Personal Deposit Accounts Sample Clauses

Personal Deposit Accounts. The following provisions apply to electronic fund transfers to or from personal deposit accounts (sometimes referred to as “consumer deposit accounts”). These transfers are governed by Regulation E, which implements the federal Electronic Fund Transfer Act. A personal deposit account is an account owned by a natural person and established primarily for personal, family or household purposes. Organizational Deposit Accounts Organizational deposit accounts are accounts established primarily for business purposes. When you open one of our organizational deposit accounts, you represent and agree to establish it primarily for authorized organizational purposes. Provisions below explaining a consumer’s liability for unauthorized transfers do not apply to organizational deposit accounts, although, as a matter of practice, we generally follow the error resolution procedures described in this Electronic Banking Disclosures section for organizational-purpose accounts. Please note we are not required to follow these procedures for organizational accounts and we may change our practice at any time without notice. Types of Transfers Account Access: You may use your ATM card or debit card to make the types of transfers described in the applicable card agreement. You may use our Online/Mobile Banking service to make the types of transfers described in the applicable service agreement. We may authorize or permit transfers in excess of your available balance or we may decline them. You may authorize someone to make direct deposits to your account.
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Personal Deposit Accounts. Deposits to your account You may deposit funds to your accounts with us personally, by mail, electronic transfer, ATM, night depository or in a manner acceptable to us from time to time. We may credit to your account deposits made by any person on your behalf. All Instruments deposited must be made payable to you or to bearer. You authorize us to endorse in your name any instrument deposited without endorsement. That endorsement shall have the same validity as if made by you. We may not accept third party Instruments that bear a prior endorsement for deposit (because we may be unable to verify that endorsement). Our hold funds policy When you open a personal deposit account with us, we will advise you how our hold funds policy will impact you in your day-to-day banking. “Holding funds,” means that when you deposit a cheque through one of our branches, the automated teller machine, night depository or by mail/courier etc. you may not be able to access the funds from that deposit immediately. The reason we have a hold funds policy is that a cheque is not the same as cash - it is a “promise to pay” by one party to another party. If the first party doesn’t have sufficient funds in their account at another financial institution, or if the cheque is fraudulent, that other financial institution can refuse to pay the item, and return it unpaid to us. A hold period allows sufficient time for us to verify that the “promise to pay” can be carried out (i.e. that funds will be available from the other institution to pay the item). Cheque cashing is essentially a credit decision If we credit your account right away with the amount of the cheque or other instrument we are “granting you credit” for that amount until we can verify that the “promise to pay” can be carried out. If the “promise to pay” is broken we will need to recover the funds from you, as we would for any other loan given to you. If your deposit is subject to a “hold”, the full amount of the deposit will be reflected in your account balance right away however; your ability to access those funds will be restricted. You will be unable to withdraw money from the funds being held and we will not pay any of your cheques or pre-authorized debits from those funds until the funds are released at the end of the ”hold period”. Even where the “hold period” has elapsed and the funds have been released, it is not a guarantee that the cheque or instrument will be paid by the other financial institution. If we determine ...
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Personal Deposit Accounts. The following provisions apply to electronic fund transfers to or from personal deposit accounts (sometimes referred to as “consumer deposit accounts”). These transfers are governed by Regulation E, which implements the federal Electronic Fund Transfer Act. A personal deposit account is an account owned by a natural person and established primarily for personal, family or household purposes.
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Personal Deposit Accounts. This Electronic Banking Disclosures section explains provisions that apply to Electronic Fund Transfers to or from personal Deposit Accounts (sometimes referred to as ‘consumer Deposit Accounts’). A personal Deposit Account is an Account that is owned by a natural person and that is established primarily for personal, family, or household purposes. You may only use the Cards and Services for personal, family and household purposes, and may not use the Cards and the Services for any business or commercial purpose, including but not limited to making transfers or payments on behalf of any other person or entity. You agree that you must be at least 16 years of age to qualify for the Cards. Note: Regulation E does not apply to business deposit accounts. You agree to take full responsibility if your personal Deposit Accounts are being used for business or commercial purposes, and to reimburse us for any loss, costs or expenses we incur as a result of your use of the Cards and the Services for business or commercial purposes.
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Related to Personal Deposit Accounts

