Common use of Provisional Payment Clause in Contracts

Provisional Payment. Credit given by us to you with respect to an automated clearing house credit entry is provisional until we receive final settlement for such entry through a Federal Reserve Bank. If we do not receive such final settlement, you are hereby notified and agree that we are entitled to a refund of the amount credited to you in connection with such entry, and the party making payment to you via such entry (i.e. the originator of the entry) shall not be deemed to have paid you in the amount of such entry. Notice Of Receipt Of Entry. Under the operating rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your account, we are not required to give next day notice to you of receipt of an ACH item and we will not do so. However, we will continue to notify you of the receipt of payments in the periodic statement we provide to you. Choice Of Law. We may accept on your behalf payments to your account which have been transmitted through one or more Automated Clearing Houses ("ACH") and which are not subject to the Electronic Fund Transfer Act and your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the state of Ohio, unless it has otherwise specified in a separate agreement that the law of some other state shall govern. Rev 11/2015 FACTS WHAT DOES SUMMIT FEDERAL CREDIT UNION DO WITH YOUR PERSONAL INFORMATION? Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:  Social Security number and Transaction or Loss History;  Account Balances and Credit History;  Income and Checking Account Information When you are no longer our customer, we continue to share your information as described in this notice. How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons Summit Federal Credit Union chooses to share; and whether you can limit this sharing. Reasons we can share your personal information: Does Summit Federal Credit Union share? Can you limit my sharing? For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus Yes No For our marketing purposes – to offer our products and services to you Yes No For joint marketing with other financial companies No We don’t share For our affiliates’ everyday business purposes – information about your transactions and experiences No We don’t share For our affiliates’ everyday business purposes – information about your creditworthiness No We don’t share For nonaffiliates to market to you Yes No Questions? Call (000) 000-0000 or go to xxx.xxxxxxxxx.xxx/xxxxxxx-xxxx.xxxx Who we are Who is providing this notice? Summit Federal Credit Union What we do How does Summit Federal Credit Union protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. How does Summit Federal Credit Union collect my personal information? We collect your personal information, for example, when you  Open an account or Apply for a loan;  Pay your bills or Use your ATM or debit card;  Deposit money We also collect your personal information from others, such as credit bureaus or other companies. Why can’t I limit all sharing? Federal law gives you the right to limit only  Sharing for affiliates’ everyday business purposes – information about your creditworthiness;  Affiliates from using your information to market to you;  Sharing for non-affiliates to market to you. State laws and individual companies may give you additional rights to limit sharing.

Provisional Payment. All non-cash items credited to this account shall be credited conditionally, subject to final payment, and such items may be charged back, at any time, until the proceeds thereof in money (U.S. Dollars) have been actually received by the Credit Union. The Credit Union has the right to decline payment or to delay payment of any share draft drawn against such credits. The Credit Union shall not be obligated to notify You that a non-cash item has been dishonored or otherwise not been collected. Any amount not collected may be charged back to the account, including any expense incurred in the collection of a deposited item. If You do not comply with the terms of this Agreement and We refer the matter to an attorney, You agree to pay any court costs and a reasonable attorney’s fee. Credit given by us Us to you You with respect to an automated clearing house credit entry is provisional until we We receive final settlement for such entry through a Federal Reserve Bank. If we We do not receive such final settlement, you You are hereby notified and agree that we We are entitled to a refund of the amount credited to you You in connection with such entry, and the party making payment to you You via such entry (i.e. the originator of the entry) shall not be deemed to have not paid you You in the amount of such entry. Notice Of Receipt Of Entry. Under the operating rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your Your account, we We are not required to give next day notice to you You of receipt of an ACH item and we We will not do so. However, we We will continue to notify you You of the receipt of payments in the periodic statement we statements We provide to you. Choice Of LawYou. We may accept on your Your behalf payments to your Your account which have been transmitted through one or more Automated Clearing Houses ("ACH") and which are not subject to the Electronic Fund Transfer Act and your Your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the state of OhioAlabama as provided by the operating rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving Your account. ACCOUNT STATEMENTS. You will be sent a periodic statement of all transactions and activity on the