose a fee as set forth in the Fee Schedule for any overdraft or permit withdrawals which overdraw the available Deposit Account balance (whether once NSF item. The Credit Union, in its sole discretion, may pay any overdraft via Overdraw Transfer, Overdraft Protection or repeatedly)Card Overdraft, we or otherwise on a case-by-case basis, but has no obligation to do so at our discretion without any obligation so, or to continue to do so. Our Receipt The Credit Union has no obligation to notify you of Deposits In receiving depositsany overdraft, we act only NSF or charge that creates a negative funds balance in your account(s). You agree that the Credit Union may, in its sole discretion, utilize any funds in any of your accounts to pay any overdrafts as your collecting agent defined herein or to pay any other debts that you owe as a result of any authorized acts. Funds may be applied from any account in which you have a beneficial interest; and assume no responsibility beyond may include funds regardless of the exercise source including, but not limited to, deposits of ordinary care. All deposits are posted to your designated deposit account conditionallyfunds representing the payment of Social Security, and only if the item is payable in U.S. dollars, Veterans benefits or any other funds that may be subject to our receipt limitations under federal or state laws. Any application of final paymentfunds hereunder shall be deemed a voluntary transfer that you have authorized. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same dayFurther, you agree that we may any Overdraft Service you have now or in our discretion determine our posting orders the future is intended to cover and be utilized for any such matters addressed herein caused by or arising from the transactions and that we may credit, authorize, accept, pay, decline actions of any owner or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your accountauthorized users. You agree that we may determine in our discretion apply for and receive the categories, the transactions within benefits of a category, the order among categories, specific agreement for Overdraft Service and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your accountif approved by us, you agree that we may treat them as if we received all transactions at the same time at the end terms of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themany such agreement(s) shall also apply.
Appears in 1 contract
Samples: www.atlanticfcu.com
Overdrafts. If any Item you do not have sufficient available funds on deposit in your account to cover the amount of a check or other debit transaction (e.g., in-person withdrawal, automatic payment, a wire transfer or other electronic transaction) at the time the transaction is presented for payment, we may, subject to any separate enrollment by you in our Overdraft Protection, return the check or reject the transaction without payment. If we opt to return the check without payment, a return item fee or other fees may apply. We may elect, however, in our sole discretion to create an overdraft by paying the check or permitting the transaction. We have no liability to you for rejecting some checks or other charges and paying others or otherwise processing a transaction when your account is overdrawn, even if the check or other charge that we choose to pay is payable to us will overdraw the available or your account balance, including is overdrawn due to Bank fees or charges. Subject to any balance separate enrollment by you in an overdraft protection account ("ODP Account") we have established for youour Overdraft Protection, we will may charge you a feefee for each check or other charge that overdraws your account, whether we pay the Item check or dishonor itother charge or return it unpaid. You agree immediately upon notice These transactions may include processed or rejected ATM or debit card withdrawals and transfers, electronic fund transfers, debits due to point-of-sale purchases, telephone transfers, automatic transfers, pre-authorized debits or debits from wire transfer instructions or any other types of withdrawal, transfer or payment transaction presented to us to when your account has insufficient available funds. Note: If you make a deposit funds sufficient to cover on the same day that an item, service charge or transaction creates an overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items (a “temporary or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly“intra- day overdraft”), we may charge the fee for the overdraft since the covering deposit may not be posted until the end of the Business Day. In some cases (e.g., deposits received after our processing cut-off time), the deposit may not be deemed received until the next Business Day. The provision of account withdrawal or transfer services is not an extension of credit or a commitment to extend credit to you. If the available balance in the account is less than the sum of all requested disbursements on any Business Day, we reserve the right, subject to any separate enrollment by you in our Overdraft Protection, not to overdraw the applicable account. While we may make efforts to apply available funds to individual checks or other charges, we do so at our discretion without any obligation to continue to not warrant the order in which we may do so. Our Receipt of Deposits In receiving depositsNeither do we warrant that we will apply all available funds in such a situation. If you have authorized an ACH file containing individual payment orders and the applicable account has insufficient funds, we act only as your collecting agent and assume no responsibility beyond reserve the exercise of ordinary careright to reject the entire file. All deposits are posted Subject to your designated deposit account conditionallyany separate enrollment by you in our Overdraft Protection, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to we permit an overdraft or otherwise allow your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer balance to your account is dishonored by the issuing financial institution for any reasondrop below zero, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owneroverdraft promptly, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe demand from us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine use funds in another account of yours or subsequent deposits and other credits to the account, to cover any overdraft existing in your account, to the fullest extent permitted by law. Each account owner is responsible for paying any overdrafts created by any Contracting Officer, Authorized Signer or other signer or party to the account, whether or not the owner participates in the transaction or benefits from its proceeds. Subject to any separate enrollment by you in our discretion the categoriesOverdraft Protection, the transactions within our payment of any check or allowance of any transaction that creates overdrafts in no way obligates us to continue that practice at a category, the order among categories, and the posting orders within a categorylater time. We sometimes add may discontinue permitting overdrafts without cause or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End We discourage the practice of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themoverdrawing accounts.
Appears in 1 contract
Overdrafts. If any Item or other debit presented to us will overdraw the available account balance, including any balance of collected funds in an overdraft protection account ("ODP Account") we have established for youAccount is insufficient to pay an item or items drawn by you thereon, we will charge you a fee, whether we not be required to pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedlysuch item(s), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, but you agree to pay us a service charge for the processing and return of the item(s). If we, at our sole discretion, agree to pay such item, we may deduct an overdraft charge from the Account ("Overdraft Charge"), and you agree to pay the overdraft balance and the Overdraft Charge within five (5) calendar days from the date of the overdraft. In the event of an overdraft balance in an Account, we shall have the right, at our sole discretion, to charge you interest on the amount of the dishonored deposited fundsoverdraft at such interest rate as we deem appropriate (but not to exceed the highest interest rate allowed by applicable law) (“Overdraft Interest"), and you authorize us to debit set-off against or charge to any deposit account with us of Account which you are an ownermay have at Bank, the amount of such overdraft and Overdraft Interest thereon, without prior notice to or the consent of the Customer. Bank makes no representation that Bank’s Overdraft Interest is the lowest or best rate of interest offered by Bank for overdrafts or for loans of any other kind. In order to provide funds with which to pay an item presented for payment on an Account, or to cover an overdraft in an Account we may, at our sole discretion, trans- fer funds from one Account of yours to another Account of yours, regardless of whether either Account is joint or single and/ or a Demand Deposit, Money Market or a Time Deposit Account; however, in the absence of a specific written agreement to the contrary with you. Bank shall be under no obligation to provide funds from another Account. You may specifically request in writing, in the appropriate form provided by Bank, that Bank grant you, subject to such terms and conditions we deem appropriate, a credit facility whereby you will be permitted from time to time to overdraft a specified Account up to a specified aggregate maximum amount not to be exceeded at any time, for one time (“Overdraft Facility”). Notwithstanding the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categoriesforegoing, the transactions within a category, the order among categories, Bank may grant your request to establish an Overdraft Facility only at its sole and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories absolute discretion and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice on such terms and conditions acceptable to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themBank.
Appears in 1 contract
Samples: Account Agreement
Overdrafts. If any Item The Credit Union is under no obligation, unless it has contracted to the contrary, to pay a check or other debit presented transaction you have written or authorized if it would result in this Checking Account being overdrawn. However, the Credit Union may pay such a transaction and charge the amount of the resulting overdraft plus any applicable service charge against your Regular Share Account or any of your other accounts. Subject to us will applicable law, the Credit Union may pay checks or other transactions drawn upon your Checking Account (including those payable to the Credit Union or on which the Credit Union may be liable) in any order determined by the Credi t Union, even if paying a particular check or other transaction results in an insufficient balance in your Checking Account to pay one or more other transactions that otherwise could have been paid out of your Checking Account. The Credit Union has the option of honoring an overdraft transaction or dishonoring it to avoid the creation of an overdraft. Honoring of past overdrafts does not obligate the Credit Union to honor them in the future. The Credit Union is not required to send prior notice of transactions returned because they would, if paid, overdraw the available account balance, including any balance in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor itaccount. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals The amount by which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by overdrawn is due and payable to the issuing financial institution for any reasonCredit Union upon our demand, and you agree to pay us the full amount of it to us, together with any applicable fees as set forth in the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other depositFee Schedule. You also authorize us us, in such a case, to debit your apply from any other shares or deposits you may have in the Credit Union (except for an Individual Retirement Accounts or other account for permitting tax deferrals or providing other tax benefits under state or federal law) any amount necessary to pay such overdrawn amount and fees. If this is a joint account, all of the Joint Owners are jointly and severally liable to repay the Credit Union the amount of any overdraft and service charges, regardless of which of the parties writes the check or authorizes the transaction that creates an overdraft. If the Credit Union has contractually agreed to provide you with overdraft protection, such as through a share transfer agreement, it will pay overdrafts in accordance with the terms of the applicable agreement(s) when sufficient funds are available through such agreements to pay the overdrafts. When determining whether a check or other transaction drawn on your Checking Account is a nonsufficient funds transaction, both for the purpose of determining whether and how to honor the transaction and whether a fee related to it being an overdraft may be charged, the Credit Union will use the “Available Balance” for your Checking Account at the time the transaction is presented. The Available Balance is the balance shown on our returned item feebooks (“Ledger Balance”) reduced by (i) the amount of any holds in place with respect to deposited checks or other items, (ii) the amount in the account that is subject to any interest paid preauthorization requests related to the account that have been accepted by the Credit Union, (iii) amounts in the account that are subject to holds based on the depositcourt, tax agency, or other governmental proceedings, and any (iv) amounts that we believe are subject to a dispute over ownership or other fee we pay or loss we incurrights. We may also use any other legal remedy to recover the amount you owe us. We Examples of preauthorization requests are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawalspurchase transactions where the final amount is initially unknown, transferssuch as gas station purchases, payments, checks, one-time and recurring debit card transactionsrestaurant charges, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for hotel or car reservations, but there are other types of preauthorization requests that could affect your account on as well. Note that the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business dayAvailable Balance for these purposes may cause a fee related to an overdraft to be charged, our automated systems assign each transaction received for that day or a line of credit advance or transfer from another account to a category. We generally post all transactions within a categorybe made, using the posting order or orders that apply to that category, before we post even though your periodic statement may not reflect any transactions assigned to the next category. We start with time when the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days(periodic statements use Ledger Balances) would be negative. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive them.Remote Deposit Capture
Appears in 1 contract
Samples: Membership Agreement
Overdrafts. If any Item or other debit presented to us will overdraw the available account balance, including any balance in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time xxx e between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default defa ult or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive them.
Appears in 1 contract
Samples: Axos Bank Online Banking Agreement
Overdrafts. An overdraft is a type of borrowing. If any Item you're in your overdraft, it means you've spent more money than you have in your account. Overdrafts are designed for short-term borrowing, not long-term borrowing. Please be careful before making a payment that takes you into your overdraft. If you try to borrow more than your agreed overdraft limit, or other debit presented to us will overdraw the available account balance, including any balance in without agreeing an overdraft protection limit with us in advance, your payment may not go through. Arranged overdrafts We expect you to keep enough money in your account ("ODP Account") to make your payments. The exception is if we agree an 'arranged overdraft' with you. An arranged overdraft is one that we agree with you in advance. If you have an arranged overdraft, you can spend money up to the limit we have established agreed with you. If we give you an arranged overdraft, we'll send you an overdraft letter explaining the extra terms and conditions that apply. Cancelling your arranged overdraft If you have an arranged overdraft with us, you can ask us to cancel it or reduce it at any time. Unarranged overdrafts Usually, if you want to make a payment and there isn't enough money in your account, we'll refuse to make the payment. If we can't refuse to make the payment for youany reason, it may still come out of your account. If this happens, the payment will take you into an 'unarranged overdraft'. When you owe us fees or charges, we will charge can take these amounts automatically from your account. It is your responsibility to make sure you have enough money in your account to cover those fees and charges. If you don't, this might also take you into an 'unarranged overdraft'. Unarranged overdrafts are ones which haven't been agreed with us in advance. If you have an unarranged overdraft, you'll owe us interest like you would on any borrowing. Interest and fees The fees and interest that apply to an overdraft are set out in the "overdraft" section on our website at xxx.xxxxxxxxxxx.xx.xx and in your Fee Information Document. Please see the "Our fees and charges" section for details of how to find this. Repaying your overdraft We can ask you to repay your overdraft in full or in part at any time. This is the case whether you have an arranged overdraft or an unarranged overdraft. We don't have to tell you in advance if we ask you to repay us, but we'll usually try to give you 30 days' notice if possible. When we can refuse a feepayment We'll always try our best to make a payment when you ask us to, whether but sometimes we pay might not be able to. As long as we're acting reasonably, we can refuse to make a payment for any of the Item following reasons: • we don't believe the instruction comes from you or dishonor it. You agree immediately upon notice from a third party with permission to act on your behalf, • you haven't met the conditions for making a payment in these terms and conditions, • you haven't given us any extra identity information required or information on the payment we have asked you for, • your instructions are, incomplete, unclear or they appear to be wrong, • you don't have enough money in your account or your arranged overdraft to make the payment, • we think there's a high risk you won't be able to repay us the money you are borrowing, • you've asked us to deposit funds sufficient make a type of payment that the other person's account provider doesn't accept, • the payment would take you over any maximum payment limits, or any limits we set to cover protect you and us against fraud or manage our risk, • we reasonably believe the overdraft plus applicable chargespayment you want us to make is a duplicate payment, • we believe your account is being misused, • we believe your account is being used for illegal, unlawful or fraudulent purposes, • making your payment would mean we could break a law, regulation, code, court order or contract that we need to comply with, • we are ordered to do so by a court, • making your payment might expose us to legal action or censure by any government, regulator or law enforcement agency, or • you've broken this agreement in a serious way. In connection with overdraftsWe won't be responsible for any losses you suffer if we've acted reasonably and there are delays or we have refused your payment, our determination for any of the Deposit Account balance may be reasons above. Working out if you have enough money in your account We might refuse to make a payment if there isn't enough money in your account. When we're working out if you have enough money in your account, we can look at: • whether you have an arranged overdraft or not, • how much money is left to spend on your arranged overdraft, • any instructions you've given us to make a payment which we've not made at yet, • any time between presentment card payments you've recently made which haven't come out of your account yet, • any regular payments which are due to come out of your account, such as Direct Debits and our predetermined deadlinestanding orders, and need only • any interest and charges which are due. If you ask us to make a payment and there isn't enough money in your account or your arranged overdraft (if you have one), we won't always be made one able to refuse it in time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categoriescan't refuse it, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End payment will be made out of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themunarranged overdraft.
Appears in 1 contract
Samples: Agreement
Overdrafts. If any Item An overdraft is an advance of funds made by us to you, at our sole discretion, to cover a check or other debit presented to us will overdraw the available account balance, including withdrawal from your Account. We may demand immediate repayment of any balance in an overdraft protection account ("ODP Account") we have established for you, we will and charge you a fee, whether we pay the Item or dishonor itan Overdraft Fee (see list of Service Fees). You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdraftspay us, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If when we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for ask you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount all of our returned item feecosts of collecting an overdraft, any interest paid on to the depositfullest extent permitted by law. These costs include, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to, our legal fees and expenses. We are authorized to the following: teller depositspay any check or other Item that creates an overdraft, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizationsany returned Item, and holds related all charges associated with overdrafts or returned Items by making advances under or transfers from any Bank account that is linked to cash withdrawals and electronic transfers. Debits include withdrawalsyour account for overdraft protection (for example any Line of Credit, transfersSavings Account, paymentsMoney Market Account, checks, one-time and recurring debit card transactionsor Checking Account), and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for have no obligation to, but we may, pay an Item, which could cause an overdraft in your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a categoryAccount. We generally post all transactions within a category, using the posting order or orders process and pay presented checks that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds you write from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine Account in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or they are received by using the date and time of when the transaction was authorized. If multiple transactions have the same date and time, then they are posted in low to high dollar amount order. When we receive them.a check or process an Automatic Clearing House (“ACH”) payment request to debit your Account, and your account has a non-sufficient available balance to pay the check or payment request, we may charge you Paid Item Fees and/or Returned Item Fees (as such terms are defined, respectively, in the Service Fees section of the Accounts Disclosure). When your check or payment request is returned for non-sufficient funds, your check or payment request may be presented and re- presented to your Account for payment multiple times. Once a Paid Item Fee or Returned Item Fee has been charged on a check or payment request, you will not be charged any subsequent Paid Item Fee or Returned Item Fee for the same check or payment request. The best way to know your Available Balance and avoid paying Paid Item Fees and/or Returned Item Fees is to record and track all your transactions closely. We have no obligation to notify you if we honor, pay, return or decline an Item or transaction for a non-sufficient available balance. Order of Posting: We generally process and pay presented checks that you write from your Account in the order in which they are received by using the date and time of when the transaction was authorized. If multiple transactions have the same date and time, then they are posted in low to high dollar order. We may establish different processing orders for other transactions; therefore, transactions may not be processed in the order in which they occurred, and the order in which transactions are received and processed may result in more insufficient fund Items and more Paid Item and/or Returned Item fees than other processing orders. We may refuse, in our discretion, to pay a check or other Item which: • is illegible; • is drawn in an amount greater than the amount of funds then available for withdrawal in your Account (see the Funds Availability Policy) or which would, if paid, create an overdraft; • bears a duplicate check number; • we believe has been altered; • we believe is otherwise not properly payable; or • we believe does not bear an authorized signature. ACH and Wire Transfers:
Appears in 1 contract
Samples: Business Deposit Agreement
Overdrafts. If Although we are under no obligation to pay any Item or other debit presented to us will overdraw that exceeds the available account balance, including any fully paid and collected share balance in the Account, we may, at our option, pay such Item or permit the withdrawal even though the payment or withdrawal causes an overdraft protection account ("ODP Account") we have established for youin the account. The Credit Union, by covering one or more overdrafts, does not agree to cover overdrafts in the future and may discontinue covering overdrafts at any time. We pay overdrafts at our uncontrolled discretion. Therefore, we do not guarantee that we will charge you a fee, whether we always authorize and pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one timeparticular transaction. If we do not authorize and pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly)an overdraft, we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final paymenttransaction will be declined. If final payment is not received on any the Credit Union decides to pay an item you deposited to that overdraws your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reasonAccount, you agree to immediately pay us the overdraft amount plus a fee as disclosed in the Fee Schedule. The Credit Union considers the Available Balance when determining the balance upon which to pay an Item. In the event there is a negative balance, each signer on the Account and each Account Owner is jointly and severally liable for the negative balance, any fees incurred, and interest thereon. The Credit Union may charge the amount of the dishonored deposited fundsnegative balance against any other account from which any of you, jointly or individually, are entitled to withdraw money or establish a credit advance pursuant to any credit agreement between any of you and you authorize us to debit any deposit the Credit Union. UNDERSTANDING YOUR ACCOUNT BALANCE Your share draft account with us has two kinds of which you are an owner, without prior notice balances: the actual balance and at any time, for the available balance. Your actual balance reflects the full amount of the returned item or other deposit. You also authorize us all deposits to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any as well as payment transactions sent through the mail, until we actually receive and post the transaction that have been posted to your account. We It does not reflect checks you have written and are still outstanding or transactions that have been authorized but are still pending. Your available balance is the amount of money in your account that is available for you to use and is the most current record we have about the funds in your account. Your available balance is your actual balance less: (1) holds placed on deposits; (2) holds based upon pending debit card or other transactions that have been authorized but are not liable for yet posted; and (3) any other holds, such as holds related to pledges of account funds and minimum balance requirements or to comply with court orders. Your available balance is updated throughout the default or negligence day as transactions are posted. We use your available balance to determine whether there are sufficient funds in your account to pay items, including checks and drafts, as well as Automated Clearing House (“ACH”), debit card and other electronic transactions. Pending transactions and holds placed on your account may reduce your available balance and may cause your account to become overdrawn regardless of our duly selected agents or correspondentsyour actual balance. If a merchant obtains a prior authorization on funds but fails to submit a one-time debit transaction within three business days of that authorization, nor for losses in transitwe must release the authorization hold. Processing The available balance will not reflect this one-time debt transaction once the hold has been released, but the transaction may still post to the account. You should assume that any item which would overdraw your account based on your available balance may create an overdraft. You may still overdraw your account even though the available balance appears to show there are sufficient funds to cover a transaction. Your Available Balance is displayed on mobile app, online banking, receipt, and telephone banking. How Transactions are Posted to Your Account. Basically, there are two types of transactions that affect your account: credits (deposits of money into your account) and Posting Orders Posting transactions debits (payments out of your account). It is important to understand how each is applied to your account impacts so that you know how much money you have and how much is available to you at any given time. Deposits (and credits) are generally posted to your account balancewhen we receive and process them. Posting However, in some cases when you deposit a credit increases check, the full amount of the deposit may not be available to you at the time of deposit. Please refer to the Funds Availability Policy Disclosure provided at the time you opened your balanceaccount for details regarding the timing and availability of funds from deposits. Posting a Debits (payments from your account). There are several types of debit or hold reduces your balancetransactions. Credits include but Common debit transactions are Checks, ACH Payments, PIN Based Debit Card Purchase Transactions, and Signature-Based Debit Card Purchase Transactions. There are many ways transactions are presented for payment by merchants, and we are not limited necessarily in control of when transactions are received. The following frequently-used transactions are processed in groups: 1. Checks cashed by our employees or that you have written to the following: teller depositsCredit Union; 2. Items that are submitted electronically, direct deposits and credits we make. Holds include but are not limited to the following: deposit holdssuch as ACH items, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, preauthorized transfers, telephone initiated transfers and feesany other authorized electronic transfers, such as ATM withdrawals; 3. We use automated systems Debit card or POS transactions that merchants have presented to process transactions and then us for payment; 4. Transfers from one account to post transactions another; 5. ACH debits; 6. Checks written to accountsthird parties. When we process multiple transactions for your account on the same day, you agree that we Transactions may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds be processed in any order at our optiondepending upon type and when received by the Credit Union. Posting Orders This section summarizes how we generally post some common transactions Example: Member A has an Available Account Balance of $500.00. A check is deposited for $500 and $250 is made available immediately and the other $250 is placed on a 2-business day hold. The Available Balance would be $750.00 and the Balance would be $1,000.00. Items presented in any manner above would be paid or approved based on the Available Balance of $750.00. Example: Member B has an Available Balance of $500.00 with a balance of $550.00 due to your accounta recent Debit Card transaction for $50.00 that is pending. We group A check/share drafts is presented for payment in the different types amount of transactions into categories$525.00. We use several different categories for holds, credits, and debits. Most categories include The check is more than one transaction type. After the end of Available Balance so the business dayitem would be returned as Insufficient or paid using Overdraft Privilege (ODP), our automated systems assign each transaction received for that day to resulting in a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your negative balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an exampleHowever, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final pending debit card transaction for payment posts it will not result in an additional fee. Example: Assume the member has an available balance of $25.00 in her share account and posting until several days latera $35 debit card transaction posted to her account. We generally post credits If this member has not opted in to Overdraft Privilege the debit card transaction would be rejected and debits to your accountreturned, and report them on your statement, but a Return Check/Overdraft Charges fee of $35.00 would be charged resulting in a different order than new Available Balance -$10.00 or negative ($10.00). Assume the order member has an Available Balance of negative $525.00 in which her share account and a $10 transaction posts to her account. The member’s maximum overdraft limit is negative $500.00 so this $10.00 transaction would be rejected and a Return Check/Overdraft Charges fee would be charged. This would result in a new Available Balance of -$560.00 or negative $565.00. Account Opted-In Reg E - Authorize and Pay Every Day Debit Card Transactions Date Transaction Transaction History Hold Amounts/Pending* Available Balance Balance Business Day 1 Beginning Balance $10.00 $10.00 Business Day 1 Check Deposit for $500. $250 released immediately, rest in 2 business days. $500 ($250) $260.00 $510.00 Business Day 1 Debit Card Purchase $400 ($400) ($140.00) $110.00 Business Day 1 ODP Fee $35 ($35) ($175.00) $75.00 Business Day 3 Remaining Hold release from $500 check dep $250 $75.00 $75.00 Business Day 3 Debit Card Authorization $10 - Company XYZ ($10) $65.00 $75.00 Business Day 3 Debit Card Authorization $20 - Company ABC ($20) $45.00 $75.00 Business Day 3 Draft #1001 withdrawal $50.00 ($50) ($5.00) $25.00 Business Day 3 ODP Fee $35 ($35) ($40.00) ($10.00) Business Day 4 Debit Card Purchase $10 from Company XYZ ($10) $10 ($40.00) ($20.00) Business Day 4 Debit Card Purchase $20 from Company ABC ($20) $20 ($40.00) ($40.00) Business Day 5 Direct Deposit $480.00 $480 $440.00 $440.00 Business Day 5 ACH withdrawal $240.00 ($240) $200.00 $200.00 Business Day 5 ATM withdrawal $100 ($100) $100.00 $100.00 Business Day 6 Debit Card authorization $150 - Company LMN ($150) ($50.00) $100.00 Business Day 7 Debit Card withdrawal $150 from Company LMN ($150) $150 ($50.00) ($50.00) Business Day 7 ODP Fee $35 ($35) ($85.00) ($85.00) Business Day 7 Check Deposit $200.00 $200 $115.00 $115.00 * Hold Amounts/Pending are reflected in the Available Balance. In this column when you conduct them or we receive themsee a negative amount it is reflecting the Available Balance (balance less the hold amount). When you see a positive amount in this column it is reflecting that the pending amount has been released and is reflected in the Available Balance as well as when a pending hold releases and the transaction posts to reflect the account balance. Account Opted-Out Reg E - Do NOT Authorize and Pay Every Day Debit Card Transactions Date Transaction Transaction History Hold Amounts/Pending* Available Balance Balance Business Day 1 Beginning Balance $10.00 $10.00 Business Day 1 Check Deposit for $500. $250 released immediately, rest in 2 business days. $500 ($250) $260.00 $510.00 Business Day 1 Debit Card Purchase $300 -Company XYZ - Declined funds not available $260.00 $510.00 Business Day 3 Remaining Hold release from $500 check dep $250 $510.00 $510.00 Business Day 3 Draft #1001 withdrawal $50.00 ($50) $460.00 $460.00 Business Day 3 Debit Card Authorization $400 - Company XYZ ($400) $60.00 $460.00 Business Day 3 Debit Card Authorization $20 - Company ABC ($20) $40.00 $460.00 Business Day 3 Draft #1001 withdrawal $50.00 ($50) ($10.00) $410.00 Business Day 3 ODP Fee $35 ($35) ($45.00) $375.00 Business Day 4 Debit Card Purchase $400 from Company XYZ ($400) $400 ($45.00) ($25.00) Business Day 4 Debit Card Purchase $20 from Company ABC ($20) $20 ($45.00) ($45.00) Business Day 5 Direct Deposit $485.00 $485 $440.00 $440.00 Business Day 5 ACH withdrawal $240.00 ($240) $200.00 $200.00 Business Day 5 ATM withdrawal $100 ($100) $100.00 $100.00 Business Day 6 Debit Card authorization $95 -Company EGG ($95) $5.00 $100.00 Business Day 7 Debit Card withdrawal $95 from Company EGG as $105.00 due to tip ($105) $95 ($5.00) ($5.00) Business Day 7 Check Deposit $200.00 $200 $195.00 $195.00 Business Day 8 ACH withdrawal $200 ($200) ($5.00) ($5.00) Business Day 8 ODP Fee $35 ($35) ($40.00) ($40.00) Business Day 8 Check Deposit $50 $50 $10.00 $10.00 * Hold Amounts/Pending are reflected in the Available Balance. In this column when you see a negative amount it is reflecting the Available Balance (balance less the hold amount). When you see a positive amount in this column it is reflecting that the pending amount has been released and is reflected in the Available Balance as well as when a pending hold releases and the transaction posts to reflect the account balance.
