Common use of Preauthorization Holds Clause in Contracts

Preauthorization Holds. As more fully explained in the “Freedom Debit Card Preauthorization Holds” paragraph of the “Electronic Fund Transfers Agreement and Disclosures” in the Disclosures and Schedules, when you use your Card at certain merchants, the merchant may request a preauthorization hold from us to cover the final transaction amount. The preauthorization hold may be in a greater amount than the actual purchase amount and may be placed on your account for up to three days. These preauthorization holds affect (reduce) the availability of funds in your account, including without limitation, to pay for checks drawn on your account, debits and Freedom Debit Card purchases, ACH transactions, ATM withdrawals, fees, and any other withdrawal or payment transactions on your account. You cannot access funds that are subject to a preauthorization hold—they are not available funds. Preauthorization holds may remain on your account for up to three days after the transaction, even after the transaction has been posted to your account. Alternatively, the pending transaction may be posted to your account after the preauthorization hold has been released. You must ensure that, at all times, sufficient funds are available (including to cover any preauthorization holds placed on the account) and remain in your account to pay for your Freedom Debit Card transactions. An authorization is not an indication or a guarantee that a purchase will not result in additional fees being charged to or debited from your account when the transaction is posted to your account. For example, if a preauthorization occurs, and subsequent transactions are posted to your account before the pending transaction (that was the subject of the preauthorization) is posted, causing the account’s Available Balance to fall below $0, a fee will be assessed when the pending transaction does post to the account (and fees may also be assessed for the additional intervening transaction(s) to the extent they resulted in a negative Available Balance at the time they posted to the account).

Preauthorization Holds. As more fully explained in the “Freedom Debit Card Preauthorization Holds” paragraph of the “Electronic Fund Transfers Agreement and Disclosures” in the Disclosures and Schedules, when When you use your Card at certain merchantsmerchants such as self-service gas stations, restaurants, hotels, airlines, and rental car companies, the merchant may request a preauthorization hold from us to cover the final transaction amount. The preauthorization hold may be in a an amount greater amount than the actual purchase amount and may be placed on your account Account for up to three days. These preauthorization holds affect (reduce) the availability of funds in your account, including without limitation, to pay for checks drawn on your account, debits and Freedom Debit Card purchases, ACH transactions, ATM withdrawals, fees, and any other withdrawal or payment transactions on your account. You canfive xxxx.Xxx may not access funds that are subject to a preauthorization hold—, and they are will not be available fundsto pay your transactions. Preauthorization holds may remain on your account Account for up to three five days after the transaction, even after the transaction has been posted to your accountpaid. AlternativelyIn addition, even after a preauthorization hold is released, the pending transaction may be posted to your account after the preauthorization hold has been released. You Account at any xxxx.Xx a result, you must ensure that, at all times, that sufficient funds are available (including to cover any preauthorization holds placed on the account) and remain in your account Account to pay for your Freedom Debit Card and all other transactions. An authorization is Preauthorization holds and other kinds of Account holds can affect the availability of funds to pay any transaction on your Account, including without limitation, checks, electronic transactions such as Visa® Debit/ATM Card,ACH, and other withdrawal transactions. You may incur overdraft or return fees if sufficient funds are not an indication or xxxxxxxxx.Xx avoid fees, you must closely record and track all of your transactions so that you have a guarantee that a purchase will not result in additional fees being charged sufficient available balance at all times to or debited from pay your account when xxxxxxxxxxxx.Xx determine the transaction is posted to your account. For example, if amount of a preauthorization occurshold placed on your Account, you can ask the xxxxxxxx.Xxx can also check your available balance on the cuAnywhere® Online Banking and Mobile Banking systems, the Automated Teller Telephone Banking system, and subsequent transactions at most ATMs and point-of-sale xxxxxxxxx.Xxx must be enrolled in the cuAnywhere® Online Banking,Automated Teller, and Visa® Debit/ATM Card services to use those xxxxxxxx.Xxx acknowledge and agree that you are posted responsible for ensuring that sufficient funds are available in your Account at all times to pay your account before the pending transaction (that was the subject transactions.We are not responsible for any fees or other costs you may incur for payment or dishonor of the preauthorization) is posted, causing the account’s Available Balance to fall below $0, a fee will be assessed when the pending transaction does post to the account (items or payment orders because of preauthorization and fees may also be assessed for the additional intervening transaction(s) to the extent they resulted in a negative Available Balance at the time they posted to the account)other holds placed on your Account funds.