account during the statement period. You are responsible for examining each statement and reporting any irregularities to the Credit Union. You agree that Your monthly account statement provides information sufficient to allow You to identify the items paid for purposes of §7-4-406(a) Code of Alabama (1975), if the item is described by item number, amount, and date of payment. Specifically, You agree that the Statement need not include any information about the payee of any item to allow You reasonably to identify the items paid. The Credit Union will not be liable for any forged or altered items drawn on or deposited to the account unless it has otherwise specified You give written notice to the Credit Union of the forgery or alteration within thirty days of the statement being mailed or delivered to You. You agree that any other objection to the account statement shall be waived unless made in writing to the Credit Union before the 30th day following the day the statement is mailed or delivered to You. The Credit Union will not be liable for items forged or altered in a separate agreement manner not detectable by the Credit Union through reasonable means. You must report an unauthorized electronic fund transfer that appears on a periodic statement within 60 days of Our transmittal of the statement to avoid liability for subsequent transfers. If You fail to do so, Your liability shall not exceed the amount of the unauthorized transfers that occur after the close of the 60 days and before notice to Us, and that We establish would not have occurred had You notified Us within the 60-day period. When an access device is involved in the unauthorized transfer, You may be liable for other amounts set forth in accordance with Regulation E - Electronic Funds Transfers. See the Electronic Funds Transfers Agreement and Disclosure, section entitled “Unauthorized Transfers.” SHARE DRAFTS. Only share draft blanks or other methods approved by the Credit Union may be used to withdraw funds from this account. You understand that Your original drafts will not be returned to You. The Credit Union will provide a copy of any paid share draft charged to this account upon receiving a written request from You. The Credit Union may charge this account for this service in accordance with the fees established by the Board of Directors. You agree that the law Credit Union’s retention of some drafts does not alter or waive Your responsibility to examine Your statements or after the time limits for notifying the Credit Union of forgery, alteration, error or other state objections. The Credit Union is under no obligation to pay any share draft. The Credit Union is authorized to refuse to pay any share draft without any reason for such refusal. The Credit Union shall governincur no liability for any action regarding the payment or nonpayment of a share draft which the Credit Union fails to pay. Rev 11/2015 FACTS WHAT DOES SUMMIT FEDERAL CREDIT UNION DO WITH YOUR PERSONAL INFORMATION? Why? Financial companies choose how they share your personal information. Federal law gives consumers Upon receiving a request from the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:  Social Security number and Transaction or Loss History;  Account Balances and Credit History;  Income and Checking Account Information When you are no longer our customer, we continue to share your information as described in this notice. How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal informationundersigned, the reasons Summit Federal Credit Union chooses shall make available to share; and whether you can limit You a copy of any paid share draft charged to this sharingaccount. Reasons we can You agree that the availability of obtaining a copy of a paid share your personal information: Does Summit Federal draft, upon request made to the Credit Union share? Can you limit my sharing? For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus Yes No For our marketing purposes – to offer our products and services to you Yes No For joint marketing with other financial companies No We don’t share For our affiliates’ everyday business purposes – information about your transactions and experiences No We don’t share For our affiliates’ everyday business purposes – information about your creditworthiness No We don’t share For nonaffiliates to market to you Yes No Questions? Call (000) 000-0000 or go to xxx.xxxxxxxxx.xxx/xxxxxxx-xxxx.xxxx Who we are Who is providing this notice? Summit Federal constitutes a reasonable manner in which the Credit Union What we do How does Summit Federal may make available paid share drafts. The Credit Union protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply may charge this account for this service in accordance with federal law. These measures include computer safeguards and secured files and buildings. How does Summit Federal Credit Union collect my personal information? We collect your personal information, for example, when you  Open an account or Apply for a loan;  Pay your bills or Use your ATM or debit card;  Deposit money We also collect your personal information from others, such as credit bureaus or other companies. Why can’t I limit all sharing? Federal law gives you the right to limit only  Sharing for affiliates’ everyday business purposes – information about your creditworthiness;  Affiliates from using your information to market to you;  Sharing for non-affiliates to market to you. State laws and individual companies may give you additional rights to limit sharingfees established by the Board of Directors.