Appears in 1 contract
Samples: Credit Union Membership Agreement
Overdrafts. If any Item An overdraft is an advance of funds made by us to you, at our sole discretion, to cover a check or other debit presented to us will overdraw the available account balance, including withdrawal from your Account. We may demand immediate repayment of any balance in overdraft and charge you an overdraft protection account fee ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor itsee Fee Schedule). You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdraftspay us, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If when we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for ask you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount all of our returned item feecosts of collecting an overdraft, any interest paid on to the depositfullest extent permitted by law. These costs include, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to, our legal fees and expenses. If more than one of you owns an Account, each of you will be responsible for paying us the entire amount of all overdrafts and obligations resulting from the overdrafts. We do not have to the following: teller deposits, direct deposits and credits we makeallow you to make an overdraft. Holds include but Intentionally withdrawing funds from an Account when there are not limited enough funds in the Account to cover the following: deposit holdswithdrawal or when the funds are not yet available for withdrawal may be a crime. We are authorized to pay any check or other item that creates an overdraft, debit card authorizationsany returned item, and holds related all charges associated with overdrafts or returned items by making advances under or transfers from any Bank account that is linked to cash withdrawals and electronic transfers. Debits include withdrawalsyour account for overdraft protection (for example any Line of Credit, transfersSavings Account, payments, checks, one-time and recurring debit card transactionsor Checking Account), and feeswe have no obligation to, but we may, pay an item, which could cause an overdraft in your Account, all in accordance with the “Overdrafts” sections in the Additional Terms and Services Section of this Agreement. We use automated systems generally process and pay presented checks that you write from your Account in order from smallest dollar amount to largest dollar amount; however, we reserve the right to process transactions and then to post transactions to accountsany presented checks in any order . When we receive a check or process multiple transactions for an Automatic Clearing House (“ACH”) payment request to debit your Account, and your account on has a non-sufficient available balance to pay the check or payment request, we may charge you Paid Item Fees and/ or Returned Item Fees (as such terms are defined, respectively, in the Service Fees section of the Accounts Disclosure) each time that check or payment request attempts to clear your Account. When your check or payment request is returned for non- sufficient funds, your check or payment request may be presented and re-presented to your Account for payment multiple times, and each time that your Account has a non- sufficient available balance to pay the check or payment request, we may charge you a Paid Item Fees and/or Returned Item Fees. This means you may be charged multiple Returned Item Fees (or Returned Item Fees and then a Paid Item Fee, if paid into overdraft) for the same check or ACH payment request that are re-presented for payment when your Account has a non-sufficient available balance. We will process debit and credit ACH transactions throughout the day, you agree that we may in the order they are received in our discretion determine our posting orders processing center. Therefore, if an Account withdrawal or debit transaction is processed in the morning and it exceeds your available balance at that time, you may be charged Paid Item Fees and/or Returned Item Fees, even if a deposit or credit transaction occurring later that day raises your available balance above $0.00. We may receive multiple credit or debit transactions on your Accounts in many different forms throughout each day. The best way to know your Available Balance and avoid paying Paid Item Fees and/or Returned Item Fees is to record and track all your transactions closely. You will be charged a Returned Item Fee each time we return unpaid for a non- sufficient available balance an item that is presented for payment, even if that item has previously been presented and returned for a non-sufficient available balance and you were previously charged a Returned Item Fee for that return. Further, you will be charged a Paid Item Fee if we honor or pay the transactions and that item or transaction when you have a non-sufficient available balance even if you were previously charged Returned Item Fees when the item or transaction was previously returned, rejected, or declined. We have no obligation to notify you if we may credit, authorize, accepthonor, pay, return or decline an item or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themnon-sufficient available balance.
Appears in 1 contract
Samples: Business Deposit Agreement
Overdrafts. If An overdraft is created when you have insufficient funds in your Account to cover a check, withdrawal, automatic transfer, electronic transaction (e.g., ATM or point-of-sale purchase), returned deposited item, or any other electronic purchase, payment, or debit. When we receive a check or process an Automatic Clearing House (“ACH”) payment request to debit your Account, and your account has a non-sufficient available balance to pay the check or payment request, we may charge you Paid Item Fees and/or Returned Item Fees (as such terms are defined, respectively, in the Service Fees section of the Accounts Disclosure) each time that check or other debit payment request attempts to clear your Account. When your check or payment request is returned for non-sufficient funds, your check or payment request may be presented and re-presented to us your Account for payment multiple times, and each time that your Account has a non-sufficient available balance to pay the check or payment request, we may charge you a Paid Item Fees and/or Returned Item Fees. This means you may be charged multiple Returned Item Fees (or Returned Item Fees and then a Paid Item Fee, if paid into overdraft) for the same check or ACH payment request that are re-presented for payment when your Account has a non-sufficient available balance. We will process debit and credit ACH transactions throughout the day, in the order they are received in our processing center. Therefore, if an Account withdrawal or debit transaction is processed in the morning and it exceeds your available balance at that time, you may be charged Paid Item Fees and/or Returned Item Fees, even if a deposit or credit transaction occurring later that day raises your available balance above $0.00. We may receive multiple credit or debit transactions on your Accounts in many different forms throughout each day. The best way to know your Available Balance and avoid paying Paid Item Fees and/or Returned Item Fees is to record and track all your transactions closely. Overdraft Privilege Overdraft Privilege is a service that the Bank may, but is not required to, use to pay checks and other withdrawal requests that would otherwise overdraw the available account balance, including your checking Account (or would exceed any balance in an overdraft protection account ("ODP Account") we Overdraft Protection or Reserve Credit Overdraft Line of Credit that you have established for youthe Account). Typically, we the Bank limits Overdraft Privilege on consumer checking Accounts to $800.00 and offers the service only after: (1) an Account has been open for thirty days, and (2) has had at least $400.00 in deposits made to the Account, and (3) has incurred no overdrafts. There is no guarantee that the bank will charge you a feealways authorize and pay your transactions and items. The Bank retains the discretion to decline payment of items or transactions that will overdraw your Account, whether we pay the Item or dishonor it. You agree immediately upon notice and may remove Overdraft Privilege from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit your Account balance may be made at any time between presentment and our predetermined deadlinewithout notice to you. By federal law, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance banks are required to separate transactions into two categories when applying Overdraft Privilege: (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, 1) one-time debit card transactions and ATM withdrawals, and (2) checks, ACH, recurring debit card transactions, and feesall other types of transfers and withdrawals. One-time debit card transactions and ATM withdrawals These types of transactions are not automatically covered by the Overdraft Privilege service. You will be required to “Opt In” if you want the Bank to consider paying these types of transactions. If you “Opt-In” for these transactions, a fee will apply if the transaction is paid (Paid Item Fee) using Overdraft Privilege. The specific fees are disclosed in the Service Fees section of the Accounts Disclosure. If you do not “Opt-In”, the Bank will automatically decline or reject any of these transactions that would overdraw your Account. To “Opt-In”, or subsequently “Opt-Out” of Overdraft Privilege for ATM withdrawals and one-time debit card transactions, you may notify the Bank by calling us at 000-000-0000, visiting an office or our website, xxx.XxxxxxxxxXxxx.xxx. You may revoke your Opt-In or Opt-Out at any time by notifying the Bank through the same channels listed above. Your decision to Opt-In or Opt-Out of Overdraft Privilege will be effective the next business day after we receive your notice, and will apply to all transactions initiated after we have affected such notice. Checks, ACH, recurring debit card transactions, and all other types of transfers and withdrawals These types of transactions are automatically included in the standard Overdraft Privilege service. If you wish to Opt-Out of Overdraft Privilege for these specific types of transactions you must notify the Bank. If you Opt-Out, all of your checks, ACH, recurring debit card transactions and all other transfers and withdrawals will generally be returned unpaid or declined. However, recurring debit card transactions that are authorized when funds are available in your Account but post at a later date when funds are no longer available, may overdraw your Account and these items will be subject to Paid Item Fees even if you are Opted Out of the Overdraft Privilege service. The Paid Item fee for Insufficient/Unavailable Funds will apply when the checks or transactions are paid and the Returned Item Fee will apply for checks or transactions that are returned. The specific fees are disclosed in the Service Fees section of the Accounts Disclosure. You will be charged a Returned Item Fee each time we return unpaid for a non- sufficient available balance an item that is presented for payment, even if that item has previously been presented and returned for a non-sufficient available balance and you were previously charged a Returned Item Fee for that return. Further, you will be charged a Paid Item Fee if we honor or pay the item or transaction when you have a non-sufficient available balance even if you were previously charged Returned Item Fees when the item or transaction was previously returned, rejected, or declined. We use automated systems have no obligation to process transactions and then to post transactions to accounts. When notify you if we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accepthonor, pay, return or decline an item or transaction for a non-sufficient available balance. To Opt-Out of Overdraft Privilege for check, ACH, recurring debit card transactions, and all other items, you may notify the Bank by calling us at 000- 000-0000 or visiting our nearest office. You may revoke this decision at any time. Your decision to Opt-Out or Opt-In to Overdraft Privilege will be effective the next business day after we receive your notice, and will apply to all transactions initiated after we have affected such notice. If you have multiple overdrafts on any given day, we may honor any one or more and return credits, debits and holds the others in any order at our optionorder. Posting Orders This section summarizes how we generally post some common Multiple Paid Item or Returned Item fees can be charged against your Account per day on these occasions. The Paid Item and/or Return Item fees for all transactions shall be limited to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include no more than one transaction typesix (6) per day. After In addition, if any individual item is $3.00 or less, or any individual item overdraws your Account by $5.00 or less, you will not be charged a fee. The specific fees are disclosed in the end Service Fees section of the business dayAccounts Disclosure and are subject to change from time to time. You are in the best position to ensure that your Account has sufficient funds to cover any check or other debit by maintaining an accurate and current record of your deposits and withdrawals. You have the ability to confirm your current and available Account balances through any Brookline Bank ATM, our automated systems assign each transaction received for that day Telephone Banking, Online Banking, by contacting any office or by calling us at 000-000-0000 prior to writing a categorycheck, withdrawing cash, or initiating any electronic or debit transaction. We generally post all transactions within a category, using the posting order Current and available balances do not include outstanding checks or orders that apply to that category, before we post any transactions assigned debits not yet submitted to the next categoryBank. We start with Payment of an overdraft creates a debt owed to the balance in your account at Bank. The amount owed includes applicable fees and the beginning amount of the business dayitem(s) paid. The Bank is not responsible for notifying you prior to incurring a Paid Item or Return Item Fee due to Insufficient/Unavailable Funds. Once you are notified that your Account is overdrawn, subtract holds from your balance, you will be required to repay the Bank or to deposit sufficient funds to cover the overdraft and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your accountall related fees. You agree and acknowledge that the Paid Item Fee and the Returned Item Fee are designed to compensate the Bank for its costs in processing overdraft items and to compensate the Bank for its risk in electing, at its discretion, to pay certain overdrafts. You further agree that Paid Item and Returned Item fees do not constitute a penalty. If you fail to reimburse the Bank for the overdraft and related fees, we may determine will be entitled to recover our expenses in our discretion collecting the categoriesoverdraft and fees; and any related charges including, without limitation, attorney’s fees and legal costs. The payment of one or more overdrafts does not obligate the transactions within a category, the order among categoriesBank to honor or pay future overdrafts, and you should not rely upon the posting orders within Bank to honor or pay any overdraft. As to any Account with multiple owners, each owner agrees that they are jointly and severally liable for any overdraft paid by the Bank and subsequent Paid Item and Return Item fees. Each owner also agrees that the Bank may debit funds from any other Account held by such owners to repay the overdraft and any related fees. Overdraft Protection Overdraft Protection is a category. We sometimes add service that automatically transfers funds to a qualifying deposit Account to cover an overdraft by one or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end more of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end following methods: (i) transfer of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for funds from a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive them.designated Overdraft Line of Credit Account;
Appears in 1 contract
Samples: Personal Deposit Agreement
Overdrafts. If any Item When a check or other debit item, including an electronic debit, is presented to us will overdraw the available for payment, and there are not enough funds in your account balance, including any balance in an overdraft protection account ("ODP Account") we have established for youto pay it, we will charge do one of two things. First, we may pay it. If the item is paid, then your account will be overdrawn. If your account becomes overdrawn, you a fee, whether we pay will be notified promptly and told how much money you have to deposit to cover the Item or dishonor itoverdraft. You agree immediately upon notice from to reimburse us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned overdraft and fee charged, if applicable, without delay. Second, we may return the item or refuse the debit without paying it. It is in our discretion whether to pay or to return the item. In either case, you will be charged an overdraft fee, which will be taken directly out of your account. The amount of the overdraft fee is listed in your Interest and Fee Schedule. Automated Clearing House (“ACH”) Rules. All ACH credits and debits received for your account are subject to the rules of the National Automated Clearing House Association and any other depositapplicable ACH rules. You also authorize us agree to debit be bound by the ACH rules. Any credit that we give you for an ACH credit is provisional until we receive final payment. If we do not receive final payment, we may charge your account Account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting otherwise obtain a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds refund from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categoriesyou, and the posting orders within a categoryparty making payment to you will not be deemed to have paid you the amount of the entry. We sometimes add or delete categoriesExcept as reported in your periodic account statements, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End will not notify you of Day We receive credits, debits and holds throughout the day. Regardless receipt of when during the day we receive ACH transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have HSA Bank does not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that dayoriginate outbound international (cross border) ACHs. You should note that often we do not receive debits on the same day that you conduct them. As an exampleagree to indemnify and hold Xxxxxxx harmless from and against all claims, when you use your debit card to pay for a purchase at a merchant demands, liabilities and sign for the transaction, we usually receive an authorization request expenses (including reasonable attorneys’ fees and costs) resulting from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them any error on your statementpart, or any failure on your part to exercise reason- able care, in a different order than the order provision, transmission, or processing of data provided to Xxxxxxx thereunder or in which you conduct them complying with any NACHA rules or we receive them.in Xxxxxxx’x relying on your request and instruction or complying with obligations under the Electronic Fund Transfer Act, the Office of Foreign Assets Control (“OFAC”), UCC Article 4A and Federal Reserve Board Regulation E.
Appears in 1 contract
Samples: Deposit Account Agreement
Overdrafts. If you initiate any Item or other debit presented to us will overdraw Debit Transaction in an amount that exceeds the available account balance, including any balance in your account, it is within our sole discretion to pay the Debit Transaction, thereby creating an overdraft protection on your account, or return it unpaid. We have no obligation to permit overdrafts on your account, and our decision to permit you to create an overdraft on your account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from does not require us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond in the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe usfuture. We are not responsible required to send you prior notice on any Debit Transactions returned for insufficient available funds. We will not be liable to you or any transactionsother person for our decision to pay the Debit Transaction or return it unpaid. We may impose, including any transactions sent through and you agree to pay, an Insufficient Available Funds Fee or Overdraft Fee (“NSF Charge”), as disclosed in your Schedule of Fees, for each Debit Transaction that we return or pay. It is important to note that Debit Transactions may be presented multiple times and subject to fees each time they are presented for payment. For instance, if you have an auto-debit for a gym membership and there are not enough funds in your account to pay the mailcompany (and there is no overdraft protection available), until we actually receive the payment will be rejected, and post a Non-Sufficient Funds (NSF) fee will be charged. The company may then present the transaction item again to be paid. If you still do not have enough funds in your account to pay the item, you could be charged another fee for the same item. We make the decision whether to pay your Debit Transactions, or return them unpaid, based on the funds available in your account, the amount of your Debit Transaction, and other considerations. We are not liable for the default may accept, pay or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions charge to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds Debit Transactions in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to choose even if (a) paying a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the particular Debit Transaction results in an insufficient balance in your account to pay one or more other Debit Transactions that otherwise could have been paid out of your account; or (b) using a particular order results in the payment of fewer Debit Transactions or the imposition of additional fees. We make the decision whether to pay your Debit Transactions, or return them unpaid, based on the funds available in your account, the amount of your Debit Transaction and other considerations. We may accept, pay or charge to your account your Debit Transactions in any order we choose even if (a) paying a particular Debit Transaction results in an insufficient balance in your account to pay one or more other Debit Transactions that otherwise could have been paid out of your account; or (b) using a particular order results in the payment of fewer Debit Transaction or the imposition of additional fees. In general we currently process your checks at the beginning of each business day in check number order. ACH transactions and Point of Sale transactions are processed at the end of each business day, subtract holds . ACH transactions are processed from your balance, low to high amount. Point of sale transactions are processed in date and make any adjustments from prior daystime order. Next, ATM transactions are processed throughout the day as they are conducted. We reserve the right to change this order of payment without notice to you if we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to suspect fraud or possible illegal activity affecting your account. You agree that we If there are insufficient funds available to cover all of your Debit Transactions processed on any given day, this method may determine result in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a categoryadditional NSF Charges. We sometimes add may establish different processing priorities or delete categories, categories for some Debit Transactions. We reserve the right to change posting orders within categories and move transaction types among categories. You agree that we may in or vary from our discretion make these changes policy at any time without notice to you. Posting Orders Determined at End You agree to immediately repay the amount of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing any overdraft created on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them the amount of any NSF Charge(s), that may be imposed on your statementaccount. You agree that these amounts may be repaid out of any subsequent deposit to your account or set off against such deposit to your account including, in a different order than the order in which you conduct them without limitation, deposits of Social Security, Supplemental Security Income or we receive themother government benefits.