Preauthorization Holds. As more fully explained in the “Freedom Debit Card Preauthorization Holds” paragraph of the “Electronic Fund Transfers Agreement and Disclosures” in the Disclosures and Schedules, when When you use your Debit Card at certain merchantsmerchants such as self-service gas stations, restaurants, hotels, airlines, and rental car companies, the merchant may request req uest a preauthorization hold from us to cover the final transaction amount. When we preauthorize the transaction, we commit to make the req uested funds available when the transaction finally posts and as such, we gen erally place a temporary hold ag ainst some or all of the fun ds in the Account linked to your debit card, based on the amount of the preauthorization req uest from the merchant. We refer to this temporary hold as a “preauthorization hold,” and the amount of the preauthorization hold will be subtracted from your available balance as authorization req uests are received by us throughout each day. Until the transaction finally settles or we otherwise remove the hold (for example, we may remove the hold because it exceeds the time permitted, as discussed below, or we determine that it is unlikely to be processed), the funds subject to the hold will not be available to you for other purposes. At some point after you sign for the transaction, it is processed by the merchant and submitted to us for payment. This can happen hours or sometimes days after you signed for it, depending on the merchant and its processing company. These payment req uests are received in real time throughout the day and are posted to your Account as they are received. The preauthorization hold may be in a an amount greater amount than or less than the actual purchase amount and generally may be placed on your account Account for up to three days(3) business days but note that longer holds may apply. These The preauthorization holds affect hold may differ from the transaction amount because the actual transaction amount is not yet known to the merchant at the time the authorization req uest is submitted after your debit card is swiped (reduce) such as a gas station purchase). This can happen at a restaurant or a gas station, where your debit card is swiped before your actual transaction amount is known, because you may choose to add a tip to a restaurant transaction or because the availability amount of funds gas you pump is unknown when your card is swiped. In some cases, we may not receive an authorization request from the merchant, and there will be no authorization hold reflected in your accountavailable balance. We cannot control how much a merchant asks us to authorize, including without limitationor when a merchant submits a transaction for payment. Gen erally, to pay for checks drawn on your account, debits and Freedom Debit Card purchases, ACH transactions, ATM withdrawals, fees, and any other withdrawal or payment transactions on your account. You canyou may not access funds that are subject to a preauthorization hold—they are not available funds. Preauthorization Gen erally, preauthorization holds may remain on your account Account for up to three days after the transaction(3) business days, even after the transaction has been posted to your accountpaid, but note that longer holds may apply. AlternativelyIn addition, even after a preauthorization hold is released, the pending transaction may be posted to your account after Account at any time, and we are req uired to honor the prior authorization, even if the preauthorization hold has been released. You As a result, you must ensure that, at all times, that sufficient funds are available (including to cover any preauthorization holds placed on the account) and remain in your account Account to pay for your Freedom Debit Card transactions. An authorization is Preauthorization holds affect the availability of funds to pay for checks drawn on your Account and other withdrawal transactions. You acknowled ge and agree that we are not an indication liable for any damag es you may incur for dishonor of items or a guarantee that a purchase will not result in additional fees being charged to or debited from other transactions because of preauthorization hold placed on your account when the transaction is posted to your account. For example, if a preauthorization occurs, and subsequent transactions are posted to your account before the pending transaction (that was the subject of the preauthorization) is posted, causing the account’s Available Balance to fall below $0, a fee will be assessed when the pending transaction does post to the account (and fees may also be assessed for the additional intervening transaction(s) to the extent they resulted in a negative Available Balance at the time they posted to the account)Account funds.