Provisional Payment. Credit given by us to you with respect to an automated clearing house ACH credit entry is provisional until we receive final settlement for such entry through a Federal Reserve Bank. If we do not receive such final settlement, you are hereby notified and agree that we are entitled to a refund of the amount credited to you your account in connection with such entry, and the party (the originator of the entry) making payment to you via such entry (i.e. the originator of the entry) shall not be deemed to have paid you in the amount of such entry. Notice Of Receipt Of Entry. Under In order to effectuate any refund from you to which we are entitled under this provision, you authorize us without prior notice to you, to deduct the operating rules amount of the National Automated Clearing House Association, deposit from the account into which are applicable to ACH transactions involving your account, we are not required to give next day notice to you of receipt of an ACH item and we will not do so. However, we will continue to notify you of the receipt of payments in the periodic statement we provide to you. Choice Of Law. We may accept on your behalf payments to your it was credited or from any other account which have been transmitted through one or more Automated Clearing Houses ("ACH") and which are not subject to the Electronic Fund Transfer Act and your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the state of Ohio, unless it has otherwise specified in a separate agreement that the law of some other state shall govern. Rev 11/2015 FACTS WHAT DOES SUMMIT FEDERAL CREDIT UNION DO WITH YOUR PERSONAL INFORMATION? Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:  Social Security number We may also use any other legal remedy to recover from you the amount returned. IN SUCH CIRCUMSTANCES YOU AGREE THAT YOU SHALL INDEMNIFY AND HOLD US HARMLESS FROM ALL CLAIMS, DEMANDS, LAWSUITS, LOSSES, COSTS, EXPENSES AND ATTORNEYS’ FEES WE SUFFER OR INCUR IF EXERCISING OUR RIGHT OF RECLAMATION RESULTS IN INSUFFICIENT FUNDS IN THE ACCOUNT OR OTHER ACCOUNTS. International Transactions. As the result of time zones and Transaction or Loss History;  Account Balances other circumstances, international transactions, including both deposits and Credit History;  Income and Checking Account Information When you are no longer our customer, we continue to share your information as described in this notice. How? All financial companies need to share customers’ personal information to run their everyday businesswithdrawals may take place over the course of several business days. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons Summit Federal Credit Union chooses to share; and whether you can limit this sharing. Reasons we can share your personal information: Does Summit Federal Credit Union share? Can you limit my sharing? For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus Yes No For our marketing purposes – to offer our products and services to you Yes No For joint marketing with other financial companies No We don’t share For our affiliates’ everyday business purposes – information about your transactions and experiences No We don’t share For our affiliates’ everyday business purposes – information about your creditworthiness No We don’t share For nonaffiliates to market to you Yes No Questions? Call (000) 000-0000 or go to xxx.xxxxxxxxx.xxx/xxxxxxx-xxxx.xxxx Who we are Who is providing this notice? Summit Federal Credit Union What we do How does Summit Federal Credit Union protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. How does Summit Federal Credit Union collect my personal information? We collect your personal information, for example, when you  Open an account or Apply for a loan;  Pay your bills or Use your ATM or debit card;  Deposit money We also collect your personal information from otherscertain circumstances, such as return items, an international transaction may take place on multiple business days over the course of a lengthy period of time (more than 30 days). International transactions are always subject to changes in the currency exchange rate, which fluctuates on a daily basis. Changes in the currency exchange rate are likely to create a difference between what we give you as a provisional credit bureaus or at the time of the transaction and what we receive from the other companiesinstitution upon presentment of the item. Why can’t I limit all sharing? Federal law gives you We reserve the right to limit only  Sharing for affiliates’ everyday business purposes – information about adjust your creditworthiness;  Affiliates from using provisional credit to take account of these fluctuations in the currency exchange rate. That means that you may owe us more should an international transaction result in a return item because of the fluctuation in the exchange rate between the time of the credit to your information to market to you;  Sharing for non-affiliates to market to you. State laws account and individual companies may give you additional rights to limit sharingthe return.