Appears in 1 contract
Samples: Business Deposit Account Agreement
Overdrafts. If any Item or other debit presented to us will overdraw We may, at our sole discretion, refuse a withdrawal request in excess of the available funds in your account balance, including in addition to any balance in an overdraft protection you may have. If your account ("ODP Account") we have established for youis in good standing, the Bank will consider, without obligation on its part, approving your reasonable inadvertent overdrafts. However, unless you authorize us to do so, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadlinenot honor, and need only be made one timewill not assess a fee for, an ATM withdrawal or non-recurring debit card transaction that exceeds your avail- able account balance. Authorization by any owner of a joint account is considered authorization by all joint owners. If we pay Items honor a draft, check, withdrawal order, electronic funds order or permit withdrawals which overdraw the transfer request, other than an ATM withdrawal or nonrecur- ring debit card transaction, that exceeds your available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reasonbalance, you agree to pay us the amount of the dishonored deposited fundsoverdraft imme- diately and without demand plus the applicable fee. However, the honoring of one or more of your overdrafts does not obli- gate the Bank to honor any future overdrafts, and you authorize us should not rely on the Bank to debit honor an overdraft. If we do pay an overdraft, you consent to the application of any deposit directly deposited governmental benefits, including Social Security, to the overdraft and associated insufficient funds fees. Salem Five uses the “available balance” method to assess overdraft fees. An available balance method calculates the account with us of balance based on authorized (but not yet settled) transactions Salem Five is obligated to pay as well as set- tled transactions. The available balance is generally the amount to which you are an ownerhave access, without prior notice and at any timeincluding the current balance, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item feeless debits, any interest paid on the depositholds, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are deposits not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction yet posted to your account. We Among the holds that may impact your avail- able balance are not liable preauthorized holds placed on accounts by merchants in connection with debit card point-of-sale (POS) transactions. A delay of one to a few days can occur between the merchant’s authorization and final settlement of a POS transaction. Your account’s available balance can decrease due to other intervening transactions and/or fees. Therefore, the POS transaction could exceed your account’s available balance at the time of final settlement even if the available balance was sufficient to cover the transaction at the time it was authorized and may be assessed an overdraft fee. Re-presented Items: You may be assessed up to two (2) over- draft fees for the default or negligence of same item if the sending bank requests that the item be re-presented for payment a second time and you still do not have the available funds to pay that item. Consult our duly selected agents or correspondents, nor Fee Schedule for losses in transitthe fees that apply when we pay your overdrafts. Processing Transactions and Posting Orders Posting transactions to Communicating Your Preferences: You may communicate your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited preferences as to the following: teller depositspayment of your inadvertent overdrafts at any time by visiting a branch, direct deposits calling or writ- ing to us. If you want us to approve your inadvertent ATM and credits we make. Holds include but are not limited to the following: deposit holds, non-recurring debit card authorizationsoverdrafts you should advise us that you wish to “opt in”, and holds related we will not honor such items unless you do opt in. You may revoke your authoriza- tion at any time. If you do not want us to cash withdrawals approve your inadvertent overdrafts by other payment methods such as check, draft or electronic funds transaction (other than ATM and electronic transfers. Debits include withdrawals, transfers, payments, checks, onenon-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day), you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day advise us that you conduct themwish to “opt out.” You may communi- cate your preference during business hours in person, or by calling us at (000) 000-0000 or (000) 000-0000 or by writing to us at: Attn: Contact Center., Salem Five Cents Savings Bank, 000 Xxxxx Xxxxxx, Xxxxx, XX 00000. As an exampleLet us know if you would like information about alternative overdraft programs, when you use your debit card to pay for such as a purchase at traditional line of credit or a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themsavings-to- checking link.
Appears in 1 contract
Samples: Banking Services Agreement
Overdrafts. If any Item or other debit presented to us will overdraw An overdraft occurs when the available account balance, including any balance in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at is insufficient to pay a debit (withdrawal) transaction, but we pay the beginning transaction anyway. We strongly recommend that you not overdraw your account, as overdrafts can result in fees for which you will be responsible. You will also be responsible for bringing your account current. We do not promise to cover your overdrafts under our standard overdraft practices. There are ways to avoid overdrafts, including avoiding poor account management. An overdraft can happen, which may trigger an overdraft item fee (see the Fee Schedule (“Overdraft Paid Item Fee,” “NSF Returned Item Fee”)), for example: • If you write a check without enough money in your checking account to pay the check, and we pay the item; • If an electronic transaction clears against your account without enough money in your account to cover the transaction; • If you make a withdrawal from your account that exceeds your available balance; • If you use your Banc of California debit card for payment without enough money in your checking account to cover the amount authorized or the amount paid to the merchant; • If you make a deposit, withdraw money based on the credit received from that deposit, and then have that deposit reversed because the deposited item is later returned to us unpaid; • If you withdraw money from your account and do not have enough money left to pay any related charges posted to the account; • When funds are credited to your account in error and you use the funds, and the reversal of the business day, subtract holds from your balance, credit results in an overdraft; or • When fees such as monthly maintenance fees are charged and make any adjustments from prior days. Next, we generally add credits you do not have sufficient funds to your cover. You do not have the right to withdraw funds that exceed the available balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to on your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for When an item overdraws your account, we can either pay or return the item. You cannot choose which items we pay or return, unless you agree that have opted-into the “Courtesy Overdraft Service,” described below, which covers ATM and everyday debit card transactions. If we may treat get a batch, or multiple batches, of items in a day (for example, checks, ATM purchase transactions, and debit card purchase transactions typically come in batches), and if one, some or all of them as would overdraw your account if we received all transactions at the same time at the end of the business day. During the daypaid, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen will post items in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, accordance with the other transactions we receive for that day“Order of Payments” section within this Agreement. You should note that often we do not receive debits If you make a deposit on the same day that you conduct theman item, service charge or transaction creates an overdraft (a “temporary” or “intra-day overdraft”), we may charge the fee for the overdraft since the covering deposit may not be posted until the end of the Business Day. As See the Fee Schedule (“Overdraft Paid Item Fee”). In some cases (e.g., deposits received after our processing cutoff hour), the deposit may not be deemed received until the next Business Day. We also may impose a fee for deposited items that are returned. See the Fee Schedule (“Returned Deposit Item Fee,” “NSF Returned Item Fee”). When an exampleoverdraft fee is imposed, when you use it operates to reduce the available balance in your debit card account. Available Balance The available balance in your account is the amount of funds available for withdrawal and authorizing transactions. Your available balance may be less than the ledger balance or the collected balance. The available balance may not include the following: (i) the amount of pending transactions, such as point-of-sale transactions; (ii) funds on hold in accordance with our funds availability policy; (iii) funds related to pay our receipt of a notice that a transaction will be presented or returned; (iv) our receipt of legal process related to funds in your account; and (v) funds frozen for another reason, such as funds pledged as collateral for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which loan or commitment you conduct them or we receive themhave made.
Appears in 1 contract
Samples: Deposit Account Agreement
Overdrafts. If any Item or other debit presented to us will You understand that we may, at our discretion, honor withdrawal requests that overdraw your account. However, the fact that we may honor withdrawal requests that overdraw the account balance does not obligate us to do so later. So you can NOT rely on us to pay overdrafts on your account regardless of how frequently or under what circumstances we have paid overdrafts on your account in the past. We can change our practice of paying overdrafts on your account without notice to you. You can ask us if we have other account services that might be available account balanceto you where we commit to paying overdrafts under certain circumstances, including any balance in such as an overdraft protection line-of-credit or a plan to sweep funds from another account ("ODP Account") we you have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine charge fees for overdrafts. For consumer accounts, we will not charge fees for overdrafts caused by ATM withdrawals or one-time debit card transactions if you have not opted-in our discretion to that service. We may use subsequent deposits, including direct deposits of social security or other government benefits, to cover such overdrafts and overdraft fees. Multiple or other special signature requirements - If you have specified that some or all of your checks must be signed by more than one person, or have specified that the categoriesauthorized signers for checks of any one category or amount are different from the checks of another category or amount, the transactions within a categoryor use checks that require multiple signatures, the order among categoriesyou acknowledge that those restrictions are for your internal use only and do not bind us even if you have made us aware of such restrictions, and that you will hold us harmless from paying any check that does not have the posting orders within number of required signatures specified by you. Notice of withdrawal - We reserve the right to require not less than 7 days’ notice in writing before each withdrawal from an interest-bearing account other than a categorytime deposit or demand deposit, or from any other savings account as defined by Regulation D. (The law requires us to reserve this right, but it is not our general policy to use it.) Withdrawals from a time account prior to maturity or prior to any notice period may be restricted and may be subject to penalty. See your notice of penalty for early withdrawal. In Kentucky, Release-of-funds procedure - We reserve the right to prevent withdrawal from this account upon the death of any owner until all required release-of-funds procedures are completed. OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION - These rules apply to this account depending on the form of ownership and beneficiary designation, if any, specified on the account records. We sometimes add make no representations as to the appropriateness or delete categorieseffect of the ownership and beneficiary designations, change posting orders within categories except as they determine to whom we pay the account funds. Individual Account - is an account in the name of one person. Joint Account - With Survivorship (And Not As Tenants In Common) - is an account in the name of two or more persons. Each of you intend that when you die the balance in the account (subject to any previous pledge to which we have agreed) will belong to the survivor(s). If two or more of you survive, you will own the balance in the account as joint tenants with survivorship and move transaction types among categoriesnot as tenants in common. You Joint Account - No Survivorship (As Tenants In Common) - is owned by two or more persons, but none of you intend (merely by opening this account) to create any right of survivorship in any other person. We encourage you to agree that we may and tell us in our discretion make these changes at any time without notice to writing of the percentage of the deposit contributed by each of you. Posting Orders Determined at End This information will not, however, affect the “number of Day We receive creditssignatures” necessary for withdrawal. In Kentucky, debits and holds throughout the day. Regardless Revocable Trust or Pay-On-Death Account - If two or more of when during the day we receive transactions for your you create such an account, you agree that we may treat them as if we received own the account jointly with survivorship. Beneficiaries cannot withdraw unless: (1) all transactions at persons creating the same time at account die, (2) the end beneficiary is then living, and (3) any required release-of-funds procedures have been completed. If two or more beneficiaries are named and survive the death of all persons creating the account, such beneficiaries will own this account in equal shares, without right of survivorship. The person(s) creating either of these account types reserves the right to: (1) change beneficiaries, (2) change account types, and (3) withdraw all or part of the business dayaccount funds at any time. During In Indiana, Revocable Trust Account/In Trust For (pursuant to the dayMultiple Party Account statutes in Indiana Code ch. 32-17-11 et. seq.) - If two or more of you create this type of account, we show some transactions as processingyou own the account jointly with survivorship. As an exampleBeneficiaries cannot withdraw unless: (1) all persons creating the account die, we show some transactions as processing on and (2) the Account Details screen beneficiary is then living. If two or more beneficiaries are named and survive the death of all persons creating the account, beneficiaries will own this account in Online Banking. Please note that transactions shown as processing have not been posted yetequal shares, without right of survivorship. The posting person(s) creating this account type may: (1) change beneficiaries, (2) change account types, and (3) withdraw all or part of the account funds at any time. In Indiana, Pay-on-Death Account with LDPS (pursuant to the Transfer on Death Property Act statutes in Indiana Code ch. 32-17-14 et. seq.) - If two or more of you create this type of account, you own the account jointly with survivorship. Beneficiaries cannot withdraw unless all persons creating the account die. If a named beneficiary does not survive all persons that created the account, that beneficiary’s right to a transfer on death transfer belongs to that beneficiary’s lineal descendants per stirpes (LDPS) who survive all persons that created the account. LDPS means that group of people that are the lineal descendants of a beneficiary who will take, in place of the beneficiary they have survived, the beneficiary's share as determined under Indiana law. In order for these transactions is determined at a lineal descendant to take in place of a beneficiary, the end lineal descendant must survive the death of that beneficiary. The person(s) creating this account type may: (1) change beneficiaries, (2) change account types, and (3) withdraw all or part of the dayaccount funds at any time. In Indiana, with Pay-on-Death Account No LDPS (pursuant to the other transactions we receive for that dayTransfer on Death Property Act statutes in Indiana Code ch. You should note that often we do not receive debits on the same day that 32-17-14 et. seq.) - If two or more of you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your create this type of account, you own the account jointly with survivorship. Beneficiaries cannot withdraw unless: (1) all persons creating the account die, and report them on your statement(2) the beneficiary is then living. If two or more beneficiaries are named and survive the death of all persons creating the account, beneficiaries will own this account in a different order than equal shares unless otherwise designated in writing, without right of survivorship. The person(s) creating this account type may: (1) change beneficiaries, (2) change account types, and (3) withdraw all or part of the order in which you conduct them or we receive themaccount funds at any time.
Appears in 1 contract
Samples: www.syb.com
Overdrafts. Checks and other items drawn on your account and other items or instructions seeking to debit money from your account (such as in-person withdrawals at one of our branches, automated clearinghouse (“ACH”) debits, online bill payment and/or transfer instructions, automatic transfers, ATM withdrawals, point-of-sale transactions, and/or other forms of electronic fund transfers discussed in the EFT Disclosure) are all individually and collectively considered “Debit Transactions” on your account. If you initiate any Item or other debit presented to us will overdraw Debit Transaction in an amount that exceeds the available account balance, including any balance in your account, we may, in our sole discretion, pay the Debit Transaction, thereby creating an overdraft protection on your account, or return it unpaid in accordance with our Courtesy Overdraft Privilege Terms and Conditions, incurring an overdraft or Non-Sufficient Funds (NSF) fee as well. We have no obligation to permit overdrafts on your account, and our decision to permit you to create an overdraft on your account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from does not require us to deposit funds sufficient do so in the future. If we overdraw your account, you agree to cover the overdraft plus applicable chargesrepay us immediately. In connection with We may use deposits you or others make to your account to pay overdrafts, our determination of the Deposit Account balance may be made at any time between presentment fees and our predetermined deadline, and need only be made one timeother amounts you owe us. If we pay Items insufficient funds items by overdrawing your account on one or permit withdrawals which overdraw more occasions, we are not obligated to continue paying any future insufficient funds items. We may stop paying your insufficient funds items and decline, reject or return them unpaid without cause or notice to you. We will not be liable to you or any other person for our decision to pay the available Deposit Account balance Debit Transaction or return it unpaid. We may impose, and you agree to pay, a fee, as disclosed in the Schedule of Fees (whether once as may be amended from time to time) for each Debit Transaction that we return or repeatedlypay. It is important to note that Debit Transactions may be presented multiple times by a merchant and subject to fees each time they are presented for payment. For instance, if you have an auto- debit for a gym membership and there are not enough funds in your account to pay the company (and there is no overdraft protection available), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionallypayment will be rejected, and only if a Non-Sufficient Funds (NSF) fee will be charged. The company may then present the item is payable in U.S. dollars, subject again to our receipt of final paymentbe paid up to three (3) attempts. If final payment is you still do not received have enough funds in your account to pay the item, you could be charged up to three (3) fees for the same item. We make the decision whether to pay your Debit Transactions, or return them unpaid, based on any item you deposited the funds available in your account, the amount of your Debit Transaction and other considerations. We may accept, pay or charge to your account or that your Debit Transactions in any order we cashed for you, or choose even if any direct deposit, automated clearinghouse deposit or electronic fund transfer to (a) paying a particular Debit Transaction results in an insufficient balance in your account is dishonored by the issuing financial institution for any reason, you agree to pay us one or more other Debit Transactions that otherwise could have been paid out of your account; or (b) using a particular order results in the amount payment of fewer Debit Transaction or the imposition of additional fees. In general we currently process your checks at the beginning of each business day in check number order. ACH transactions are processed at the end of the dishonored deposited funds, day from low to high amount. ATM and you authorize us to debit any deposit account with us Point of which you sale transactions are an owner, without prior notice and at any time, for processed throughout the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incurday as they are conducted. We may also use any other legal remedy reserve the right to recover the amount change this order of payment without notice to you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until if we actually receive and post the transaction to suspect fraud or possible illegal activity affecting your account. We reserve the right to change this order of payment without notice to you if we suspect fraud or possible illegal activity affecting your account. If there are not liable for the default or negligence insufficient funds to cover all of our duly selected agents or correspondentsyour Debit Transactions processed on any given day, nor for losses this method may result in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and additional fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions may establish different processing priorities or categories for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your accountDebit Transactions. We group reserve the different types right to change this and any other of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes policies at any time without notice to you. Posting Orders Determined at End You agree to immediately repay the amount of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing any overdraft created on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them the amount of any fees that may be imposed on your statementaccount. For joint accounts, in a different order than all account owners agree that this obligation of repayment is joint and several, regardless of who may have initiated the order in which you conduct them Debit Transaction that caused the overdraft and resulting fees. You also agree that these amounts may be repaid out of any subsequent deposit to your account or we receive themset off against such deposit to your account including, without limitation, deposits of Social Security, Supplemental Security Income or other government benefits.
Appears in 1 contract
Samples: Deposit Account Agreement
Overdrafts. If any Item or other debit presented to us will overdraw the available account Account balance, including you are responsible for the overdraft amount. If your Stash Account balance becomes negative for any balance in an overdraft protection account ("ODP Account") we have established for youreason, we will charge you must make a fee, whether we pay the Item or dishonor it. You agree deposit immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one timenegative balance. If we your Stash Account has a negative balance for an extended period of time and you have another Account with either Stash or the Bank, either reserves the right to exercise the Right to Setoff. See the “Right to Setoff” section below for details. If your Stash Account has a negative balance for sixty (60) calendar days or more, it will be closed. Stash and/or the Bank reserve the right to close your Stash Account if you overdraw your Stash Account in violation of these terms. If Stash and/or the Bank pay Items or permit withdrawals which that overdraw the available Deposit Account balance (whether once or repeatedly), we do so it is done at our its discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, Account conditionally and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for youAccount, or if any direct deposit, automated clearinghouse deposit deposit, or electronic fund transfer to your account Account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us either Stash or the Bank to debit any deposit account with us of which you are an owneryour Account, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe usowe. We are not Neither Stash nor the Bank is responsible for any transactions, including any transactions sent through the mail, until we it is actually receive received and post the transaction posted to your accountAccount. We are not Neither Stash nor the Bank is liable for the default or negligence of our duly selected agents or correspondents, correspondents nor for losses in transit. Processing Prohibited Transactions Stash and Posting Orders Posting the Bank strictly prohibit the use of any Account to conduct transactions (including, without limitation, the acceptance or receipt of credit or other receipt of funds through an electronic funds transfer, or by check, draft, or similar instrument, or the proceeds of any foregoing) related, directly or indirectly, to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your accountfederally controlled substances. You agree that we may determine in our discretion not to conduct any transactions through the categoriesAccount which directly or indirectly involve or are related to federally controlled substances, including, without limitation, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add acceptance or delete categories, change posting orders within categories and move transaction types among categoriesreceipt of any funds or deposits in connection therewith. You also agree that we may in our discretion make these changes at any time without notice not to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay Account for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themany other illegal activity.
Appears in 1 contract
Samples: Deposit Account Agreement
Overdrafts. If you initiate any Item ACH transaction or write any check (including checks that the payee may convert into an ACH or other debit presented to us will overdraw form of electronic transaction) in an amount that exceeds the available account balance, including any balance in your account, it is within our sole discretion to pay the ACH or check, thereby creating an overdraft protection on your account, or return it unpaid. We have no obligation to permit overdrafts on your account, and our decision to permit you to create an overdraft on your account ("ODP Account") we have established does not require us to do so in the future. We will not be liable to you or any other person for you, we will charge you a fee, whether we our decision to pay the ACH or check or return it unpaid. We may impose, and you agree to pay, an Overdraft Item Fee, as disclosed in our Fee Schedule, for each ACH transaction or dishonor itcheck that we return or pay. We make the decision whether to pay your ACH or check, or return it unpaid, based on the funds available in your account, the amount of your ACH or check, and other considerations. You agree to immediately upon notice from us to deposit funds sufficient to cover repay the amount of any overdraft created on your account, and the amount of any Overdraft Item Fee(s) that may be imposed on your account. For joint accounts, all account owners agree that this obligation of repayment is joint and several, regardless of who may have initiated the ACH transaction or written the check that caused the overdraft plus applicable chargesand resulting Overdraft Item Fee(s) and to reimburse us for Losses we incur in collecting the overdraft from you. In connection with overdrafts, our determination of the Deposit Account balance You also agree that these amounts may be made at repaid out of any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated subsequent deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse setoff against such deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an ownerincluding, without prior notice and at any timelimitation, for the amount deposits of the returned item Social Security, Supplemental Security Income or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themgovernment benefits.
Appears in 1 contract
Samples: www.salisburybank.com
Overdrafts. If any Item or other debit presented to us will overdraw An overdraft occurs when the available account balance, including any balance in an overdraft protection your account is insufficient to pay a debit ("ODP Account"withdrawal) we have established for youtransaction, we will charge you a fee, whether but we pay the Item or dishonor ittransaction anyway. We strongly recommend that you not overdraw your account, as overdrafts can result in fees for which you will be responsible. You agree immediately upon notice from us will also be responsible for bringing your account current. Our standard overdraft services do not ensure that your overdrafts will be covered. There are ways to deposit funds sufficient avoid overdrafts, including prudent account management. Where the “Fee Schedule” is cited, consumers should reference the Schedule of Fees and Charges – Personal Accounts, while business accounts should reference the Schedule of Fees and Charges – Business Accounts. Your account will not be charged an overdraft fee if your account is overdrawn by less than the de minimis amount as described in the applicable Fee Schedule. Further, see the applicable Fee Schedule for the maximum number of overdraft charges that we impose per account per day, whether the overdraft item is paid or returned. Your consumer account will not be charged the following fees: NSF Returned Item Fee, Overdraft Coverage Transfer Fee, and Daily Negative Balance Fee. An overdraft can happen, which may trigger an overdraft item fee (see the Fee•SchIef dyuolue w(“OritveeardcrahfetcPkaiwditItheomutFeeneo,”ug“NhSmFoRneyurineydoIuter mchFeecek”in))g, faocr count to examplep:ay the check, and we pay the item; • If an electronic transaction clears against your account without enough money in your account to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. transaction; • If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to make a withdrawal from your account that exceeds your available balance; • If you use your Banc of California debit card for payment without enough money in your checking account to cover the amount authorized or that we cashed for you, or if any direct the amount paid to the merchant; • If you make a deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid withdraw money based on the credit received from that deposit, and then have that deposit reversed because the deposited item is later returned to us unpaid; • If you withdraw money from your account and do not have enough money left to pay any other fee we pay related charges posted to the account; or loss we incur. We may also use any other legal remedy to recover • When at the amount moment you owe us. We are not responsible for any authorize certain transactions, including any transactions sent through your account has a positive balance; however, by the mail, until we actually receive and post time the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondentsis settled, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account has a negative balance. Posting a credit increases your balance. Posting a debit These transactions can occur, for example, when an ATM transaction or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, an everyday debit card authorizationstransaction is approved, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process other subsequent transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with reduce the balance in your account at the beginning of the business day, subtract holds from before your balance, and make any adjustments from prior days. Next, we generally add credits ATM transaction or everyday debit card transaction is posted to your account (i.e., a force pay transaction). Your account will not be charged an Overdraft Paid Item Fee for any force pay transactions. You do not have the right to withdraw funds that exceed the available balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to on your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for When an item overdraws your account, you agree that we may treat can either pay or return the item. You cannot choose which items we pay or return. If we get a batch, or multiple batches, of items in a day (for example, checks, ATM purchase transactions, and debit card purchase transactions typically come in batches), and if one, some or all of them as would overdraw your account if we received all transactions at the same time at the end of the business day. During the daypaid, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen will post items in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, accordance with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later“Order of Payments” section within this Agreement. We generally post credits may charge a fee if your account is overdrawn and debits your covering deposit is deemed received the next Business Day (e.g., deposits received after our processing cutoff hour). See the Fee Schedule (“Overdraft Paid Item Fee”, “NSF Returned Item Fee”). We also may impose a fee for deposited items that are returned. See the Fee Schedule (“Returned Deposit Item Fee” ). When an overdraft fee is imposed, it operates to reduce the available balance in your account, and report them on your statement, in a different order than the order in which you conduct them or we receive them.
