Overdrawn Sample Clauses
The 'Overdrawn' clause defines the rules and consequences when an account holder withdraws more funds than are available in their account. Typically, this clause outlines the process for handling negative balances, such as the imposition of fees, interest charges, or requirements for immediate repayment. For example, it may specify that the account holder must promptly cover the shortfall or that the bank may automatically transfer funds from another linked account. The core function of this clause is to manage the risks associated with overdrafts, ensuring both parties understand their obligations and the financial implications of exceeding available funds.
Overdrawn. If a Card transaction causes your account to become overdrawn, you are obligated to bring your account to a positive balance promptly.
Overdrawn. If all available sick leave days are withdrawn from the sick leave bank, leaving a zero balance in the bank, then the Board and Association shall re-evaluate the bank as to its renewal and the means of renewal.
Overdrawn. If sufficient funds are not available in your Account for the amount obtained at an ATM, and your Account balance becomes overdrawn, the Bank reserves the right to offset the amount of insufficient funds with your funds from any of your other accounts at the Bank. If the Account is a joint account, our reference to singular implies plural. You are obligated to repay any charges resulting from the use of the Card by another person with your express or implied permission, whether or not the person stays within the limits of use set by you. You remain bound to pay for charges under this Agreement even though another person has been directed to pay the debt by agreement or court order, such as a divorce decree.