  • Deposit Accounts As of the date hereof, no Pledgor has any Deposit Accounts other than the accounts listed in Schedule 13 to the Perfection Certificate. Assuming the due execution of Deposit Account Control Agreements, the Administrative Agent has a first priority security interest in each such Deposit Account (other than Excluded Accounts), which security interest is perfected by Control. Each Pledgor shall establish and maintain one or more Deposit Accounts into which such Pledgor shall promptly deposit, and shall direct each Fiscal Intermediary or other Third Party Payor, in accordance with applicable law, including, without limitation, the Medicare and Medicaid regulations, to directly remit, all payments in respect of any Medicare Accounts or Medicaid Accounts (the “Medicare and Medicaid Accounts”). Such Medicare and Medicaid Accounts shall be under the sole control of the applicable Pledgor; provided that, except with respect to the SunTrust Deposit Accounts, on each Business Day the Pledgors shall remit, or authorize, direct and instruct the depository banks at which such separate deposit accounts are maintained to remit, by federal funds wire transfer all funds received or deposited into such deposit accounts (to the extent such funds are available funds) to one of the Deposit Accounts subject to the Administrative Agent’s Control. Upon request of the Administrative Agent, the applicable Pledgor shall remit all available funds from each SunTrust Deposit Account by federal funds wire transfer to a Deposit Account subject to the Administrative Agent’s Control. No Pledgor shall hereafter establish and maintain any Deposit Account (other than Excluded Accounts) unless (1) it shall have given the Administrative Agent 30 days’ prior written notice of its intention to establish such new Deposit Account with a Bank, (2) such Bank shall be reasonably acceptable to the Administrative Agent and (3) such Bank and such Pledgor shall have duly executed and delivered to the Administrative Agent a Deposit Account Control Agreement with respect to such Deposit Account. The Administrative Agent agrees with each Pledgor that the Administrative Agent shall not give any instructions directing the disposition of funds from time to time credited to any Deposit Account (other than Excluded Accounts) or withhold any withdrawal rights from such Pledgor with respect to funds from time to time credited to any Deposit Account (other than Excluded Accounts) unless an Event of Default has occurred and is continuing. Each Pledgor agrees that once the Administrative Agent sends an instruction or notice to a Bank exercising its Control over any Deposit Account (other than Excluded Accounts) such Pledgor shall not give any instructions or orders with respect to such Deposit Account including, without limitation, instructions for distribution or transfer of any funds in such Deposit Account. No Pledgor shall grant Control of any Deposit Account to any person other than the Administrative Agent.

  • Deposit Account (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for the benefit of the Noteholders and the Certificateholders, the Deposit Account as provided in Section 5.01 of the Sale and Servicing Agreement.

  • Security Deposit Account If applicable law or a Lender requires a segregated account of Tenant security deposits, Property Manager will open a separate account at a reputable bank or other financial institution. Property Manager may return such deposits to any Tenant in the ordinary course of business in accordance with the terms of the applicable Lease.

  • Deposit Accounts; Securities Accounts The only Deposit Accounts or Securities Accounts maintained by any Grantor on the date hereof are those listed on Schedule 6 (Bank Accounts; Control Accounts), which sets forth such information separately for each Grantor.

  • Deposit Accounts and Securities Accounts Set forth on Schedule 4.15 (as updated pursuant to the provisions of the Security Agreement from time to time) is a listing of all of the Loan Parties’ and their Subsidiaries’ Deposit Accounts and Securities Accounts, including, with respect to each bank or securities intermediary (a) the name and address of such Person, and (b) the account numbers of the Deposit Accounts or Securities Accounts maintained with such Person.

  • Deposit Accounts, Securities Accounts and Commodity Accounts Attached hereto as Schedule 14 is a true and complete list of all Deposit Accounts, Securities Accounts and Commodity Accounts maintained by each Company, including the name of each institution where each such account is held, the name of each such account and the name of each entity that holds each account.

  • Administration of Deposit Accounts Schedule 8.5 sets forth all Deposit Accounts maintained by Obligors, including all Dominion Accounts. Each Obligor shall take all actions necessary to establish Agent’s control over each such Deposit Account (other than Excluded Deposit Accounts). Each Obligor shall be the sole account holder of each Deposit Account and shall not allow any Person (other than Agent) to have control over a Deposit Account or any Property deposited therein. Each Obligor shall promptly notify Agent of any opening or closing of a Deposit Account and, with the consent of Agent, will amend Schedule 8.5 to reflect same.

  • Deposit Account Payments Subsection (b) is amended to read as follows:

  • Securities Accounts If a Collateral Account is a securities account, the Financial Institution agrees that:

  • Collateral Accounts Evidence that the Collateral Accounts have been established;

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