Privilege Pay Overdraft Service Clause Samples
The Privilege Pay Overdraft Service clause authorizes a financial institution to cover transactions that exceed a customer's available account balance. In practice, this means that if a customer writes a check, makes a debit card purchase, or initiates an electronic payment that would otherwise be declined due to insufficient funds, the institution may choose to pay the item and charge an overdraft fee. This clause provides customers with a safety net to avoid declined transactions and potential embarrassment, while also clarifying the fees and conditions under which the service is provided.
Privilege Pay Overdraft Service. We offer a discretionary service (“Privilege Pay”) to cover overdrafts on your checking accounts. WECU offers this Privilege Pay to eligible consumer checking account owners who qualify. Privilege Pay is not offered on fiduciary accounts or to anyone who has caused a financial loss to WECU.
Privilege Pay Overdraft Service. We offer a discretionary overdraft service (Privilege Pay) to cover overdrafts on your checking accounts. The Privilege Pay service is only offered to the Basic Business Checking, Business Checking, Business Checking Plus, and the Business Money Market account owners, who qualify and remain in good standing with the Credit Union. Privilege Pay is not offered to minors, fiduciary accounts, anyone who has caused a financial loss to the Credit Union or anyone with a past due loan payment at the Credit Union or anyone who has enrolled in a debt management program. If you qualify for Privilege Pay, we will advise you of your qualification for the service which will be provided under the following terms and conditions.
Privilege Pay Overdraft Service. We offer a discretionary overdraft service (Privilege Pay) to cover overdrafts on your checking accounts. The Privilege Pay service is offered to all eligible consumer checking account owners 90 days after membership opening, who qualify and remain in good standing with the Credit Union. Privilege Pay is not offered to minors, fiduciary accounts, anyone who is currently in bankruptcy or has caused a financial loss to the Credit Union, anyone with a past due loan payment at the Credit Union or anyone who has enrolled in a debt management program. If you qualify for Privilege Pay, we will advise you of your qualification for the service which will be provided under the following terms and conditions.