Appears in 1 contract
Samples: Deposit Account Agreement
Overdrafts. You are responsible for all authorized transactions initiated by use of your card. If any Item or other debit presented to a negative balance (overdraft) in your checking Account results from the use of the card, you will pay us will overdraw the available account balance, including any on demand this negative balance in and our then current charge for overdrafts. If you have an overdraft protection account line of credit ("ODP Checking Plus) for an Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored bound by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, rules and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders regulations that apply to that categorycredit privilege. In addition, if your checking account is closed before we post any transactions assigned to are posted, you will pay us on demand the next categoryoutstanding amount. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders ONLINE GAMBLING You agree that we may determine you will not use your card for any purpose that has been Commerce Bank 0-000-000-0000 or visit a local Commerce Bank Branch Commerce Bank XX Xxx 000000 Xxxxxx Xxxx, XX 00000-0000 deemed illegal. We reserve the right to deny authorization requests from online gambling merchants, whether or not online gambling is illegal in our discretion the orders state in which we post transactions to you use your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that daycard. You should note also call the number or write to the address listed above if you believe a transfer has been made using the information from your check without your permission. DISCLOSURE OF WHAT CONSTITUTES BANK’S BUSINESS DAY Our business days are Monday through Friday. Federal holidays are not included. CONSUMER’SLIABILITYFORUNAUTHORIZEDTRANSFERSAND ADVISABILITY OF PROMPT REPORTING Tell us AT ONCE if your University Card has been lost or stolen. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your Account plus your maximum overdraft line of credit. If you believe that often someone has transferred, or may transfer, money from your deposit account without your permission, call or write us at the phone number or address shown at the top of your deposit statement rather than the phone number and address in this paragraph. If you tell us within two (2) business days after you learn of the loss or theft of your card, you can lose no more than $50 if someone used your card without your permission. If you do NOT tell us within two (2) business days after you learned of the loss or theft of your card, and we can prove that we could have stopped someone from using your card without your permission if you had told us, you could lose as much as $500. Also, if your statement shows transfers that you did not make, including those made by card, code or other means, tell us at once. If you do not receive debits on tell us within 60 days after the same day statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you conduct themhad told us in time. As an exampleIf you tell us of transfers you did not make within the 60 days after your deposit statement was mailed to you, when your loss will not exceed $50 or the amount of unauthorized transfer that occurred before you use your debit card to pay for told us, whichever is less. If a purchase at good reason (such as a merchant and sign for the transactionlong trip or a hospital stay) kept you from telling us, we usually receive an authorization request from will extend the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themtime periods at our discretion.
Appears in 1 contract
Samples: www.commercebank.com
Overdrafts. If any Item you do not have sufficient available funds on deposit in your account to cover the amount of a check or other debit transaction (e.g., in-person withdrawal, automatic payment, a wire transfer or other electronic transaction) at the time the transaction is presented for payment, we may return the check or reject the transaction without payment. If we opt to return the check without payment, a return item fee or other fees may apply. We may elect, however, in our sole discretion to create an overdraft by paying the check or permitting the transaction. We have no liability to you for rejecting some checks or other charges and paying others or otherwise processing a transaction when your account is overdrawn, even if the check or other charge that we choose to pay is payable to us will overdraw the available or your account balance, including any balance in an overdraft protection account ("ODP Account") we have established is overdrawn due to Bank fees or charges. We may charge a fee for you, we will each check or other charge you a feethat overdraws your account, whether we pay the Item check or dishonor itother charge or return it unpaid. You agree immediately upon notice These transactions may include processed or rejected ATM or debit card withdrawals and transfers, electronic fund transfers, debits due to point-of-sale purchases, telephone transfers, automatic transfers, pre-authorized debits or debits from wire transfer instructions or any other types of withdrawal, transfer or payment transaction presented to us to when your account has insufficient available funds. Note: If you make a deposit funds sufficient to cover on the same day that an item, service charge or transaction creates an overdraft (a “temporary or “intra-day overdraft”), we may charge the fee for the overdraft plus applicable chargessince the covering deposit may not be posted until the end of the Business Day. In connection with overdraftssome cases (e.g., deposits received after our determination processing cut-off time), the deposit may not be deemed received until the next Business Day. The provision of account withdrawal or transfer services is not an extension of credit or a commitment to extend credit to you. If the Deposit Account available balance in the account is less than the sum of all requested disbursements on any Business Day, we reserve the right not to overdraw the applicable account. While we may be made at any time between presentment make efforts to apply available funds to individual checks or other charges, we do not warrant the order in which we may do so. Neither do we warrant that we will apply all available funds in such a situation. If you have authorized an ACH file containing individual payment orders and our predetermined deadlinethe applicable account has insufficient funds, and need only be made one timewe reserve the right to reject the entire file. If we pay Items permit an overdraft or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to otherwise allow your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer balance to your account is dishonored by the issuing financial institution for any reasondrop below zero, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owneroverdraft promptly, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe demand from us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine use funds in our discretion another account of yours or subsequent deposits and other credits to the categoriesaccount, to cover any overdraft existing in your account, to the transactions within fullest extent permitted by law. Each account owner is responsible for paying any overdrafts created by any Contracting Officer, Authorized Signer or other signer or party to the account, whether or not the owner participates in the transaction or benefits from its proceeds. Our payment of any check or allowance of any transaction that creates overdrafts in no way obligates us to continue that practice at a category, the order among categories, and the posting orders within a categorylater time. We sometimes add may discontinue permitting overdrafts without cause or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End We discourage the practice of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themoverdrawing accounts.
Appears in 1 contract
Samples: Deposit Agreement
Overdrafts. We expect you to keep enough money in your account to make your payments. The exception is if we agree an ‘arranged overdraft’ with you. Arranged overdrafts: An arranged overdraft is one that we agree with you in advance. We tell you whether you can apply for an arranged overdraft in the table below. If any Item or other debit presented to us will overdraw the available account balanceyou have an arranged overdraft, including any balance in we’ll send you an overdraft protection account ("ODP Account") letter explaining the extra terms and conditions that apply. Your overdraft letter will tell you things like your overdraft limit, what charges apply, whether you need to give us any security, and when we can ask you to repay us. Unarranged overdraft: Some of our accounts will let you go into an unarranged overdraft. This is where you spend more than your available balance and we have established for not agreed an arranged overdraft with you. This might happen if we allow a payment or charge to be taken from your account even though there are insufficient funds in your account. Both arranged overdrafts and unarranged overdrafts are a type of borrowing and will mean you might need to pay us interest. If you go into an unarranged overdraft and repay us the same day, we won’t charge you any interest. If you don’t repay us on the same day, we will charge you a feedaily interest (as set out in the Account Charges and Interest section) on the overdrawn amount until you repay us. We’ll debit your account with the amount of interest you owe us 14 days after your next statement date, whether we pay or the Item or dishonor itnext business day. You agree immediately upon must repay your arranged or unarranged overdraft when we ask you to. We don’t need to give you advance notice from us before we ask you to deposit funds sufficient repay us. If you pay any money into your account and you are overdrawn, we’ll use the money first to cover the repay any unarranged overdraft, before we repay any arranged overdraft plus applicable chargesyou have. In connection with overdrafts, Changes to our determination of the Deposit Account balance may be made at any time between presentment charges and our predetermined deadlineinterest rates Our charges and interest rates are subject to change. We will tell you when this happens. You can find out when we can do this, and need only how much notice we will give you in Part 1: You and Investec of your legal agreement. Other taxes or costs may exist that are not paid through us and are not imposed by us. You will be made one timeresponsible for paying these. If we pay Items or permit withdrawals which overdraw Account charges and interest Transactional Accounts Notice Accounts Voyage account Private Bank Account Investec Access Currency Access Specialist Access 3 Month Reserve Voyage Reserve Fee for maintaining the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt account Annual fee of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise £500 Monthly fee of ordinary care. All deposits are posted £10 This charge does not apply This charge does not apply This charge does not apply This charge does not apply This charge does not apply Copy of statement This charge does not apply This charge does not apply This charge does not apply This charge does not apply This charge does not apply This charge does not apply This charge does not apply Bank references This charge does not apply This charge does not apply This charge does not apply This charge does not apply This charge does not apply This charge does not apply This charge does not apply Arranged overdrafts Annual interest rate Please refer to your designated deposit overdraft letter Please refer to your overdraft letter Overdrafts are not possible on this account conditionally, Overdrafts are not possible on this account Overdrafts are not possible on this account Overdrafts are not possible on this account Overdrafts are not possible on this account Unarranged overdrafts Annual interest rate Tracker Rate 5% above the Bank of England Base Rate Tracker Rate 8% above the Bank of England Base Rate Overdrafts are not possible on this account Overdrafts are not possible on this account Overdrafts are not possible on this account Overdrafts are not possible on this account Overdrafts are not possible on this account Sending money within and only if outside the item UK Some of our accounts let you make and receive payments in a foreign currency. A foreign currency is payable in U.S. dollars, subject to our receipt of final payment. If final payment one that is not received on any item you deposited different to your account currency. When you make or that receive a payment in a foreign currency, we cashed might charge a foreign currency fee. We might also charge a fee if we let you pay in a cheque which was issued by a foreign bank or in a foreign currency. The information below explains when these fees apply. Foreign currency fees for you, using your debit card If you make a payment in foreign currency using your debit card or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which withdraw cash in a foreign currency while you are an ownerabroad, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other a foreign currency fee we pay or loss we incurmight apply. We may also use any other legal remedy to recover the amount you owe us. We are will not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, charge foreign currency fees when you use your debit card for the following types of payments and in the countries listed on our website at xxx.xxxxxxxx.xx.xx/xxxxxxxxxxxxxx: • making a debit card payment in a foreign currency, • receiving a credit (e.g. refund) to your debit card in a foreign currency, or • making a cash withdrawal in foreign currency outside the UK. If you use your debit card to make any of these types of payments in any other country outside the UK, a foreign currency fee may apply. Please note that the local ATM provider might charge you for using their machine when you make a cash withdrawal in foreign currency outside the UK. Who is responsible for paying our charges There are different ways of paying charges when you make a bank transfer to someone outside the UK. • Shared charging: This is where you are responsible for paying our charges for making the payment, and the person you are paying is responsible for paying their own bank’s charges. • Beneficiary pays: This is where you ask the beneficiary to pay our charges for making the payment, as well as any charges they owe their own bank. • Sender pays: This is where you are responsible for paying our charges for making the payment, as well as the charges of the person you are paying. If you are making a purchase payment to someone else in the UK or in the EEA in euro, the law requires us to make sure Shared charging applies. You won’t be able to ask us to pass on your costs to the person you are paying. Charges for sending money within and outside the UK Transactional Accounts Notice Accounts Voyage account Private Bank Account Investec Access Currency Access Specialist Access 3 Month Reserve Voyage Reserve Foreign currency fee for bank transfers These charges don’t apply. The exception is when another bank we use to send the payment overseas applies a fee. We can’t always control this. It might mean the person you are paying receives less money than they were expecting. Foreign currency fee for using your debit card 2% of the value of your payment 2% of the value of your payment This charge does not apply This charge does not apply This charge does not apply This charge does not apply This charge does not apply Cheque collection issued by a foreign bank or foreign currency 0.25% of the value of cheque subject to a minimum charge of £10 or a maximum charge of £40 Cheques paid into your account and returned unpaid £7.50 for every cheque returned £7.50 for every cheque returned £7.50 for every cheque returned £7.50 for every cheque returned £7.50 for every cheque returned £7.50 for every cheque returned £7.50 for every cheque returned Helpful information This document gives you helpful information about how your account works. We are required to tell you in advance if we make changes to the “How to keep your account safe” or “Using our online banking services” sections. How to keep your account safe These are some of the things we need you to do to keep your account safe: • telling us if you spot errors on your account statements, notices and electronic messages we send you • saving and disposing of any paper statements or notices we send you safely • not choosing security information that is easy to guess • keeping your security information private • not letting anyone else use your debit card, account, or any security device we give you. This includes any joint account holders or additional cardholders • making sure your computer equipment is installed with up-to-date antivirus software and is firewall enabled • not leaving your computer unsupervised when you are logged in • destroying or returning any chequebooks, debit cards and security devices when we ask you to. These remain our property at a merchant and sign for the transactionall times • not writing future-dated cheques. If you do, we usually receive an authorization request from can ignore the merchant future date and treat the same day, but we might not receive cheque as being dated on the final debit card transaction date the cheque is presented for payment and posting until several days laterwe will not be liable to you if we do this • follow any fraud advice we give you, such as the scam warning we provide when you make a payment. Using our online banking services We generally post credits and debits may make online banking available to you as a way of operating your account, viewing your account information and report them giving us instructions. If you access online banking, we give you a license to use our software. You won’t have any right, title or interest in this software. You must not modify, adapt, reverse engineer or decompile any software we license to you. You must make sure that any device and software that you use to access banking services complies with any reasonable standards and requirements we set from time to time. Compatibility requirements are set out on our website. Online banking may sometimes be unavailable due to systems maintenance or updates. We’ll try to tell you in advance about planned unavailability. However, sometimes it may be inaccessible or slow due to circumstances beyond our control. Our online banking service uses a high level of encryption. Using online banking in other countries may be illegal for this reason. You should check that you are allowed to use online banking in the country you are in. Who is eligible for an account with us Some of our accounts require you to meet our eligibility criteria. You can find our eligibility criteria on our website. This includes things like: • whether you can use your statementaccount for your business or not • whether you need to meet any minimum income or asset requirements to hold your account It is important you check the eligibility criteria for your account carefully. If your circumstances change and you no longer satisfy those criteria, in we may close your account. We’ll discuss your options with you if that is the case. Third Party Providers (TPPs) If you have a Transactional Account that can be used with our online banking services, you can use a TPP to access your account. TPPs can only access your account with your consent and if they have authorisation from the FCA to do so. We will always check they have the proper FCA authorisation before the TPP accesses your account. Opening a new account You can ask us to open a new account or switch to a different order than one. You can do this through your online banking. We will rely on the order information we already hold about you to open your new account, unless you tell us otherwise. If another person (such as an additional account holder) has permission to use your existing account, we will set up your new account so that they have permission to use your new account too. If you want your new account to be set up differently, you should let us know at the time. How to add or remove someone from your account You can ask us if you would like to add or remove an account holder. If you ask us to add another account holder, we’ll need to give you a new account number. If the other account holder is not already a client of ours, we will need to ask them to apply for the account. This will mean they will need to go through our security checks. Once those checks are complete, we’ll open a new account for you. If you ask us to remove another account holder, we will need to take instructions from all of you before we can do this. We can ask for your instructions in which writing. Any instructions we received from the account holder before they were removed from your account will remain valid. What to do if someone dies We understand how difficult it is if someone has died. We are here to support you conduct them in dealing with your account if this happens. Sole account holders If you die and you are the only account holder, your personal representative will need to send us your death certificate and proof that they have authority to act for your estate. If we are told that you’ve died, we will suspend your account. We can provide a copy of our bereavement guide on request. If you have a Notice Account, we will also let your personal representative close your account early without charge. Joint account holders If you hold an account with someone else who has died, you will need to send us their death certificate as soon as you receive it. The balance in the account will automatically pass to you as the surviving account holder. If you owed us money on the account, we might need to suspend the account until we have discussed repayment of the debt with you. Our company number is 00489604. Our registered office is 00 Xxxxxxx Xxxxxx, London, EC2V 7QP. We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number 172330) for banking and lending services. Our main business is banking and lending. We are a member of Investec Group. If we refer to the Investec Group, this includes Investec plc and Investec Limited (a company registered in South Africa) together with the holding companies, other subsidiaries of those holding companies, and any of their direct or we receive themindirect subsidiaries.
Appears in 1 contract
Samples: Investec Relationship Agreement
Overdrafts. If A request for a withdrawal of any Item or other debit presented kind that exceeds the available balance in your account at the time that the withdrawal is processed is deemed to us will be an “overdraft” and is governed by the provisions in this section. You agree that we may, at our discretion, honor withdrawal requests that overdraw your account. However, the fact that we may honor withdrawal requests that overdraw the account balance does not obligate us to do so later. It is not incumbent on us to pay overdrafts on your account regardless of how frequently or under what circumstances we have paid overdrafts on your account in the past. We can change our practice of paying overdrafts on your account without notice to you. You can ask us if we have other account services that might be available account balanceto you where we commit to paying overdrafts under certain circumstances, including any balance in such as an overdraft protection line-of credit or a plan to sweep funds from another account ("ODP Account") we you have established for you, we will charge you a fee, whether we pay the Item or dishonor itwith us. You agree immediately upon notice from us that we may charge fees for overdrafts. Non-Sufficient Funds Transactions We are not obligated to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at pay any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only item presented for payment if the item exceeds the available balance in your account.Any discretionary payment (or other negotiation or processing) by us of any non-sufficient fund check or checks (or other item) does not obligate us to pay any additional non-sufficient fund check or item or to provide prior notice of its decision to refuse to pay any additional nonsufficient fund check or item. You agree that we may charge a Non-Sufficient Funds (NSF) fee for returning or rejecting transactions presented against your account that would exceed the available balance in your account. You further agree that we may charge an NSF fee each time a transaction is payable presented or submitted for payment even if the same transaction is presented for payment multiple times. For example, if you wrote a check to a vendor (or other individual or entity) who submitted the check to us for payment and we returned the check (resulting in U.S. dollarsan NSF fee), subject the vendor may re-present the check for payment again (or may convert the check into an ACH debit and submit the transaction for payment). If the second and any subsequent presentments or submissions are returned unpaid, we may charge a fee for each time we return or reject the transaction. You understand this means you could be charged multiple fees for one check that you wrote as that check could be presented (including as an ACH debit) and returned more than once. Similarly, if you authorize a vendor (or other individual or entity) to our receipt electronically debit your account, such as an ACH debit, you understand there could be multiple submissions of final the electronic request which could result in multiple fees. You agree that the Credit Union does determine whether and when a transaction will be presented or submitted for payment. Rather, the Credit Union determines whether or not the available balance is sufficient to pay a presented or submitted transaction. No Two-Signature Requirements We do not offer accounts on which two (2) or more signatures are required for a check or withdrawal. If final payment you indicate on your checks or signature card or other account documents that more than one (1) signature is required for withdrawal, this indication is for your own use and is not received binding on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incurus. We may also use pay out funds from your account if the check, item, or other withdrawal instruction is signed or approved by any other legal remedy one of the persons authorized to recover sign on the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable to you if we do this. Stop Payment We may accept an order to stop payment on any item from any one of you. You must make any stop payment order in the manner required by law and we must receive it in time to give us a reasonable opportunity to act on it before the item is presented. Your stop payment order must provide us with sufficient information to identify the appropriate item through an automated means, minimally the account number and check number. If the information that you give us is not correct, or if you do not give us any other reasonable information that we ask for about the default check or negligence of our duly selected agents debit, or correspondentsif you do not give us the information within a reasonable time before the check or debit is presented, nor for losses in transitwe will not be responsible if we are not able to stop it. Processing Transactions and Posting Orders Posting transactions to You may stop payment on any item drawn on your account impacts whether you sign the item or not. Stop payment orders that you provide in writing are effective for six (6) months. Your order will lapse after that time if you do not renew the order in writing before the end of this period. Stop payment orders received orally will lapse after 14 calendar days if you do not confirm your account balanceorder in writing within that time period. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but We are not limited obligated to notify you when a stop payment order expires. A release of the following: teller depositsstop-payment request may be made only by the person who initiated the stop-payment order. If you stop payment on an item and we incur any damages or expenses because of the stop payment, direct deposits and credits you agree to indemnify us for those damages or expenses, including attorneys’ fees. You assign to us all rights against the payee or any other holder of the item. You agree to cooperate with us in any legal actions that we makemay take against such persons. Holds include but You should be aware that anyone holding the item may be entitled to enforce payment against you despite the stop- payment order. We are not limited obligated to the following: deposit holdsaccept a stop payment order on any cashier’s check, debit card authorizationstreasurer’s check, and holds related certified check, or money order. If we agree to cash withdrawals and electronic transfersdo so, we may first require you to post a surety bond indemnifying us for any potential damages and/or file a declaration of loss in any form we reasonably request. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. Check Processing We use automated systems in the processing of checks in order to process transactions handle a high volume of items at the lowest possible cost to you. You agree that, to the extent such systems are comparable to those used in general banking practice, their use will constitute ordinary care, and then we will not be liable to post transactions you for forgeries or alterations not detected by such systems. You also agree that the exercise of ordinary care will not include detecting forgeries or alterations that could not be detected by an ordinary person acting with reasonable care. Legal Actions Affecting Your Account If we are served with a subpoena, restraining order, writ of attachment or execution, levy, garnishment, search warrant, or similar order relating to accounts. When we process multiple transactions for your account on (termed “legal action” in this section), we will comply with that legal action. Or, in our discretion, we may freeze the same dayassets in the account and not allow any payments out of the account until a final court determination regarding the legal action. We may do these things even if the legal action involves less than all of you. In these cases, we will not have any liability to you agree if the available balance is insufficient to pay your items because we have withdrawn funds from your account or in any way restricted access to your funds in accordance with the legal action. Any fees or expenses we incur in responding to any legal action (including, without limitation, attorneys’ fees and our internal expenses) may be charged against your account. The list of fees applicable to your account(s) provided elsewhere may specify additional fees that we may charge for certain legal actions. Instructions Received by Telephone Unless required by law or we have agreed otherwise in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Nextwriting, we generally add credits are not required to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within act upon instructions you give us via facsimile transmission or leave by voice mail or on a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themtelephone answering machine.
Appears in 1 contract
Samples: www.hfcu.org
Overdrafts. If The Bank may pay or return any Item item that is drawn against insufficient funds. Honoring past overdrafts does not obligate the Bank to honor them in the future. Overdraft fees apply when overdrafts are created by checks, in person withdrawals, or other debit presented to us will overdraw the available account balance, including any balance in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor itelectronic means. You agree immediately upon notice from us to deposit sufficient funds sufficient to cover the overdraft plus applicable and any fees, promptly upon notice. You also agree to reimburse the Bank for any costs we incur collecting the overdraft from you, including, without limitation, reasonable attorneys’ fees and the cost of litigation, to the extent permitted by law. All such fees and costs may be charged to your account. Additionally, you will not hold us accountable for refusing to honor your checks because of insufficient funds caused by these charges. In connection The Bank is not required to send prior notice of checks returned for insufficient funds. Any overdraft paid by the Bank is in anticipation of your making a deposit to cover the negative balance as soon as possible. This deposit can come from an automated source, such as payroll, other direct deposit, or you may choose to pay the negative balance which includes any overdraft fee, by stopping by any convenient 1st Source Banking Center before your next direct deposit. You have the option to choose whether or not to allow your account to become overdrawn when using your Resource Plus® debit card. This choice sometimes referred to as opting-out or opting-in, can be made by contacting your nearest banking center or by calling customer service during normal business hours. Additionally, if you want to limit your overdraft usage and expenses associated with overdraftsit, our determination the Bank offers products such as Carefree (subject to approval), FinanceWorksTM, Online Banking Alerts and more. Stop Payment Orders The Bank may charge a fee for each stop payment order. We will not stop payment on treasurer’s checks, money orders or debit card transactions. You may stop payment on any of your checks, including checks drawn on a joint account, provided we receive your stop payment order in a manner and at a time that gives us a reasonable opportunity to act. Your stop payment order will be too late if it is not received within a reasonable time before any of the Deposit actions described in Uniform Commercial Code section 4-303 are taken. In general, these actions include: • accepting the check • paying the check in cash • settling for the check as part of the collection process • becoming accountable for the amount of the check • passing of the next banking day after the banking day on which the Bank received the check A stop payment order will be in effect for six (6) months. However, if you inform us orally to stop payment, we reserve the right to remove the stop payment order after fourteen (14) days if we have not received a signed stop payment order. You may renew your order in writing every six (6) months. We may pay any of your checks after your stop payment order has expired. Your order to stop payment must contain your name and account number, the name to whom the check is made out (the payee), and the number and exact amount of the check. We will have no liability to you if any of the information you provide in your stop payment order is incorrect and we pay the check. Any person authorized to write checks against your account can stop payment, even though that person may not have written the check. Postdated Items The Bank may accept or pay a postdated item drawn on your account and received by the Bank on a date which is prior to the date of the item or contrary to special instructions identified on the item, unless the Bank receives notice and agrees in writing to be bound by such date or special instructions. Such notice must provide the same information and be provided in the same time frame as stop payment orders. The notice will be effective for the same time periods as for stop payment orders. If the Bank re-credits your account after paying a postdated item over a valid and timely notice, you agree to transfer to the Bank all of your rights against the payee or other holder of the item, and to assist the Bank in legal action taken against that person. Account balance Fees The Bank may collect Fees on your bank account in accordance with our Schedule of Fees and Service Charges. Fees and Service Charges may be made at any time between presentment deducted from your account during a statement period other than the one in which it was incurred. You will not hold us accountable for refusing to pay checks because of insufficient funds as a result of these Fees and Service Charges. The Check 21 Act Check 21 is a law enacted to simplify the way checks are processed in the United States. This law allows the creation of a new document called a “substitute check” which legally replaces the original paper check. What Is a Substitute Check It is the legal equivalent of the original paper check. It is a picture of our predetermined deadlineoriginal paper check, turned into an electronic image – similar in size with a slightly reduced image. The front of the check states, “This is a legal copy of your check, you may use it the same way you would use the original check.” A substitute check is the equivalent of the original paper check with all of the rights and need only be made one timeobligations of the original check it replaces. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly)What if There Is an Error Involving a Substitute Check In certain cases, we do so at our discretion without any obligation federal law provides a special procedure that allows you to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are request a refund for losses you suffer if a substitute check is posted to your designated deposit account conditionally(for example, and only if you think that we withdrew the item is payable in U.S. dollars, subject to our receipt wrong amount of final payment. If final payment is not received on any item you deposited to money from your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to withdrew money from your account more than once for the same check). The losses you may attempt to recover from this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, overdraft fees). The amount of refund under this procedure is dishonored by limited to the issuing financial institution for any reason, you agree to pay us amount of your loss or the amount of the dishonored deposited fundssubstitute check, and you authorize us whichever is less. You are also entitled to debit any deposit interest on the amount of your refund if your account with us of which you are is an owner, without prior notice and at any time, for interest bearing account. If your loss exceeds the amount of the returned item or substitute check, you may be able to recover additional amounts under other depositlaws. You also authorize us If you use this procedure, you may receive up to debit $2,500 of your refund (plus interest if your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee earns interest) not later than forty-five (45) days after we pay or loss we incurreceive your claim. We may also use any other legal remedy to recover reverse the amount you owe us. We are not responsible for any transactions, refund (including any transactions sent through interest on the mail, until refund) if we actually receive and post later are able to demonstrate that the transaction substitute check was correctly posted to your account. We are not liable How Do I Make a Claim for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting Refund If you believe that you have suffered a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day loss relating to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day substitute check that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant received and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits was posted to your account, please contact us at 1st Source Bank, Research Department, P.O. Box 1602, South Bend, IN 46634 or telephone us at (000) 000-0000 (in St. Xxxxxx County), or (000) 000-0000 (outside St. Xxxxxx County). You must contact us within forty (40) days of the date we mailed (or otherwise delivered by means to which you agreed) the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later. We will extend this period of time if you were not able to make a timely claim because of extraordinary circumstances. Your claim must include: • A description of why you have suffered a loss (for example, you think the amount withdrawn is incorrect) • A statement of the amount of your loss • An explanation of why the substitute check you received is insufficient to confirm that you suffered a loss • A copy of the substitute check and/or the following information to help us identify the substitute check such as the check number, payee, and report them the amount of the check Internal Money Management Accounting For regulatory and accounting purposes, your checking account will consist of a master account with two “sub-accounts” on our books. This accounting process has no effect on the daily use of your account, on how checks are paid, or on how account activity appears on your periodic account statement. Depending on whether your checking account is a non-interest or interest bearing account, in the sub-accounts will be: 1) either a different order than the order in which you conduct them non-interest bearing sub-account or we receive them.an interest bearing sub-account and
Appears in 1 contract
Samples: www.1stsource.com
Overdrafts. When You schedule a Funds Transfer or Bill Payment, using Home Banking or Easy Pay, You authorize and are requesting Us to withdraw the necessary funds from Your Account with Us and make payments for You from Your Account. We debit the amount of Your Funds Transfer on the Business Day You instruct Us to process the Funds Transfer between Your Accounts. Each instruction to Us to withdraw or transfer from an Account is an order to Us to pay from that Account on the specified Processing Date. We debit the amount of Your Bill Payment from Your Account on the Processing Date, which is generally five (5) days prior to the due date. If we are unable to complete the transaction for any Item or other debit presented to us will overdraw the available account balancereason associated with Your Account (for example, including any balance there are not sufficient funds in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient Your Account to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedlytransaction), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is transaction may not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incurbe completed. We may also use any other legal remedy to recover charge Fund Transfers and Bill Payments against the amount you owe usAccount even though the charge creates an overdraft. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same dayIn these cases, you agree that we may a non-sufficient funds (NSF) fee will be charged in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start accordance with the balance in your credit union's established and published service fees. Further, You also agree that a NSF fee may be charged to Your account at even if the beginning of payment is not returned but is paid and overdraws Your Payment Account. If You overdraw Your Account, You agree to immediately pay Us the business day, subtract holds from your balance, overdrawn amount together with any applicable fees. By enrolling for and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders using this Bill Payment Service You agree that we may determine in our discretion We have the orders in right to collect funds from all of Your Accounts to recover funds for all payments that have been requested to be paid by You and Your authorized user. This includes accounts on which we post transactions to your accountYou are the primary member-owner, as well as accounts on which You are the joint owner. You agree that we may determine in our discretion Expedited Payments. Expedited Payments is a feature of Easy Pay that, depending on the categories, the transactions within a category, the order among categories, payee and the posting orders within time of day, enables You to have Your payments initiated and processed immediately. Expedited Payments allow You to send rush payments for delivery on standard business processing days (Monday thru Friday, excluding Federal Reserve Holidays). Expedited payments are delivered faster than standard payments and may be subject to fees. For a category. We sometimes add or delete categoriescurrent list of the types and amounts of these fees, change posting orders within categories and move transaction types among categories. You agree please see your Rates & Fees Schedule that we may in our discretion make these changes at any time without notice was provided to you. Posting Orders Determined at End These will be debited directly from Your Funding account in a separate ACH transaction. Depending on the intended payee and the time of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on Expedited Payments are available the same day or next day processing and posting. The system will automatically determine whether the Expedited Payments option is available to You to make payments to a specific payee, and it will also automatically determine the date by which your expedited payment will be processed. Processing Time. Depending on specific payee limitations and the time of day, You might not be able to set up an Expedited Payment for same day processing, which means that the deliver by date might be delayed until the following Business Day. If you conduct themset up an Expedited Payment after the cutoff time for same day processing, Your payment will not be processed until the following Business Day; in such case, the system will automatically notify you of this additional processing time before you approve the Expedited Payment. As There are some limitations. No single Expedited Payment transaction shall exceed $500.00. Expedited Payments will not always be available. Depending on the intended payee and the time of day, You might not have access to Expedited Payments. If Expedited Payments is not available for an exampleintended payee, when it will not be presented as an option to you. Once you set up an Expedited Payment, you will never be able to edit or cancel it for any reason. You will receive a confirmation screen with reference information after every transfer you make. E-Bills. Some Payees have e-bill service available, where You can receive a copy of Your bill on the system. You may choose to receive bills from these payees electronically via Easy Pay. When the bill from a payee arrives, it will be routed based upon the options you previously specified for that payee. You will receive notifications based on the payee option you selected in your profile. If you have an automatic payment option set up and the bill is less than the maximum automatic payment, a payment for the bill is scheduled and placed in the Payment Outbox. If a payment has an invoice associated with it, the word, "Invoice" will appear beneath the dollar amount of the payment. If there is no automatic payment option specified, or the bill is for more than the maximum automatic payment amount, you must schedule and/or approve the payment before it is sent. E-bills are available on the system for 24 months. Fee. There is no fee for unlimited use your debit card to pay of GPO's on line bill payment service. However, if the account is inactive for a purchase at three-month period, a merchant monthly fee may be charged. For a current list of the types and sign amounts of these fees, please see your Rates & Fees Schedule that was provided to you. The fee will be automatically taken from your share draft account on a monthly basis. If the account is inactive for six-months, the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction bill payment account status will be changed to closed. Easy Pay Accounts left inactive for payment and posting until several days laternine- months will be deleted. Our Liability For Failure to Process Funds Transfer or Bill Payment. We generally post credits and debits will use Our best efforts to your accountmake all Your Bill Payments according to Your Payment Instructions. We will, and report them on your statementhowever, in a different order than incur no liability if We are unable to complete any Bill Payments initiated by You because of the order in which you conduct them existence of any one or we receive them.more of the following circumstances:
Appears in 1 contract
Samples: www.gpofcu.com
Overdrafts. If any Item or You have automatic overdraft protection from your share savings account. Overdraft protection may also be arranged from other debit presented to us will overdraw the available account balanceaccounts, including any balance in an overdraft protection account ("ODP Account") we have established lines of credit. We also offer Overdraft Protection Plus, for you, we will charge you a fee. See Overdraft Protection Plus-Agreement & Disclosure. Overdraft transfers will occur once per day in the amounts equal to the cumulative overdrafts for that day, whether we pay up to the Item or dishonor itamount of available funds. You agree immediately upon notice from us to deposit funds sufficient to cover Transfers occur the overdraft plus applicable charges. In connection with night after the overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reasonoverdrawn, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit deduct the amount your account is overdrawn from any deposit deposit, including deposits of government payments or benefits. Understanding Your Account Balance Your checking account with us has two kinds of which you balances: the “actual” balance and the “available” balance. Both balances are an owneraccessible online, without prior notice by phone or at a branch. We use the available balance when determining whether a transaction will cause your account to overdraw and at any time, for fee assessments. Your Actual Balance Your actual balance is the amount of the returned item or other deposit. You also authorize us to debit money that is actually in your account for at any given time. Your actual balance reflects transactions that have “posted” to your account, but it does not include transactions that have been authorized and are pending. While it may seem that the actual balance is the most up-to- date display of the funds that you can spend from your account, this is not always the case. Your account may have purchases, holds, fees, other charges, or deposits that have not yet posted, and, therefore, will not appear in your actual balance. Your Available Balance Your available balance is the amount of our returned item money in your account that is available to you without incurring a fee, any interest paid . Your available balance takes into account holds that have been placed on the deposit, deposits and any other fee pending transactions (such as pending debit card transactions) that we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are have authorized but that have not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction yet posted to your account. We are Postdated and Stale-Dated Checks You agree not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transitto issue any check that is payable on a future date (postdated). Processing Transactions If you do issue a check that is postdated and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same daypay it before that date, you agree that we shall have no liability to you for such payment. You agree not to deposit checks before they are properly payable. We are not obligated to accept for deposit or pay any check drawn on your account that is presented more than six (6) months past its date (stale-dated). We will not be responsible for any losses or costs you incur as a result of the payment by us of any check more than six months old, or the payment of any check before the date written on the face of it by you. Check Printing Requirements Only approved checking forms and other methods approved by Wings may in our discretion determine our posting orders for the transactions and that we may creditbe used to withdraw funds from an account. We may, authorize, accept, pay, decline or return credits, debits and holds in any order at our option, pay any item, whether or not the item is properly encoded. Posting Orders This section summarizes how we generally post some common transactions Wings shall have no responsibility to stop payment on any check or other item not conforming to our printing and encoding standards. Stop Payments Any authorized signer may stop payment on any check drawn on an account, whether they signed the item or not. Wings must receive your accountrequest at a time and in a manner which allows us a reasonable opportunity to act. An oral order is valid for 14 calendar days, unless it is confirmed or revoked in writing within that time period. An electronic or written order is valid for six months. Your written order to stop payment must contain your name and account number, the name to which the check is made out (payee), and the number and exact amount of the check. Failure to provide us with the correct information regarding the check(s) may result in the check being paid. You may renew your order in writing every six (6) months. We group may pay your check after your stop payment order has expired, even though the different types of transactions into categorieschecks are more than six (6) months old. Any authorized signer may remove a stop payment, even if they are not the one who placed the stop payment initially. We use several different categories for holdsare not required to notify you when a stop payment order expires. Although payment of an item may be stopped, creditsyou may remain liable to any item holder, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your accountincluding us. You agree to indemnify and hold Wings harmless from all costs, including attorneys’ fees, damages, or claims related to our refusing payment of an item, including claims of any joint account owner, payee, or endorsee in failing to stop payment of an item as a result of incorrect information provided by you. You understand that, as a rule, we will not stop payment on Cashier’s Checks. If we agree to stop payment, we require that you indemnify us. For ACH Stop Payments, see Preauthorized Payments on page 19. Checks Presented for Payment in Person We may refuse to accept any check drawn on your account that is presented for payment in person. Such refusal shall not constitute a wrongful dishonor of the check, and we shall have no liability for refusing payment. If we agree to cash a check that is presented for payment in person, we may determine in our discretion require the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card presenter to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themfee.
Appears in 1 contract
Samples: Account Agreement
Overdrafts. If An overdraft is created when you have insufficient funds in your Account to cover a check, withdrawal, automatic transfer, electronic transaction (e.g., ATM or point-of-sale purchase), returned deposited item, or any other electronic purchase, payment, or debit. When we receive a check or process an Automatic Clearing House (“ACH”) payment request to debit your Account, and your account has a non-sufficient available balance to pay the check or payment request, we may charge you Paid Item Fees and/or Returned Item Fees (as such terms are defined, respectively, in the Service Fees section of the Accounts Disclosure) each time that check or other debit payment request attempts to clear your Account. When your check or payment request is returned for non-sufficient funds, your check or payment request may be presented and re-presented to us your Account for payment multiple times, and each time that your Account has a non-sufficient available balance to pay the check or payment request, we may charge you a Paid Item Fees and/or Returned Item Fees. This means you may be charged multiple Returned Item Fees (or Returned Item Fees and then a Paid Item Fee, if paid into overdraft) for the same check or ACH payment request that are re- presented for payment when your Account has a non-sufficient available balance. We will overdraw process debit and credit ACH transactions throughout the day, in the order they are received in our processing center. Therefore, if an Account withdrawal or debit transaction is processed in the morning and it exceeds your available account balancebalance at that time, including you may be charged Paid Item Fees and/or Returned Item Fees, even if a deposit or credit transaction occurring later that day raises your available balance above $0.00. We may receive multiple credit or debit transactions on your Accounts in many different forms throughout each day. The best way to know your Available Balance and avoid paying Paid Item Fees and/or Returned Item Fees is to record and track all your transactions closely. Courtesy Coverage Courtesy Coverage is a service that the Bank may, but is not required to, use to pay checks and other withdrawal requeststhat would otherwise overdrawyour checking Account (or would exceed any balance in an overdraft protection account ("ODP Account") we Overdraft Protection or Reserve Credit Overdraft Line of Credit that you have established for youthe Account). Typically,the BanklimitsCourtesy Coverage on consumerchecking Accounts to $800.00and offers the service only after: (1) an Account has been open for thirty days, we and (2) has had at least $400.00 in deposits made to the Account, and (3) has incurred no overdrafts. There is no guarantee that the bank will charge you a feealways authorize and pay your transactions and items. The Bank retainsthe discretion to decline payment of items or transactions that will overdrawyour Account, whether we pay the Item or dishonor it. You agree immediately upon notice and may remove Courtesy Coverage from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit your Account balance may be made at any time between presentment and our predetermined deadlinewithout notice to you. By federal law, banks are required to separate transactions into two categories whenapplyingCourtesy Coverage: (1) one-timedebitcard transactionsand ATM withdrawals, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, 2) checks, one-time and ACH, recurring debit card transactions, and feesall other types of transfers and withdrawals. One-time debit card transactions and ATM withdrawals These types of transactions arenot automatically covered by the Courtesy Coverage service. You will be required to “Opt In” if you want the Bank to consider paying these types of transactions. If you “Opt-In” for these transactions, a fee will apply if the transaction is paid (Paid Item Fee) using Courtesy Coverage. The specific fees are disclosed in the Service Fees section of the Accounts Disclosure. If you do not “Opt-In”, the Bank will automatically decline or reject any of these transactions that would overdraw your Account. To“Opt-In”, or subsequently “Opt-Out” of Courtesy Coverage for ATM withdrawals and one-time debit card transactions, you may notify the Bank by calling us at 000-000-0000, visiting an office or our website, xxx.XxxxXX.xxx. You may revoke your Opt-In or Opt-Out at anytime by notifying the Bank through the same channels listed above. Your decision to Opt- In or Opt- Out of Courtesy Coverage will be effective the next business day after we receive your notice, and will apply to all transactions initiated after we have affected such notice. Checks, ACH, recurringdebitcardtransactions, and all other types of transfersandwithdrawals Thesetypes of transactions areautomaticallyincludedin thestandard Courtesy Coverage service. If you wish to Opt-Out of Courtesy Coverage for these specific types of transactions you must notify the Bank. If you Opt-Out, all of your checks, ACH, recurring debit card transactions and all other transfers and withdrawalswill generally be returnedunpaid or declined. However,recurringdebit card transactions that are authorized when funds are available in your Account but post at a later date when funds are no longer available, may overdraw your Account and these items will be subject to Paid Item Fees even if you are Opted Out of the Courtesy Coverage service. The Paid Item fee for Insufficient/Unavailable Funds will apply when the checks or transactions are paid and the Returned Item Fee will apply for checks or transactions that are returned. The specific fees are disclosed in the ServiceFeessection of the Accounts Disclosure. You will be charged a Returned Item Fee each time we return unpaid for a non-sufficient available balance an item that is presented for payment, even if that item has previously been presented and returned for a non-sufficient available balance and you were previously charged a Returned Item Fee for that return. Further, you will be charged a Paid Item Fee if we honor or pay the item or transaction when you have a non-sufficient available balance even if you were previously charged Returned Item Fees when the item or transaction was previously returned, rejected, or declined. We use automated systems have no obligation to process transactions and then to post transactions to accounts. When notify you if we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accepthonor, pay, return or decline an item or return creditstransaction for a non-sufficient available balance. To Opt-Out of Courtesy Coverage for check, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holdsACH, creditsrecurring debit card transactions, and debitsall other items, you may notify the Bank by calling us at 000-000-0000 or visiting our nearest office. Most categories include more than one transaction typeYou may revoke this decision at any time. After Your decision to Opt-Out or Opt-In to Courtesy Coverage will be effective the end of the next business dayday after we receive your notice, our automated systems assign each transaction received for that day and will apply to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before initiatedafter we post have affected such notice. If you have multiple overdrafts on any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the given day, we show some may honor any one or more and return the others in any order. Multiple Paid Item or Returned Item fees can be charged against your Account per day on these occasions. The PaidItem and/or Return Item fees for all transactions as processingshall be limited to no more than six (6) per day. In addition, if any individual item is $3.00 or less, or any individual item overdraws your Account by $5.00 or less, you will not be charged a fee. The specific fees are disclosed in the Service Fees section of the Accounts Disclosure and are subject to change from time to time. You are in the best position to ensure that your Account has sufficient funds to cover any check or other debit by maintaining an accurate and current record of your depositsand withdrawals. You have the ability to confirmyour current and available Account balances through any Bank Rhode Island ATM, Telephone Banking, Online Banking, by contacting any office or by calling us at 000-000-0000 prior to writing a check, withdrawing cash, or initiatingany electronic or debittransaction. Current and available balances do not include outstanding checks or debitsnot yet submitted to the Bank. Payment of an overdraft creates a debt owed to the Bank. The amount owed includes applicable fees and the amount of the item(s) paid. The Bank is not responsible for notifying you prior to incurring a Paid Item or Return Item Fee due to Insufficient/Unavailable Funds. Once you are notified that your Account is overdrawn, you will be required to repay the Bank or to deposit sufficient funds to cover the overdraft and all related fees. Youagree and acknowledge that the Paid Item Fee and the Returned Item Fee are designed to compensate the Bank for its costs in processing overdraftitems and to compensate the Bank for its risk in electing, at its discretion, to pay certain overdrafts. You further agree that Paid Item and Returned Item fees do not constitute a penalty. If you fail to reimburse the Bank for the overdraft and related fees, we will be entitled to recover our expenses in collecting the overdraft and fees; and any related charges including, withoutlimitation, attorney’s fees and legal costs. The payment of one or more overdrafts does not obligate the Bank to honor or pay future overdrafts, and you should not rely upon the Bank to honor or pay any overdraft. As to any Account with multiple owners, each owner agrees that they are jointly and severally liable for any overdraft paid by the Bank and subsequent Paid Item and Return Item fees. Each owner also agrees that the Bank may debit funds from any other Account held by such owners to repay the overdraft and any related fees. Overdraft Protection Overdraft Protectionis a service that automatically transfers funds to a qualifying deposit Account to cover an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end overdraft by one or more of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for following methods: (i) transfer of funds from a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive them.designated Overdraft Line of Credit Account;
Appears in 1 contract
Samples: Personal Deposit Agreement
Overdrafts. If Although we are under no obligation to pay any Item or other debit presented to us will overdraw that exceeds the available account balance, including any fully paid and collected share balance in the Account, we may, at our option, pay such Item or permit the withdrawal even though the payment or withdrawal causes an overdraft protection account ("ODP Account") we have established for youin the account. The Credit Union, by covering one or more overdrafts, does not agree to cover overdrafts in the future and may discontinue covering overdrafts at any time. We pay overdrafts at our uncontrolled discretion. Therefore, we do not guarantee that we will charge you a fee, whether we always authorize and pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one timeparticular transaction. If we do not authorize and pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly)an overdraft, we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final paymenttransaction will be declined. If final payment is not received on any the Credit Union decides to pay an item you deposited to that overdraws your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reasonAccount, you agree to immediately pay us the overdraft amount plus a fee as disclosed in the Fee Schedule. The Credit Union considers the Available Balance when determining the balance upon which to pay an Item. In the event there is a negative balance, each signer on the Account and each Account Owner is jointly and severally liable for the negative balance, any fees incurred, and interest thereon. The Credit Union may charge the amount of the dishonored deposited fundsnegative balance against any other account from which any of you, jointly or individually, are entitled to withdraw money or establish a credit advance pursuant to any credit agreement between any of you and you authorize us to debit any deposit the Credit Union. UNDERSTANDING YOUR ACCOUNT BALANCE Your share draft account with us has two kinds of which you are an owner, without prior notice balances: the actual balance and at any time, for the available balance. Your actual balance reflects the full amount of the returned item or other deposit. You also authorize us all deposits to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any as well as payment transactions sent through the mail, until we actually receive and post the transaction that have been posted to your account. We It does not reflect checks you have written and are still outstanding or transactions that have been authorized but are still pending. Your available balance is the amount of money in your account that is available for you to use and is the most current record we have about the funds in your account. Your available balance is your actual balance less: (1) holds placed on deposits; (2) holds based upon pending debit card or other transactions that have been authorized but are not liable for yet posted; and (3) any other holds, such as holds related to pledges of account funds and minimum balance requirements or to comply with court orders. Your available balance is updated throughout the default or negligence day as transactions are posted. We use your available balance to determine whether there are sufficient funds in your account to pay items, including checks and drafts, as well as Automated Clearing House (“ACH”), debit card and other electronic transactions. Pending transactions and holds placed on your account may reduce your available balance and may cause your account to become overdrawn regardless of our duly selected agents or correspondentsyour actual balance. If a merchant obtains a prior authorization on funds but fails to submit a one-time debit transaction within three business days of that authorization, nor for losses in transitwe must release the authorization hold. Processing The available balance will not reflect this one-time debt transaction once the hold has been released, but the transaction may still post to the account. You should assume that any item which would overdraw your account based on your available balance may create an overdraft. You may still overdraw your account even though the available balance appears to show there are sufficient funds to cover a transaction. Your Available Balance is displayed on mobile app, online banking, receipt, and telephone banking. How Transactions are Posted to Your Account. Basically, there are two types of transactions that affect your account: credits (deposits of money into your account) and Posting Orders Posting transactions debits (payments out of your account). It is important to understand how each is applied to your account impacts so that you know how much money you have and how much is available to you at any given time. Deposits (and credits) are generally posted to your account balancewhen we receive and process them. Posting However, in some cases when you deposit a credit increases check, the full amount of the deposit may not be available to you at the time of deposit. Please refer to the Funds Availability Policy Disclosure provided at the time you opened your balanceaccount for details regarding the timing and availability of funds from deposits. Posting a Debits (payments from your account). There are several types of debit or hold reduces your balancetransactions. Credits include but Common debit transactions are Checks, ACH Payments, PIN Based Debit Card Purchase Transactions, and Signature-Based Debit Card Purchase Transactions. There are many ways transactions are presented for payment by merchants, and we are not limited necessarily in control of when transactions are received. The following frequently-used transactions are processed in groups: 1. Checks cashed by our employees or that you have written to the following: teller depositsCredit Union; 2. Items that are submitted electronically, direct deposits and credits we make. Holds include but are not limited to the following: deposit holdssuch as ACH items, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, preauthorized transfers, telephone initiated transfers and feesany other authorized electronic transfers, such as ATM withdrawals; 3. We use automated systems Debit card or POS transactions that merchants have presented to process transactions and then us for payment; 4. Transfers from one account to post transactions another; 5. ACH debits; 6. Checks written to accountsthird parties. When we process multiple transactions for your account on the same day, you agree that we Transactions may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds be processed in any order at our optiondepending upon type and when received by the Credit Union. Posting Orders This section summarizes how we generally post some common transactions Example: Member A has an Available Account Balance of $500.00. A check is deposited for $500 and $250 is made available immediately and the other $250 is placed on a 2-business day hold. The Available Balance would be $750.00 and the Balance would be $1,000.00. Items presented in any manner above would be paid or approved based on the Available Balance of $750.00. Example: Member B has an Available Balance of $500.00 with a balance of $550.00 due to your accounta recent Debit Card transaction for $50.00 that is pending. We group A check/share drafts is presented for payment in the different types amount of transactions into categories$525.00. We use several different categories for holds, credits, and debits. Most categories include The check is more than one transaction type. After the end of Available Balance so the business dayitem would be returned as Insufficient or paid using Overdraft Privilege, our automated systems assign each transaction received for that day to resulting in a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your negative balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an exampleHowever, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final pending debit card transaction for payment posts it will not result in an additional fee. Example: Assume the member has an available balance of $25.00 in her share account and posting until several days latera $35 debit card transaction posted to her account. We generally post credits If this member has not opted in to Overdraft Privilege the debit card transaction would be rejected and debits to your accountreturned, and report them on your statement, but a Return Check/Overdraft Charges fee of $35.00 would be charged resulting in a different order than new Available Balance -$10.00 or negative ($10.00). Assume the order member has an Available Balance of negative $525.00 in which her share account and a $10 transaction posts to her account. The member’s maximum overdraft limit is negative $500.00 so this $10.00 transaction would be rejected and a Return Check/Overdraft Charges fee would be charged. This would result in a new Available Balance of -$560.00 or negative $565.00. Account Opted-In Reg E - Authorize and Pay Every Day Debit Card Transactions Date Transaction Transaction History Hold Amounts/Pending* Available Balance Balance Business Day 1 Beginning Balance $10.00 $10.00 Business Day 1 Check Deposit for $500. $250 released immediately, rest in 2 business days. $500 ($250) $260.00 $510.00 Business Day 1 Debit Card Purchase $400 ($400) ($140.00) $110.00 Business Day 1 ODP Fee $35 ($35) ($175.00) $75.00 Business Day 3 Remaining Hold release from $500 check dep $250 $75.00 $75.00 Business Day 3 Debit Card Authorization $10 - Company XYZ ($10) $65.00 $75.00 Business Day 3 Debit Card Authorization $20 - Company ABC ($20) $45.00 $75.00 Business Day 3 Draft #1001 withdrawal $50.00 ($50) ($5.00) $25.00 Business Day 3 ODP Fee $35 ($35) ($40.00) ($10.00) Business Day 4 Debit Card Purchase $10 from Company XYZ ($10) $10 ($40.00) ($20.00) Business Day 4 Debit Card Purchase $20 from Company ABC ($20) $20 ($40.00) ($40.00) Business Day 5 Direct Deposit $480.00 $480 $440.00 $440.00 Business Day 5 ACH withdrawal $240.00 ($240) $200.00 $200.00 Business Day 5 ATM withdrawal $100 ($100) $100.00 $100.00 Business Day 6 Debit Card authorization $150 - Company LMN ($150) ($50.00) $100.00 Business Day 7 Debit Card withdrawal $150 from Company LMN ($150) $150 ($50.00) ($50.00) Business Day 7 ODP Fee $35 ($35) ($85.00) ($85.00) Business Day 7 Check Deposit $200.00 $200 $115.00 $115.00 * Hold Amounts/Pending are reflected in the Available Balance. In this column when you conduct them or we receive themsee a negative amount it is reflecting the Available Balance (balance less the hold amount). When you see a positive amount in this column it is reflecting that the pending amount has been released and is reflected in the Available Balance as well as when a pending hold releases and the transaction posts to reflect the account balance. Account Opted-Out Reg E - Do NOT Authorize and Pay Every Day Debit Card Transactions Date Transaction Transaction History Hold Amounts/Pending* Available Balance Balance Business Day 1 Beginning Balance $10.00 $10.00 Business Day 1 Check Deposit for $500. $250 released immediately, rest in 2 business days. $500 ($250) $260.00 $510.00 Business Day 1 Debit Card Purchase $300 -Company XYZ - Declined funds not available $260.00 $510.00 Business Day 3 Remaining Hold release from $500 check dep $250 $510.00 $510.00 Business Day 3 Draft #1001 withdrawal $50.00 ($50) $460.00 $460.00 Business Day 3 Debit Card Authorization $400 - Company XYZ ($400) $60.00 $460.00 Business Day 3 Debit Card Authorization $20 - Company ABC ($20) $40.00 $460.00 Business Day 3 Draft #1001 withdrawal $50.00 ($50) ($10.00) $410.00 Business Day 3 ODP Fee $35 ($35) ($45.00) $375.00 Business Day 4 Debit Card Purchase $400 from Company XYZ ($400) $400 ($45.00) ($25.00) Business Day 4 Debit Card Purchase $20 from Company ABC ($20) $20 ($45.00) ($45.00) Business Day 5 Direct Deposit $485.00 $485 $440.00 $440.00 Business Day 5 ACH withdrawal $240.00 ($240) $200.00 $200.00 Business Day 5 ATM withdrawal $100 ($100) $100.00 $100.00 Business Day 6 Debit Card authorization $95 -Company EGG ($95) $5.00 $100.00 Business Day 7 Debit Card withdrawal $95 from Company EGG as $105.00 due to tip ($105) $95 ($5.00) ($5.00) Business Day 7 Check Deposit $200.00 $200 $195.00 $195.00 Business Day 8 ACH withdrawal $200 ($200) ($5.00) ($5.00) Business Day 8 ODP Fee $35 ($35) ($40.00) ($40.00) Business Day 8 Check Deposit $50 $50 $10.00 $10.00 * Hold Amounts/Pending are reflected in the Available Balance. In this column when you see a negative amount it is reflecting the Available Balance (balance less the hold amount). When you see a positive amount in this column it is reflecting that the pending amount has been released and is reflected in the Available Balance as well as when a pending hold releases and the transaction posts to reflect the account balance.
Appears in 1 contract
Samples: Credit Union Membership Agreement
Overdrafts. If any Item or other debit presented to us will overdraw the you do not have sufficient available account balance, including any balance in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to funds on deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdraftsamount of a check or other transaction(s) (e.g., our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadlinein-person withdrawal, and need only be made one time. If we pay Items automatic payment, check, preauthorized debit (ACH), transfer, or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedlyother electronic transaction), we do so may return the check or reject the transaction without payment. Our policy is to decline to process any ATM withdrawal and/or any individual Debit Card transaction if, at the time authorization is requested we have a reasonable belief that your account has insufficient funds to cover the transaction. With regard to checks or other transactions, we may elect, at our discretion without any obligation sole discretion, to continue to do socreate an overdraft by paying a check or permitting a transaction. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated Note: if you make a deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same dayday that an item, you agree that or transaction creates an overdraft (a “temporary” or “intraday overdraft”), we may in our discretion determine our posting orders charge the fee for the transactions and that we overdraft since the covering deposit may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at not be posted until the end of the business day. During We may also impose a fee for overdrafts created by deposited items that are returned. See our Business Banking Fee Schedule for more information. If we permit an overdraft or otherwise allow your account balance to drop below zero, you agree to pay the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end amount of the dayoverdraft promptly, with the other transactions we receive for that daywithout notice or demand from us. You should note agree that often we do not receive debits on may use subsequent deposits and other credits to the same day that you conduct them. As an exampleaccount, when you use your debit card including without limitation deposits of government, welfare, retirement, Social Security benefits, to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to cover any overdraft existing in your account, to the fullest extent permitted by law. Each account owner is jointly and report them on your statementseverely responsible for paying any overdrafts created by any authorized signer(s) or party to the account, whether or not the owner participates in the transaction or benefits from it proceeds. Our payment of any checks or transactions that create overdrafts in no way obligates us to continue that practice at a different order than later time. We may discontinue permitting overdrafts without cause or notice to you. We discourage the order in which practice of overdrawing accounts. How Can We Help? Contact us — we’re here to help you conduct them personally with anything you need, including choosing the account that’s right for you. Learn more by speaking with a Cambridge Trust private banker. XX XX XXXX E US 000-000-0000 E MAI L US xxx@xxxxxxxxxxxxxx.xxx VI S IT US ON TH E WE B xxx.xxxxxxxxxxxxxx.xxx ACCE SS PrivateLI N E XX XX XXXX E BAN KI NG 000-000-XXXX (2265) or we receive them.000-000-0000 VI S IT YOU R LOCAL OFFICE For a list of locations, Visit xxx.xxxxxxxxxxxxxx.xxx/xxxxxxxxxxxx ATM NETWORKS WORLDWIDE
Appears in 1 contract
Samples: www.cambridgetrust.com
Overdrafts. If any Item or other debit presented An overdraft occurs when you do not have enough money in your account to us will overdraw the available account balancecover a transaction, including any balance in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether but we pay the Item or dishonor itit anyway. You agree immediately upon notice from us We use your available balance to deposit funds sufficient determine whether you have enough money in your account to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the an item when it is payable in U.S. dollars, subject to our receipt of final presented for payment. If final payment your available balance is not received on any insufficient to pay an item when it is processed and posted in the order set forth above, we may, in our sole discretion, pay the item (creating an overdraft) or return the item unpaid (NSF). If you deposited to overdraw your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reasonaccount, you agree to must immediately pay us the amount of the dishonored deposited fundsall fees, overdrafts and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount amounts you owe us. We are not responsible for These amounts may be paid out of any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions subsequent deposit to your account impacts (including deposits of payroll and government benefits). We may charge you an Overdraft Fee if we pay an item that exceeds your account available balance. Posting We may charge you a credit increases your Returned Item (NSF) Fee if we return an item unpaid due to an insufficient available balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits Please be aware that merchants and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, oneother third parties sometimes re-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree submit items that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our optionunpaid. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to Each re-submission constitutes a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your accountseparate item. You agree that we if any transaction is submitted for payment again after having previously been returned unpaid by us, an Overdraft Fee or NSF Fee may determine be assessed each time the transaction is submitted for payment and your available balance is insufficient to pay the item. You will not be charged Overdraft Fees for ATM or everyday debit card transactions unless you have opted in to ATM/Debit Card Overdraft Coverage. The amounts of our Overdraft Fees and NSF Fees are disclosed in our discretion the categoriesPersonal Deposit Account Fees disclosure. Overdraft Limits • We will not charge more than five (5) Overdraft Fees and/or NSF Fees, the transactions within a categoryin total, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at on any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the one business day. During the day, we show some transactions as processing• We will not charge an Overdraft Fee or NSF Fee if your end-of-day available balance is overdrawn by $5 or less. As • We will not charge an example, we show some transactions as processing Overdraft Fee or NSF Fee on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card any individual transaction presented for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them that is $5 or we receive themless.
Appears in 1 contract
Samples: Deposit Account Agreement
Overdrafts. If any Item or other debit presented It is important to us will overdraw understand that your Eligible Transaction Account has two kinds of balances: the available account balance, including any balance in an overdraft protection account ("ODP Account") we Current Balance and the Available Balance. The Current Balance is calculated after all transactions have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if after the item end of the Business Day. The Available Balance is payable in U.S. dollars, subject to our receipt the amount of final paymentfunds available for withdrawal or use at that moment. If final payment is The Available Balance includes pending transactions that have been authorized but may not received on any item you deposited have been posted to your account yet, such as Zelle transactions, debit card and ATM transactions or that we cashed for youpending deposits. It does not include items such as scheduled “Bill Pay” transactions, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited fundsdeposits with holds placed on them, and checks that you authorize us have written but that have not yet cleared your account. It is your responsibility to debit any deposit account with us keep track of which payments that you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We have authorized but are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction yet pending or posted to your account. We When using the Services to initiate a Payment Instruction, the transaction is authorized based on the type of Services selected (the Zelle Service or Other Services) and your Available Balance. The Bank may not authorize a Payment Instruction from your Eligible Transaction Account unless you have sufficient funds available in such account. If we process a Payment Instruction in accordance with your instructions that overdraws your Eligible Transaction Account with us, we may assess a fee or charge interest for any such overdraft in accordance with the terms of the applicable Other Agreements. Please note that you should not consider a transaction authorization as a guarantee that there will be sufficient funds in your Eligible Transaction Account to cover the transaction when it posts. Although a transaction has been authorized, it may still might result in an overdraft if other transactions are not liable processed before it. On the day a Payment Instruction from your Eligible Transaction Account posts, if the amount of such Payment Instruction exceeds the Current Balance in your Eligible Transaction Account, your account will be overdrawn and you will be responsible for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account negative balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same dayTo avoid overdrafts, you agree should ensure that we may the Current Balance in our discretion determine our posting orders for your Eligible Transaction Account is sufficient to cover all transactions at the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally time they post some common transactions to your account. We group If we allow your Payment Instruction to be paid when you do not have sufficient funds in your Eligible Transaction Account, it may cause an overdraft, in which case you shall be liable for the different types overdraft and any overdraft fees and interest thereon as set forth in the applicable Other Agreements. To limit overdrafts and the expenses associated with this possibility, you may enroll in one of transactions into categoriesour overdraft plans, such as Carefree Line of Credit or Overdraft Transfer Service. We use several different categories for holdsIn either case, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start you may be assessed fees and/or interest in accordance with the balance in your account at the beginning terms of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your accountsuch applicable overdraft plan. You agree that we have the right to collect funds owed to us from any of your eligible accounts. The amount of any overdrafts, including our fees, are due and payable immediately. Failure to bring your Eligible Transaction Account in good standing may determine in our discretion the categories, the transactions within a category, the order among categoriesremove your standard overdraft coverage, and a continued overdraft status may result in your account(s) being closed. The Agreement for Deposit – Personal Accounts explains the posting orders within a categorydetails and rules regarding our Overdraft Policy. We sometimes add or delete categoriesFor fee information, change posting orders within categories and move transaction types among categoriesplease refer to our Truth in Savings Disclosure. You agree that we may in our discretion make obtain a copy of these changes policies at any time without notice to you. Posting Orders Determined 1st Source banking center or online at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themxxxxx://xxx.0xxxxxxxx.xxx/disclosures.
Appears in 1 contract
Samples: Services Terms Agreement
Overdrafts. When You schedule a Funds Transfer or Bill Payment, using Home Banking or Bill Payment, You authorize and are requesting Us to withdraw the necessary funds from Your Account with Us and make payments for You from Your Account. We debit the amount of Your Funds Transfer on the Business Day You instruct Us to process the Funds Transfer between Your Accounts. Each instruction to Us to withdraw or transfer from an Account is an order to Us to pay from that Account on the specifed Processing Date. If we are unable to complete the transaction for any Item or other debit presented to us will overdraw the available account balancereason associated with Your Account (for example, including any balance there are not sufcient funds in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient Your Account to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedlytransaction), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is transaction may not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incurbe completed. We may also use any other legal remedy to recover charge Fund Transfers and Bill Payments against the amount you owe usAccount even though the charge creates an overdraft. We are not responsible for any transactions, including any transactions sent through the mail, until we actually In some instances You will receive and post the transaction to your accounta return notice from Us. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same dayIn these cases, you agree that we a non-sufcient funds (NSF) fee will be charged in accordance with the credit unions established and published service fees. Further, You also agree that a NSF fee may be charged to Your account even if the payment is not returned but is paid and overdraws Your Payment Account. If You overdraw Your Account, You agree to immediately pay Us the overdrawn amount together with any applicable fees. By enrolling for and using this Bill Payment Service You agree that We have the right to collect funds from all of Your Accounts to recover funds for all payments that have been requested to be paid by You and Your authorized user; this includes accounts on which You are the primary member-owner, as well as accounts on which You are the joint owner. Expedited Payments Expedited Payments is a feature of Bill Payment that, depending on the payee and the time of day, enables You to have Your payments initiated and processed immediately. Expedited Payments allow You to send rush payments for delivery on standard business processing days (Monday thru Friday, excluding Federal Reserve Holidays). Expedited payments are delivered faster than standard payments. These payments are subject to a fee of: Electronic - $15.00, Overnight Mail - $40.00 that will be debited directly from Your Funding account in our discretion a separate ACH transaction. Depending on the intended payee and the time of day, Expedited Payments are available the same day or next day processing and posting. The system will automatically determine our posting orders whether the Expedited Payments option is available to You to make payments to a specifc payee, and it will also automatically determine the date by which your expedited payment will be processed. Expedited Payments are not available for any payees created under the Send Money feature. Processing Time, depending on specifc payee limitations and the time of day, You might not be able to set up an Expedited Payment for same day processing, which means that the deliver by date might be delayed until the following Business Day. If you set up an Expedited Payment after the cutof time for same day processing, Your payment will not be processed until the following Business Day; in such case, the system will automatically notify you of this additional processing time before you approve the Expedited Payment. Limitations, no single Expedited Payment transaction shall exceed $10,000. Expedited Payments will not always be available. Depending on the intended payee and the time of day, You might not have access to Expedited Payments. If Expedited Payments is not available for an intended payee, it will not be presented as an option to you. Once you set up an Expedited Payment, you will never be able to edit or cancel it for any reason. Confrmation, You will receive a confrmation screen with reference information after every transfer you make. E-Bills Some Payees have e-bill service available, where You can receive a copy of Your bill on the system. You may choose to receive bills from these payees electronically via Bill Pay. When the bill from a payee arrives, it will be routed based upon the options you previously specifed for that payee. You will receive notifcations based on the payee option you selected in your profle. If you have an automatic payment option set up and the bill is less than the maximum automatic payment, a payment for the transactions bill is scheduled and placed in the Payment Outbox. If a payment has an invoice associated with it, the word, “Invoice” will appear beneath the dollar amount of the payment. If there is no automatic payment option specifed, or the bill is for more than the maximum automatic payment amount, you must schedule and/or approve the payment before it is sent. E-bills are available on the system for 24 months. Send Money Online Send Money Online permits you to electronically transfer money between your funding account at GPO Federal Credit Union to other fnancial institutions that we may creditare located in the United States and have valid ABA routing numbers or to send money instantly to anyone - Powered by PayPal. Processing Time, authorizewith the Send Money Online feature, acceptthe payment is processed immediately and cannot be stopped. Transaction limits, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the 1 business day, our automated systems assign each no single transaction received greater than $2,500 will be allowed. The daily cumulative dollar amount for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the per member per day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have shall not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive themexceed $5,000.
Appears in 1 contract
Samples: www.gpofcu.com
Overdrafts. If any Item or other debit presented to us will overdraw the you do not have sufficient available account balance, including any balance in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to funds on deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdraftsamount of a check or other transaction(s) (e.g., our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadlinein-person withdrawal, and need only be made one time. If we pay Items automatic payment, check, preauthorized debit (ACH), transfer, or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedlyother electronic transaction), we do so may return the check or reject the transaction without payment. Our policy is to decline to process any ATM withdrawal and/or any individual Debit Card transaction if, at the time authorization is requested we have a reasonable belief that your account has insufficient funds to cover the transaction. With regard to checks or other transactions, we may elect, at our discretion without any obligation sole discretion, to continue to do socreate an overdraft by paying a check or permitting a transaction. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated Note: if you make a deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same dayday that an item, you agree that or transaction creates an overdraft (a “temporary” or “intraday overdraft”), we may in our discretion determine our posting orders charge the fee for the transactions and that we overdraft since the covering deposit may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at not be posted until the end of the business day. During We may also impose a fee for overdrafts created by deposited items that are returned. See our Business Banking Fee Schedule for more information. If we permit an overdraft or otherwise allow your account balance to drop below zero, you agree to pay the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end amount of the dayoverdraft promptly, with the other transactions we receive for that daywithout notice or demand from us. You should note agree that often we do not receive debits on may use subsequent deposits and other credits to the same day that you conduct them. As an exampleaccount, when you use your debit card including without limitation deposits of government, welfare, retirement, Social Security benefits, to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to cover any overdraft existing in your account, to the fullest extent permitted by law. Each account owner is jointly and report them on your statementseverely responsible for paying any overdrafts created by any authorized signer(s) or party to the account, whether or not the owner participates in the transaction or benefits from it proceeds. Our payment of any checks or transactions that create overdrafts in no way obligates us to continue that practice at a different order than later time. We may discontinue permitting overdrafts without cause or notice to you. We discourage the order in which practice of overdrawing accounts. How Can We Help? Contact us — we’re here to help you conduct them personally with anything you need, including choosing the account that’s right for you. Learn more by speaking with a Cambridge Trust private banker. TELEPHONE US 000-000-0000 EMAIL US xxx@xxxxxxxxxxxxxx.xxx VISIT US ON THE WEB xxx.xxxxxxxxxxxxxx.xxx ACCESS PrivateLINE TELEPHONE BANKING 000-000-XXXX (2265) or we receive them.000-000-0000 VISIT YOUR LOCAL OFFICE For a list of locations, Visit xxx.xxxxxxxxxxxxxx.xxx/xxxxxxxxxxxx ATM NETWORKS WORLDWIDE
Appears in 1 contract
Samples: www.cambridgetrust.com
Overdrafts. If any Item or other debit presented to us will You understand that we may, at our discretion, honor withdrawal requests that overdraw your account. However, the fact that we may honor withdrawal requests that overdraw the account balance does not obligate us to do so later. So you can NOT rely on us to pay overdrafts on your account regardless of how frequently or under what circumstances we have paid overdrafts on your account in the past. We can change our practice of paying overdrafts on your account without notice to you. You can ask us if we have other account services that might be available account balanceto you where we commit to paying overdrafts under certain circumstances, including any balance in such as an overdraft protection line-of-credit or a plan to sweep funds from another account ("ODP Account") you have with us. You agree that we have established may charge fees for youoverdrafts. For consumer accounts, we will not charge fees for overdrafts caused by ATM withdrawals or one-time debit card transactions if you a feehave not opted-in to that service. We may use subsequent deposits, whether we pay including direct deposits of social security or other government benefits, to cover such overdrafts and overdraft fees. Funds Availability The funds for the Item or dishonor itChecks that you deposit through the Service may not be immediately available to you. The funds for all accepted Electronic Checks will be available in accordance with the Bankʼs Funds Availability Disclosure, as amended from time to time. You understand and agree that we shall not be deemed to have received a Check deposit through the Service until we notify you via onscreen messaging and/or e-mail that we accepted an Electronic Check for deposit. The deposit cut-off time for the Service is 4:00 PM Eastern Time (ET). The Bank reserves the right to change the cut-off time in its sole discretion. Such change shall be effective immediately upon and may be implemented before you receive notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance change. You may be made contact us at any time between presentment and to verify our predetermined deadline, and need only be made one current cut-off time. If we pay Items you complete the scanning and transmission process and receive notice that your deposit was received, Electronic Checks deposited before the cut-off time on a Business Day will be considered received that same Business Day. Electronic Checks that are received by us through the Service after the cut-off time on a Business Day, or permit withdrawals which overdraw on any day that is not a Business Day, will be considered received by us on the available Deposit Account balance next Business Day. Storage, Security and Destruction of Original Checks You agree that once an Electronic Check has been deposited through the Service, the original paper Check is your property and not the property of the Bank. You shall securely store the original Check for a reasonable period, not to exceed ninety (whether once or repeatedly90) days, after you receive a notice through the Service that the Electronic Check has been accepted by us. Upon request by the Bank you will promptly provide to the Bank a retained original Check (if available), we do so at or a legible copy of the front and back of the Check in a form acceptable to us, to aid in the clearing and collection process, or to resolve claims by third parties, or for our discretion without audit or fraud loss prevention purposes. Prohibition Against Presenting Checks More Than Once Once you have used the Service to deposit an Electronic Check, you agree not to present, or allow anyone else to present, that original Check or a substitute check of the original Check again for deposit through the Service or by any obligation other means. Deposit Limits The Bank reserves the right to continue establish and assign deposit limits for the Service (including limits on the dollar amount and/or number of Checks that you deposit through the Service each day) and to do somodify such limits from time to time in the Bankʼs sole discretion, and you agree to comply with all such limits. Our Receipt of Deposits Representations and Warranties In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted addition to your designated deposit account conditionallyrepresentations and warranties contained in other provisions of this Agreement, you represent and warrant that: ● Each image of a Check you transmit to us is a true and accurate rendition of the front and back of the original Check, without alteration, and only if the item drawer of the Check has no defense against payment of the Check made payable to you, the owner of the Account, is not a third party or second endorsed check, and is not issued to multiple parties qualifies as an original check as defined by Regulation CC and is not a substitute check as defined by Check 21 or an image replacement document (IRD) that purport to be substitute checks and which have previously been endorsed by a financial institution drawn on a financial institution located within the United States and is payable in U.S. dollarsUnited States currency dated no more than six (6) months prior to the date of the deposit ● You are authorized to enforce each Check you transmit for deposit. ● You are solely responsible for any and all financial risk that may be associated with your use of the Service, subject including without limitation the risk that a Check will be returned for insufficient funds. ● You are solely responsible for the instructions you provide to our receipt of final paymentthe Bank and for failing to properly access or use the Service, including without limitation input errors. If final payment is ● You will not received on any item you deposited deposit or otherwise endorse to your account or that we cashed for youa third party the original Check, and no person will receive a transfer, presentment, or if any direct depositreturn of, automated clearinghouse deposit or otherwise be charged for, the original Check or a paper or electronic fund transfer representation of the original Check such that a person will be asked to your account is dishonored by make payment based on an item that has already been paid. ● You will only transmit acceptable items for deposit and have handled the issuing financial institution for original items in accordance with applicable laws, rules and regulations. ● If you breach any reasonof these representations and warranties, you agree to pay us indemnify, defend and hold harmless the amount of the dishonored deposited fundsBank from and against any and all liability, and you authorize us damages, or losses arising from any claims, suits, or demands from third parties with respect to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other depositsuch breach. You also further authorize us the Bank to debit your account for the amount of any such claim, suit or demand that results from a breach of warranty claim under the provisions of Check 21, Regulation CC, and/or the Uniform Commercial Code. You will maintain funds in your account(s) in amounts and for a period of time as we determine in our returned item feesole discretion to cover any outstanding Checks and your obligations for returns of checks, warranty claims, fees and other obligations. If any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover such liabilities exceed the amount in the applicable account(s), we may charge such excess against any of your other accounts at the Bank and you owe uswill pay us any amount remaining unpaid immediately upon our demand. We Mobile Deposit Security You understand that an image of an Electronic Check may be captured using your Mobile Device and stored in its memory only until the Electronic Check has been successfully submitted. You agree to promptly complete each Mobile Deposit. In the event that you are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction unable to promptly complete your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same daydeposit, you agree to ensure that we may in our discretion determine our posting orders for the transactions and that we may credityour smartphone, authorizetablet, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance mobile device remains securely in your account at possession until the beginning of Mobile Deposit has been completed or to delete the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request associated images from the merchant the same day, but we might not receive the final debit card transaction for payment Mobile App. Mobile Deposits - Additional Terms and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive them.Conditions
Appears in 1 contract
Samples: policies.purposebanking.com
Overdrafts. If any Item The Credit Union is under no obligation, unless it has contracted to the contrary, to pay a check or other debit presented transaction you have written or authorized if it would result in this Checking Account being overdrawn. However, the Credit Union may pay such a transaction and charge the amount of the resulting overdraft plus any applicable service charge against your Regular Share Account or any of your other accounts. Subject to us will applicable law, the Credit Union may pay checks or other transactions drawn upon your Checking Account (including those payable to the Credit Union or on which the Credit Union may be liable) in any order determined by the Credit Union, even if paying a particular check or other transaction results in an insufficient balance in your Checking Account to pay one or more other transactions that otherwise could have been paid out of your Checking Account. The Credit Union has the option of honoring an overdraft transaction or dishonoring it to avoid the creation of an overdraft. Honoring of past overdrafts does not obligate the Credit Union to honor them in the future. The Credit Union is not required to send prior notice of transactions returned because they would, if paid, overdraw the available account balance, including any balance in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor itaccount. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals The amount by which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by overdrawn is due and payable to the issuing financial institution for any reasonCredit Union upon our demand, and you agree to pay us the full amount of it to us, together with any applicable fees as set forth in the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other depositFee Schedule. You also authorize us us, in such a case, to debit your apply from any other shares or deposits you may have in the Credit Union (except for an Individual Retirement Accounts or other account for permitting tax deferrals or providing other tax benefits under state or federal law) any amount necessary to pay such overdrawn amount and fees. If this is a joint account, all of the Joint Owners are jointly and severally liable to repay the Credit Union the amount of any overdraft and service charges, regardless of which of the parties writes the check or authorizes the transaction that creates an overdraft. If the Credit Union has contractually agreed to provide you with overdraft protection, such as through a share transfer agreement, it will pay overdrafts in accordance with the terms of the applicable agreement(s) when sufficient funds are available through such agreements to pay the overdrafts. When determining whether a check or other transaction drawn on your Checking Account is a nonsufficient funds transaction, both for the purpose of determining whether and how to honor the transaction and whether a fee related to it being an overdraft may be charged, the Credit Union will use the “Available Balance” for your Checking Account at the time the transaction is presented. The Available Balance is the balance shown on our returned item feebooks (“Ledger Balance”) reduced by (i) the amount of any holds in place with respect to deposited checks or other items, (ii) the amount in the account that is subject to any interest paid preauthorization requests related to the account that have been accepted by the Credit Union, (iii) amounts in the account that are subject to holds based on the depositcourt, tax agency, or other governmental proceedings, and any (iv) amounts that we believe are subject to a dispute over ownership or other fee we pay or loss we incurrights. We may also use any other legal remedy to recover the amount you owe us. We Examples of preauthorization requests are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawalspurchase transactions where the final amount is initially unknown, transferssuch as gas station purchases, payments, checks, one-time and recurring debit card transactionsrestaurant charges, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for hotel or car reservations, but there are other types of preauthorization requests that could affect your account on as well. Note that the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business dayAvailable Balance for these purposes may cause a fee related to an overdraft to be charged, our automated systems assign each transaction received for that day or a line of credit advance or transfer from another account to a category. We generally post all transactions within a categorybe made, using the posting order or orders that apply to that category, before we post even though your periodic statement may not reflect any transactions assigned to the next category. We start with time when the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days(periodic statements use Ledger Balances) would be negative. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive them.Remote Deposit Capture
Appears in 1 contract
Samples: michiganlegacycu.org
Overdrafts. If any Item or other debit presented to us will You understand that we may, at our discretion, honor withdrawal requests that overdraw your account. However, the fact that we may honor withdrawal requests that overdraw the account balance does not obligate us to do so later. So you can NOT rely on us to pay overdrafts on your account regardless of how frequently or under what circumstances we have paid overdrafts on your account in the past. We can change our practice of paying, or not paying, discretionary overdrafts on your account without notice to you. You can ask us if we have other account services that might be available account balanceto you where we commit to paying overdrafts under certain circumstances, including any balance in such as an overdraft protection line-of-credit or a plan to sweep funds from another account ("ODP Account") we you have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account at the beginning of the business day, subtract holds from your balance, and make any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine charge fees for overdrafts. We may use subsequent deposits, including direct deposits of social security or other government benefits, to cover such overdrafts and overdraft fees. Insufficient funds (NSF) fees - If an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in our discretion an amount that is more than the categories, the transactions within a category, the order among categoriesamount of money in your account, and we decide not to pay the posting orders within item or transaction, you agree that we can charge you an NSF fee for returning the payment. Be aware that such an item or payment may be presented multiple times by the merchant or other payee until it is paid, and that we do not monitor or control the number of times a category. We sometimes add or delete categories, change posting orders within categories and move transaction types among categoriesis presented for payment. You agree that we may charge you an NSF fee each time a payment is presented if the amount of money in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented. We will limit your NSF fees to five (5) per business day. We will not: - charge an NSF fee if you overdraw your account by a total of $10.00 or less in a day; - charge an NSF fee if the transaction amount of an individual item causing an overdraft balance is $10.00 or less; - charge an NSF fee if a debit card transaction was preauthorized against available funds but subsequently settles with an overdraft balance. Payment types - Some, but not necessarily all, of the ways you can access the funds in your account include debit card transactions, automated clearing house (ACH) transactions, and check transactions. A debit card transaction might be authorized by use of a PIN, a signature, or a chip. An example of an ACH transaction is a preauthorized payment you have set up on a recurring basis. All these payment types can use different processing systems and some may take more or less time to post. This information is important for a number of reasons. For example, keeping track of the checks you write and the timing of the preauthorized payments you set up will help you to know what other transactions might still post against your account. For information about how and when we process these different payment types, see the “Payment order of items” subsection below. Important information regarding “decoupled” cards - Decoupled debit cards are debit cards offered or issued by an institution or merchant other than us. As part of the issuing process, you provide the decoupled debit card issuer with the information it needs to link the decoupled debit card to your account with us. Once this is done, you can typically use the decoupled debit card as you would any other debit card. Importantly, however, while transactions initiated with these decoupled debit cards may originate as debit card transactions paid by the card issuer, we receive and process them as ACH transactions. Additionally, you need to refer to your agreement with the decoupled debit card issuer to understand the terms of use for that card. Thus, when our discretion documentation refers to “debit cards,” “everyday debit card transactions,” or “one-time debit card transactions,” we are referring to debit cards issued by us, not decoupled debit cards issued by other institutions or merchants. Different payment types can use different processing systems and some may take more or less time to post. Knowing which card you are using and how the transaction is processed can help you manage your finances, including helping you to avoid overdraft or NSF fees. Balance information - Keeping track of your balance is important. You can review your balance in a number of ways including reviewing your periodic statement, reviewing your balance online, accessing your account information by phone, or coming into one of our branches. Funds availability - Knowing when funds you deposit will be made available for withdrawal is another important concept that can help you avoid being assessed fees or charges. Please see our funds availability disclosure (generally titled, “Your Ability to Withdraw Funds”) for information on when different types of deposits will be made available for withdrawal. For an account to which our funds availability policy disclosure does not apply, you can ask us when you make these changes a deposit when those funds will be available for withdrawal. An item may be returned after the funds from the deposit of that item are made available for withdrawal. In that case, we will reverse the credit of the item. We may determine the amount of available funds in your account for the purpose of deciding whether to return an item for insufficient funds at any time between the times we receive the item and when we return the item or send a notice in lieu of return. We need only make one determination, but if we choose to make a subsequent determination, the account balance at the subsequent time will determine whether there are insufficient available funds. A temporary debit authorization hold affects your account balance - On debit card purchases, merchants may request a temporary hold on your account for a specified sum of money when the merchant does not know the exact amount of the purchase at the time the card is authorized. The amount of the temporary hold may be more than the actual amount of your purchase. Some common transactions where this occurs involve purchases of gasoline, hotel rooms, or meals at restaurants. When this happens, our processing system cannot determine that the amount of the hold exceeds the actual amount of your purchase. This temporary hold, and the amount charged to your account, will eventually be adjusted to the actual amount of your purchase, but it could be three calendar days, or even longer in some cases, before the adjustment is made. Until the adjustment is made, the amount of funds in your account available for other transactions will be reduced by the amount of the temporary hold. If one or more transactions are presented for payment in an amount greater than the funds left after the deduction of the temporary hold amount, you will be charged an NSF or overdraft fee according to our NSF or overdraft fee policy, which may result in one or more overdraft or NSF fees. You will be charged the fee even if you would have had sufficient funds in your account if the amount of the hold had been equal to the amount of your purchase. Payment order of items - The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. The payment order can affect the number of items overdrawn or returned unpaid and the amount of the fees you may have to pay. To assist you in managing your account, we are providing you with the following information regarding how we process those items. Note that items may not be processed in the order they are received. Our banking system is a “real time” system. This means that items, payment orders, ATM transactions and debit card transactions are processed as they are received, and once processed, are reflected in your available balance. Transactions occurring at our branches and at ATMs in our ATM network are received immediately. Check transactions received from other banks are generally received in a batch file. If there are multiple checks received in a batch file, they will be applied to your account in check number order. Payment and debit orders received via ACH are received in batch files and will be applied to your account as follows: credits first, then by transaction size lowest to highest. If one or more checks, items, or transactions are presented without sufficient funds in your account to pay it, you will be charged an NSF or overdraft fee according to our NSF or overdraft fee policy, which may result in one or more overdraft or NSF fees. The amounts of the overdraft and NSF fees are disclosed elsewhere. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and potentially incurring the resulting fees. BUSINESS, ORGANIZATION AND ASSOCIATION ACCOUNTS - Earnings in the form of interest, dividends, or credits will be paid only on collected funds, unless otherwise provided by law or our policy. You represent that you have the authority to open and conduct business on this account on behalf of the entity. We may require the governing body of the entity opening the account to give us a separate authorization telling us who is authorized to act on its behalf. We will honor the authorization until we actually receive written notice of a change from the governing body of the entity. STOP PAYMENTS - The rules in this section cover stopping payment of items such as checks and drafts. Rules for stopping payment of other types of transfers of funds, such as consumer electronic fund transfers, may be established by law or our policy. If we have not disclosed these rules to you elsewhere, you may ask us about those rules. We may accept an order to stop payment on any item from any one of you. You must make any stop-payment order in the manner required by law and we must receive it in time to give us a reasonable opportunity to act on it before our stop-payment cutoff time. Because the most effective way for us to execute a stop- payment order is by using an automated process, to be effective, your stop-payment order must precisely identify the number, date, and amount of the item, and the payee. You may stop payment on any item drawn on your account whether you sign the item or not. In general, your stop-payment order, whether we receive it orally or in writing, will be effective for six months. We will send you written confirmation of your oral stop-payment order which will include the date on which your stop- payment order will lapse. We may rely on the information in that confirmation unless you notify us immediately of any errors. We are not obligated to notify you when a stop-payment order expires. However, you can prevent your stop-payment order from expiring by renewing your stop-payment order before the end of the six- month period. If you stop payment on an item and we incur any damages or expenses because of the stop payment, you agree to indemnify us for those damages or expenses, including attorneys’ fees. You assign to us all rights against the payee or any other holder of the item. You agree to cooperate with us in any legal actions that we may take against such persons. You should be aware that anyone holding the item may be entitled to enforce payment against you despite the stop-payment order. Our stop-payment cutoff time is one hour after the opening of the next banking day after the banking day on which we receive the item. Additional limitations on our obligation to stop payment are provided by law (e.g., we paid the item in cash or we certified the item). TELEPHONE TRANSFERS - A telephone transfer of funds from this account to another account with us, if otherwise arranged for or permitted, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. Limitations on the number of telephonic transfers from a savings account, if any, are described elsewhere. AMENDMENTS AND TERMINATION - We may change any term of this agreement. For such changes, we will give you reasonable notice in writing or by any other method permitted by law. We may also suspend or terminate a service or close this account at any time upon reasonable notice to youyou and, if we close the account, tender of the account balance personally or by mail. Posting Orders Determined at End Reasonable notice depends on the circumstances, and in some cases, such as when we cannot verify your identity or we suspect fraud, it might be reasonable for us to give you notice after the change or account closure becomes effective. For instance, if we suspect fraudulent activity with respect to your account, we might immediately freeze or close your account and then give you notice. If we have notified you of Day We receive creditsa change in any term of your account and you continue to have your account after the effective date of the change, debits and holds throughout you have agreed to the daynew terms. Regardless of when during the day we receive transactions for When you close your account, you agree that we are responsible for leaving enough money in the account to cover any outstanding items to be paid from the account. Items presented for payment after the account is closed may treat them as if we received all transactions at be dishonored. Note: Rules governing changes in interest rates are provided separately in the same time at the end of the business dayTruth-in-Savings disclosure or in another document. During the dayIn addition, for changes governed by a specific law or regulation, we show some transactions will follow the specific timing and format notice requirements of those laws or regulations. CORRECTION OF CLERICAL ERRORS - Unless otherwise prohibited by law, you agree, if determined necessary in our reasonable discretion, to allow us to correct clerical errors, such as processingobtaining your missing signature, on any account documents or disclosures that are part of our agreement with you. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them For errors on your periodic statement, in a different order than please refer to the order in which you conduct them or we receive themSTATEMENTS section.
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Overdrafts. When You schedule a Funds Transfer or Easy Pay, using Home Banking or Easy Pay, You authorize and are requesting Us to withdraw the necessary funds from Your Account with Us and make payments for You from Your Account. We debit the amount of Your Funds Transfer on the Business Day You instruct Us to process the Funds Transfer between Your Accounts. Each instruction to Us to withdraw or transfer from an Account is an order to Us to pay from that Account on the specifed Processing Date. If we are unable to complete the transaction for any Item or other debit presented to us will overdraw the available account balancereason associated with Your Account (for example, including any balance there are not sufcient funds in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient Your Account to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedlytransaction), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is transaction may not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incurbe completed. We may also use any other legal remedy to recover charge Fund Transfers and Easy Pay against the amount you owe usAccount even though the charge creates an overdraft. We are not responsible for any transactions, including any transactions sent through the mail, until we actually In some instances You will receive and post the transaction to your accounta return notice from Us. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same dayIn these cases, you agree that we a non-sufcient funds (NSF) fee will be charged in accordance with the credit unions established and published service fees. Further, You also agree that a NSF fee may be charged to Your account even if the payment is not returned but is paid and overdraws Your Payment Account. If You overdraw Your Account, You agree to immediately pay Us the overdrawn amount together with any applicable fees. By enrolling for and using this Easy Pay Service You agree that We have the right to collect funds from all of Your Accounts to recover funds for all payments that have been requested to be paid by You and Your authorized user; this includes accounts on which You are the primary member-owner, as well as accounts on which You are the joint owner. Expedited Payments Expedited Payments is a feature of Easy Pay that, depending on the payee and the time of day, enables You to have Your payments initiated and processed immediately. Expedited Payments allow You to send rush payments for delivery on standard business processing days (Monday thru Friday, excluding Federal Reserve Holidays). Expedited payments are delivered faster than standard payments. These payments are subject to a fee of: Electronic - $15.00, Overnight Mail - $40.00 that will be debited directly from Your Funding account in our discretion a separate ACH transaction. Depending on the intended payee and the time of day, Expedited Payments are available the same day or next day processing and posting. The system will automatically determine our posting orders whether the Expedited Payments option is available to You to make payments to a specifc payee, and it will also automatically determine the date by which your expedited payment will be processed. Expedited Payments are not available for any payees created under the Send Money feature. Processing Time, depending on specifc payee limitations and the time of day, You might not be able to set up an Expedited Payment for same day processing, which means that the deliver by date might be delayed until the following Business Day. If you set up an Expedited Payment after the cutof time for same day processing, Your payment will not be processed until the following Business Day; in such case, the system will automatically notify you of this additional processing time before you approve the Expedited Payment. There are some limitations. No single Expedited Payment transaction shall exceed $500.00. Expedited Payments will not always be available. Depending on the intended payee and the time of day, You might not have access to Expedited Payments. If Expedited Payments is not available for an intended payee, it will not be presented as an option to you. Once you set up an Expedited Payment, you will never be able to edit or cancel it for any reason. Confrmation, You will receive a confrmation screen with reference information after every transfer you make. E-Bills Some Payees have e-bill service available, where You can receive a copy of Your bill on the system. You may choose to receive bills from these payees electronically via Easy Pay. When the bill from a payee arrives, it will be routed based upon the options you previously specifed for that payee. You will receive notifcations based on the payee option you selected in your profle. If you have an automatic payment option set up and the bill is less than the maximum automatic payment, a payment for the transactions bill is scheduled and placed in the Payment Outbox. If a payment has an invoice associated with it, the word, “Invoice” will appear beneath the dollar amount of the payment. If there is no automatic payment option specifed, or the bill is for more than the maximum automatic payment amount, you must schedule and/or approve the payment before it is sent. E-bills are available on the system for 24 months. Send Money Online Send Money Online permits you to electronically transfer money between your funding account at GPO Federal Credit Union to other fnancial institutions that we may creditare located in the United States and have valid ABA routing numbers or to send money instantly to anyone - Powered by PayPal. Processing Time, authorizewith the Send Money Online feature, acceptthe payment is processed immediately and cannot be stopped. Transaction limits, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the 1 business day, our automated systems assign each no single transaction received greater than $500 will be allowed. The daily cumulative dollar amount for that all the transactions per member per day shall not exceed $1,500. Fees There is no fee for unlimited use of GPO’s online Easy Pay service, unless using Pay Pal, the transaction fee is $5.00. However, if the account is inactive for a three-month period, a monthly fee of $3.00 will be charged. The fee will be automatically taken from your checking account on a monthly basis. If the account is inactive for six-months, the Easy Pay account status will be changed to a categoryclosed. Easy Pay Accounts left inactive for nine-months will be deleted. Our Liability For Failure to Process Funds Transfer or Easy Pay We will use Our best eforts to make all Your Easy Pay according to Your Payment Instructions. We generally post all transactions within a categorywill, using the posting order or orders that apply however, incur no liability if We are unable to that category, before we post complete any transactions assigned to the next category. We start with the balance in your account at the beginning Easy Pay initiated by You because of the business day, subtract holds from your balance, and make existence of any adjustments from prior days. Next, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine in our discretion the orders in which we post transactions to your account. You agree that we may determine in our discretion the categories, the transactions within a category, the order among categories, and the posting orders within a category. We sometimes add one or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time without notice to you. Posting Orders Determined at End of Day We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for your account, you agree that we may treat them as if we received all transactions at the same time at the end more of the business day. During the day, we show some transactions as processing. As an example, we show some transactions as processing on the Account Details screen in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at the end of the day, with the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an example, when you use your debit card to pay for a purchase at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive them.following circumstances:
Appears in 1 contract
Samples: www.gpofcu.com
Overdrafts. If any Item A transaction or other item that results in or creates a negative Available Balance in your Account is called an “Overdraft.” We decide whether to authorize debit presented card transactions and pay items based on the “Available Balance” of funds in your Account. We decide whether to us assess per- item Overdraft fees based on the “Ledger Balance” of funds in your Account. An Overdraft that results in or increases a negative Ledger Balance in your Account will overdraw incur a per-item Overdraft fee as described herein and as set forth in the available account balance, including any balance Fee Schedule. As set forth in an overdraft protection account the Fee Schedule ("ODP Account"see paragraphs 1 and 9 of this Agreement) we have established for youand as permitted by law, we will charge you a fee, assess per-item Overdraft fees for Overdraft items regardless of whether we pay the Item items are paid or dishonor itreturned. You agree immediately upon notice from us to deposit The “Ledger Balance” is the current balance of funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account Account at the beginning of the business dayBusiness Day. For purposes of determining whether to authorize transactions, subtract we determine the “Available Balance” by taking the Ledger Balance and reducing that amount by any outstanding holds from your balancefor deposits that are not yet available under our Funds Availability Policy; by debit card items we have authorized but not processed for payment; and by intra-day activities (including but not limited to wire transfers, ATM withdrawals, and make any adjustments from prior daysother electronic transfers). NextCertain business operations (e.g., taxis, hotels, rental or leasing companies) may request debit card authorizations in an amount exceeding the amount they ultimately charge you. When we authorize a debit card transaction, we generally add credits establish a hold and reduce your Available Balance by the full amount we authorize (which may differ from the transaction amount) until the item is paid or is no longer considered to your balance be pending. In the event you deposit a check that is not from a guaranteed source, a hold is placed on the Account to the extent and then subtract debits from your balanceduring the period described in the Funds Availability Policy section of this Agreement. Changing Posting Orders You agree In our discretion, we can reduce the time frame for a hold or choose not to place a hold at all. For example, in some cases we are able to verify that we may determine a check has been honored prior to the time a hold would otherwise expire and can manually remove the hold, making funds available earlier in our discretion the orders in which we post transactions to your accountprocess. You agree that we may determine pay checks and other items, including ACH items and other electronic debits to your Account, in any order that complies with applicable law. For example: We may process deposits before debits. We may process certain kinds of electronic items, such as debit card, ATM and ACH items, ahead of other kinds of items, such as checks. We may process certain items based on the time they were authorized by us. We may process certain items based on the time they were received for processing. We may process checks in serial number order. Multiple Overdraft fees may be charged to your Account in one day. Also, items returned to the presenting institution as a result of insufficient funds may be re- presented to us multiple times for payment by the presenting institution. If sufficient funds are not available in your Account at the time of re-presentment, an additional Overdraft fee may be incurred. To the extent permitted by law, you authorize us to deduct any Overdrafts and any Overdraft fees from any funds that may thereafter be deposited into the Account, even if those funds come from restricted income sources that are exempt from attachment. We are under no obligation to pay or authorize any item or withdrawal request presented if there are insufficient available funds to cover the item. You agree, however, that, in our discretion sole discretion, we may honor any check, recurring debit card, and/or ACH debits presented to your Account when there are insufficient available funds to cover such items. We also offer an optional discretionary Overdraft service, Overdraft Privilege, that may be available to you for ATM and everyday debit card transactions. For each of your Accounts, you can opt in to Overdraft Privilege (or opt out after first opting in) by calling us toll free at 888-MIDFIRST (000- 000-0000) or by calling or visiting one of our banking centers. You are not eligible for this Overdraft Privilege service unless you have an eligible Account, and you first opt in to the categoriesservice. If you do not opt in to this Overdraft Privilege service and you attempt an ATM or everyday debit card transaction at a time when your Account does not have sufficient available funds to cover the transaction, the transactions within a categorytransaction will be declined. Please note that if you do not opt in to this Overdraft Privilege service for ATM and everyday debit card transactions: (i) we will continue to apply our current Overdraft policies to paper check, the order among categoriesACH, and recurring debit card transactions and (ii) the posting orders within date items are presented for payment and our processing order could still cause a categorypaper check, ACH, or recurring debit card transaction to result in an overdraft of your Account. You agree that payment of any Overdraft item on any occasion(s) does not obligate us to pay any future Overdraft items. We sometimes add have no obligation to notify you before we pay an Overdraft item or delete categories, change posting orders within categories before we return an Overdraft item unpaid. You agree to pay the amount of any Overdraft and move transaction types among categoriesall Overdraft fees immediately upon demand. You agree that we may in our discretion make these changes at pursue any time without notice collection remedy available under applicable law, of which you may become responsible to youreimburse us for any related expenses. Posting Orders Determined at End You should know that: A maximum of Day 5 per-item Overdraft fees will be charged on any Processing Day. We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for will not charge any per-item Overdraft fees if your account, you agree that we may treat them as if we received all transactions at the same time Account is overdrawn by $5.00 or less at the end of a Processing Day. We will not charge any per-item Overdraft fees if the business dayonly debit items we process on a Processing Day are fees we assess. During the day We will charge a one-time Extended Overdraft Fee if your Account is overdrawn in any amount for at least seven consecutive calendar days. Extended Overdraft Fees are based on your Ledger Balance. Under our Overdraft Protect and Overdraft credit services, we show some transactions as processingyou may agree to authorize automatic transfers from a linked Account or through certain credit services to cover Account Overdrafts, subject to availability of funds in your linked Account or availability of credit subject to applicable restrictions and other limitations. As an example, we show some transactions as processing on the Account Details screen Overdraft Protect is described in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at further detail near the end of this Agreement. Credit services that may be used for Overdraft protection are subject to the daystandard applicable credit application, with approval and execution of credit documents. For more information about Overdraft Protect, available credit services, applicable terms and conditions, fees and enrollment, please visit the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an exampleMidFirst Overdraft Services webpage at xxxxxxxx.xxx/xxxxxxxxxxxxxxxxx, when you use your debit card to pay for a purchase call us toll free at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them 888-MIDFIRST (888-643- 3477) or we receive themcall or visit any MidFirst banking center.
Appears in 1 contract
Samples: Account Agreement
Overdrafts. If any Item A transaction or other item that results in or creates a negative Available Balance in your Account is called an “Overdraft.” We decide whether to authorize debit presented card transactions and pay items based on the “Available Balance” of funds in your Account. We decide whether to us assess per-item Overdraft fees based on the “Ledger Balance” of funds in your Account. An Overdraft that results in or increases a negative Ledger Balance in your Account will overdraw incur a per-item Overdraft fee as described herein and as set forth in the available account balance, including any balance Fee Schedule. As set forth in an overdraft protection account the Fee Schedule ("ODP Account"see paragraphs 1 and 9 of this Agreement) we have established for youand as permitted by law, we will charge you a fee, assess per-item Overdraft fees for Overdraft items regardless of whether we pay the Item items are paid or dishonor itreturned. You agree immediately upon notice from us to deposit The “Ledger Balance” is the current balance of funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, one-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account Account at the beginning of the business dayBusiness Day. For purposes of determining whether to authorize transactions, subtract we determine the “Available Balance” by taking the Ledger Balance and reducing that amount by any outstanding holds from your balancefor deposits that are not yet available under Our Funds Availability Policy; by debit card items we have authorized but not processed for payment; and by intra-day activities (including but not limited to wire transfers, ATM withdrawals, and make any adjustments from prior daysother electronic transfers). NextCertain business operations (e.g., taxis, hotels, rental or leasing companies) may request debit card authorizations in an amount exceeding the amount they ultimately charge you. When we authorize a debit card transaction, we generally add credits establish a hold and reduce your Available Balance by the full amount we authorize (which may differ from the transaction amount) until the item is paid or is no longer considered to your balance be pending. In the event you deposit a check that is not from a guaranteed source, a hold is placed on the Account to the extent and then subtract debits from your balanceduring the period described in the Funds Availability Policy section of this Agreement. Changing Posting Orders You agree In our discretion, we can reduce the time frame for a hold or choose not to place a hold at all. For example, in some cases we are able to verify that we may determine a check has been honored prior to the time a hold would otherwise expire and can manually remove the hold, making funds available earlier in our discretion the orders in which we post transactions to your accountprocess. You agree that we may determine pay checks and other items, including ACH items and other electronic debits to your Account, in any order that complies with applicable law. For example: We may process deposits before debits. We may process certain kinds of electronic items, such as debit card, ATM and ACH items, ahead of other kinds of items, such as checks. We may process certain items based on the time they were authorized by us. We may process certain items based on the time they were received for processing. We may process checks in serial number order. Multiple Overdraft fees may be charged to your Account in one day. Also, items returned to the presenting institution as a result of insufficient funds may be re-presented to us multiple times for payment by the presenting institution. If sufficient funds are not available in your Account at the time of re-presentment, an additional Overdraft fee may be incurred. To the extent permitted by law, you authorize us to deduct any Overdrafts and any Overdraft fees from any funds that may thereafter be deposited into the Account, even if those funds come from restricted income sources that are exempt from attachment. We are under no obligation to pay or authorize any item or withdrawal request presented if there are insufficient available funds to cover the item. You agree, however, that, in our discretion sole discretion, we may honor any check, recurring debit card, and/or ACH debits presented to your Account when there are insufficient available funds to cover such items. We also offer an optional discretionary Overdraft service, Overdraft Privilege that may be available to you for ATM and everyday debit card transactions. For each of your Accounts, you can opt in to Overdraft Privilege (or opt out after first opting in) by calling us toll free at 888-999- 9170. You are not eligible for this Overdraft Privilege service unless you have an eligible Account, and you first opt in to the categoriesservice. If you do not opt in to this Overdraft Privilege service and you attempt an ATM or everyday debit card transaction at a time when your Account does not have sufficient available funds to cover the transaction, the transactions within a categorytransaction will be declined. Please note that if you do not opt in to this Overdraft Privilege service for ATM and everyday debit card transactions: (i) we will continue to apply our current Overdraft policies to paper check, the order among categoriesACH, and recurring debit card transactions and (ii) the posting orders within date items are presented for payment and our processing order could still cause a categorypaper check, ACH, or recurring debit card transaction to result in an overdraft of your Account. You agree that payment of any Overdraft item on any occasion(s) does not obligate us to pay any future Overdraft items. We sometimes add have no obligation to notify you before we pay an Overdraft item or delete categories, change posting orders within categories before we return an Overdraft item unpaid. You agree to pay the amount of any Overdraft and move transaction types among categoriesall Overdraft fees immediately upon demand. You agree that we may in our discretion make these changes at pursue any time without notice collection remedy available under applicable law, of which you may become responsible to youreimburse us for any related expenses. Posting Orders Determined at End You should know that: A maximum of Day 5 per-item Overdraft fees will be charged on any Processing Day. We receive credits, debits and holds throughout the day. Regardless of when during the day we receive transactions for will not charge any per-item Overdraft fees if your account, you agree that we may treat them as if we received all transactions at the same time Account is overdrawn by $5.00 or less at the end of a Processing Day. We will not charge any per-item Overdraft fees if the business dayonly debit items we process on a Processing Day are fees we assess. During the day We will charge a one-time Extended Overdraft Fee if your Account is overdrawn in any amount for at least seven consecutive calendar days. Extended Overdraft Fees are based on your Ledger Balance. Under our Overdraft Protect and Overdraft credit services, we show some transactions as processingyou may agree to authorize automatic transfers from a linked Account or through certain credit services to cover Account Overdrafts, subject to availability of funds in your linked Account or availability of credit subject to applicable restrictions and other limitations. As an example, we show some transactions as processing on the Account Details screen Overdraft Protect is described in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at further detail near the end of this Agreement. Credit services that may be used for Overdraft protection are subject to the daystandard applicable credit application, with the other transactions we receive for that dayapproval and execution of credit documents. You should note that often we do not receive debits on the same day that you conduct them. As an exampleFor more information about Overdraft Protect, when you use your debit card to pay for a purchase available credit services, applicable terms and conditions, fees and enrollment, please call us toll free at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them or we receive them000-000-0000.
Appears in 1 contract
Samples: Account Agreement
Overdrafts. If any Item A transaction or other item that results in or creates a negative Available Balance in Your Account is called an “Overdraft.” We decide whether to authorize debit presented to us will overdraw the available account balance, including any balance in an overdraft protection account ("ODP Account") we have established for you, we will charge you a fee, whether we card transactions and pay the Item or dishonor it. You agree immediately upon notice from us to deposit funds sufficient to cover the overdraft plus applicable charges. In connection with overdrafts, our determination of the Deposit Account balance may be made at any time between presentment and our predetermined deadline, and need only be made one time. If we pay Items or permit withdrawals which overdraw the available Deposit Account balance (whether once or repeatedly), we do so at our discretion without any obligation to continue to do so. Our Receipt of Deposits In receiving deposits, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your designated deposit account conditionally, and only if the item is payable in U.S. dollars, subject to our receipt of final payment. If final payment is not received on any item you deposited to your account or that we cashed for you, or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is dishonored by the issuing financial institution for any reason, you agree to pay us the amount of the dishonored deposited funds, and you authorize us to debit any deposit account with us of which you are an owner, without prior notice and at any time, for the amount of the returned item or other deposit. You also authorize us to debit your account for the amount of our returned item fee, any interest paid items based on the deposit, and any other fee we pay or loss we incur“Available Balance” of funds in Your Account. We may also use any other legal remedy decide whether to recover the amount you owe us. We are not responsible for any transactions, including any transactions sent through the mail, until we actually receive and post the transaction to your account. We are not liable for the default or negligence of our duly selected agents or correspondents, nor for losses in transit. Processing Transactions and Posting Orders Posting transactions to your account impacts your account balance. Posting a credit increases your balance. Posting a debit or hold reduces your balance. Credits include but are not limited to the following: teller deposits, direct deposits and credits we make. Holds include but are not limited to the following: deposit holds, debit card authorizations, and holds related to cash withdrawals and electronic transfers. Debits include withdrawals, transfers, payments, checks, oneassess per-time and recurring debit card transactions, and fees. We use automated systems to process transactions and then to post transactions to accounts. When we process multiple transactions for your account item Overdraft fees based on the same day“Ledger Balance” of funds in Your Account. An Overdraft that results in or increases a negative Ledger Balance in Your Account will incur a per-item Overdraft fee as described herein and as set forth in the Fee Schedule. As set forth in the Fee Schedule (see paragraphs 1 and 9 of this Agreement) and as permitted by law, you agree that we may We will assess per-item Overdraft fees for Overdraft items regardless of whether the items are paid or returned. The “Ledger Balance” is the current balance of funds in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline or return credits, debits and holds in any order at our option. Posting Orders This section summarizes how we generally post some common transactions to your account. We group the different types of transactions into categories. We use several different categories for holds, credits, and debits. Most categories include more than one transaction type. After the end of the business day, our automated systems assign each transaction received for that day to a category. We generally post all transactions within a category, using the posting order or orders that apply to that category, before we post any transactions assigned to the next category. We start with the balance in your account Your Account at the beginning of the business dayBusiness Day. For purposes of determining whether to authorize transactions, subtract We determine the “Available Balance” by taking the Ledger Balance and reducing that amount by any outstanding holds from your balancefor deposits that are not yet available under Our Funds Availability Policy; by debit card items We have authorized but not processed for payment; and by intra-day activities (including but not limited to wire transfers, ATM withdrawals, and make any adjustments other electronic transfers). Certain business operations (e.g., taxis, hotels, rental or leasing companies) may request debit card authorizations in an amount exceeding the amount they ultimately charge You. When We authorize a debit card transaction, We establish a hold and reduce Your Available Balance by the full amount We authorize (which may differ from the transaction amount) until the item is paid or is no longer considered to be pending. In the event You deposit a check that is not from a guaranteed source, a hold is placed on the Account to the extent and during the period described in the Funds Availability Policy section of this Agreement. In Our discretion, We can reduce the time frame for a hold or choose not to place a hold at all. For example, in some cases We are able to verify that a check has been honored prior days. Nextto the time a hold would otherwise expire and can manually remove the hold, we generally add credits to your balance and then subtract debits from your balance. Changing Posting Orders You agree that we may determine making funds available earlier in our discretion the orders in which we post transactions to your accountprocess. You agree that we We may determine pay checks and other items, including ACH items and other electronic debits to Your Account, in our discretion any order that complies with applicable law. For example: We may process deposits before debits. We may process certain kinds of electronic items, such as debit card, ATM and ACH items, ahead of other kinds of items, such as checks. We may process certain items based on the categoriestime they were authorized by Us. We may process certain items based on the time they were received for processing. We may process checks in serial number order. Multiple Overdraft fees may be charged to Your Account in one day. Also, items returned to the presenting institution as a result of insufficient funds may be re- presented to Us multiple times for payment by the presenting institution. If sufficient funds are not available in Your Account at the time of re-presentment, an additional Overdraft fee may be incurred. To the extent permitted by law, You authorize Us to deduct any Overdrafts and any Overdraft fees from any funds that may thereafter be deposited into the Account, even if those funds come from restricted income sources that are exempt from attachment. We are under no obligation to pay or authorize any item or withdrawal request presented if there are insufficient available funds to cover the item. You agree, however, that, in Our sole discretion, We may honor any check, recurring debit card, and/or ACH debits presented to Your Account when there are insufficient available funds to cover such items. We also offer an optional discretionary Overdraft service, Overdraft Privilege, that may be available to You for ATM and everyday debit card transactions. For each of Your Accounts, You can opt in to Overdraft Privilege (or opt out after first opting in) by calling Us toll free at 888- MIDFIRST (000-000-0000) or by calling or visiting one of Our banking centers. You are not eligible for this Overdraft Privilege service unless You have an eligible Account, and You first opt in to the service. If You do not opt in to this Overdraft Privilege service and You attempt an ATM or everyday debit card transaction at a time when Your Account does not have sufficient available funds to cover the transaction, the transactions within a categorytransaction will be declined. Please note that if You do not opt in to this Overdraft Privilege service for ATM and everyday debit card transactions: (i) We will continue to apply Our current Overdraft policies to paper check, the order among categoriesACH, and recurring debit card transactions and (ii) the posting orders within date items are presented for payment and Our processing order could still cause a category. We sometimes add paper check, ACH, or delete categories, change posting orders within categories and move recurring debit card transaction types among categoriesto result in an overdraft of Your Account. You agree that we may in our discretion make these changes at payment of any time without notice Overdraft item on any occasion(s) does not obligate Us to youpay any future Overdraft items. Posting Orders Determined at End We have no obligation to notify You before We pay an Overdraft item or before We return an Overdraft item unpaid. You agree to pay the amount of Day We receive credits, debits any Overdraft and holds throughout the dayall Overdraft fees immediately upon demand. Regardless of when during the day we receive transactions for your account, you You agree that we We may treat them as pursue any collection remedy available under applicable law, of which You may become responsible to reimburse Us for any related expenses. You should know that: A maximum of 4 per-item Overdraft fees will be charged on any Processing Day. We will not charge any per-item Overdraft fees if we received all transactions at the same time Your Account is overdrawn by $5.00 or less at the end of a Processing Day. We will not charge any per-item Overdraft fees for transactions that are $5.00 or less. We will not charge any per-item Overdraft fees if the business dayonly debit items We process on a Processing Day are fees We assess. During the day We will charge a one-time Extended Overdraft Fee if Your Account is overdrawn in any amount for at least seven consecutive calendar days. Extended Overdraft Fees are based on Your Ledger Balance. Under Our Overdraft Protect and Overdraft credit services, we show some transactions as processingYou may agree to authorize automatic transfers from a linked Account or through certain credit services to cover Account Overdrafts, subject to availability of funds in Your linked Account or availability of credit subject to applicable restrictions and other limitations. As an example, we show some transactions as processing on the Account Details screen Overdraft Protect is described in Online Banking. Please note that transactions shown as processing have not been posted yet. The posting order for these transactions is determined at further detail near the end of this Agreement. Credit services that may be used for Overdraft protection are subject to the daystandard applicable credit application, with approval and execution of credit documents. For more information about Overdraft Protect, available credit services, applicable terms and conditions, fees and enrollment, please visit the other transactions we receive for that day. You should note that often we do not receive debits on the same day that you conduct them. As an exampleMidFirst Overdraft Services webpage at xxxxxxxx.xxx/xxxxxxxxxxxxxxxxx, when you use your debit card to pay for a purchase call Us toll free at a merchant and sign for the transaction, we usually receive an authorization request from the merchant the same day, but we might not receive the final debit card transaction for payment and posting until several days later. We generally post credits and debits to your account, and report them on your statement, in a different order than the order in which you conduct them 888-MIDFIRST (888-643- 3477) or we receive themcall or visit any MidFirst banking center.
Appears in 1 contract
Samples: Account Agreement