Provisional Payment. Credit given by us to you with respect to an automated clearing house ACH credit entry is provisional until we receive final settlement for such entry through a Federal Reserve Bank. If we do not receive such final settlement, you are hereby notified and agree that we are entitled to a refund of the amount credited to you your Account in connection with such entry, and the party (the originator of the entry) making payment to you via such entry (i.e. the originator of the entry) shall not be deemed to have paid you in the amount of such entry. Notice Of Receipt Of Entry. Under In order to effectuate any refund from you to which we are entitled under this provision, you authorize us without prior notice to you, to deduct the operating rules amount of the National Automated Clearing House Association, deposit from the Account into which are applicable to ACH transactions involving your account, we are not required to give next day notice to you of receipt of an ACH item and we will not do so. However, we will continue to notify you of the receipt of payments in the periodic statement we provide to you. Choice Of Law. We may accept on your behalf payments to your account which have been transmitted through one it was credited or more Automated Clearing Houses ("ACH") and which are not subject to the Electronic Fund Transfer Act and your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the state of Ohio, unless it has otherwise specified in a separate agreement that the law of some from any other state shall govern. Rev 11/2015 FACTS WHAT DOES SUMMIT FEDERAL CREDIT UNION DO WITH YOUR PERSONAL INFORMATION? Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. What? The types of personal information we collect and share depend on the product or service Account you have with us. This information can include:  Social Security number We may also use any other legal remedy to recover from you the amount returned. IN SUCH CIRCUMSTANCES YOU AGREE THAT YOU SHALL INDEMNIFY AND HOLD US HARMLESS FROM ALL CLAIMS, DEMANDS, LAWSUITS, LOSSES, COSTS, EXPENSES AND ATTORNEYS’ FEES WE SUFFER OR INCUR IF EXERCISING OUR RIGHT OF RECLAMATION RESULTS IN INSUFFICIENT FUNDS IN THE ACCOUNT OR OTHER ACCOUNTS. International Transactions. As the result of time zones and Transaction or Loss History;  Account Balances other circumstances, international transactions, including both deposits and Credit History;  Income and Checking Account Information When you are no longer our customer, we continue to share your information as described in this notice. How? All financial companies need to share customers’ personal information to run their everyday businesswithdrawals may take place over the course of several business days. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons Summit Federal Credit Union chooses to share; and whether you can limit this sharing. Reasons we can share your personal information: Does Summit Federal Credit Union share? Can you limit my sharing? For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus Yes No For our marketing purposes – to offer our products and services to you Yes No For joint marketing with other financial companies No We don’t share For our affiliates’ everyday business purposes – information about your transactions and experiences No We don’t share For our affiliates’ everyday business purposes – information about your creditworthiness No We don’t share For nonaffiliates to market to you Yes No Questions? Call (000) 000-0000 or go to xxx.xxxxxxxxx.xxx/xxxxxxx-xxxx.xxxx Who we are Who is providing this notice? Summit Federal Credit Union What we do How does Summit Federal Credit Union protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. How does Summit Federal Credit Union collect my personal information? We collect your personal information, for example, when you  Open an account or Apply for a loan;  Pay your bills or Use your ATM or debit card;  Deposit money We also collect your personal information from otherscertain circumstances, such as return items, an international transaction may take place on multiple business days over the course of a lengthy period of time (more than 30 days). International transactions are always subject to changes in the currency exchange rate, which fluctuates on a daily basis. Changes in the currency exchange rate are likely to create a difference between what we give you as a provisional credit bureaus or at the time of the transaction and what we receive from the other companiesinstitution upon presentment of the item. Why can’t I limit all sharing? Federal law gives you We reserve the right to limit only  Sharing for affiliates’ everyday business purposes – information about adjust your creditworthiness;  Affiliates from using provisional credit to take account of these fluctuations in the currency exchange rate. That means that you may owe us more should an international transaction result in a return item because of the fluctuation in the exchange rate between the time of the credit to your information to market to you;  Sharing for non-affiliates to market to you. State laws Account and individual companies may give you additional rights to limit sharingthe return.

Provisional Payment. Credit given by us to you with respect to an automated clearing house ACH credit entry is provisional until we receive final settlement for such entry through a Federal Reserve Bank. If we do not receive such final settlement, you are hereby notified and agree that we are entitled to a refund of the amount credited to you your Account in connection with such entry, and the party (the originator of the entry) making payment to you via such entry (i.e. the originator of the entry) shall not be deemed to have paid you in the amount of such entry. Notice Of Receipt Of Entry. Under In order to effectuate any refund from you to which we are entitled under this provision, you authorize us without prior notice to you, to deduct the operating rules amount of the National Automated Clearing House Association, deposit from the Account into which are applicable to ACH transactions involving your account, we are not required to give next day notice to you of receipt of an ACH item and we will not do so. However, we will continue to notify you of the receipt of payments in the periodic statement we provide to you. Choice Of Law. We may accept on your behalf payments to your account which have been transmitted through one it was credited or more Automated Clearing Houses ("ACH") and which are not subject to the Electronic Fund Transfer Act and your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the state of Ohio, unless it has otherwise specified in a separate agreement that the law of some from any other state shall govern. Rev 11/2015 FACTS WHAT DOES SUMMIT FEDERAL CREDIT UNION DO WITH YOUR PERSONAL INFORMATION? Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. What? The types of personal information we collect and share depend on the product or service Account you have with us. This information can include:  Social Security number We may also use any other legal remedy to recover from you the amount returned. IN SUCH CIRCUMSTANCES YOU AGREE THAT YOU SHALL INDEMNIFY AND HOLD US HARMLESS FROM ALL CLAIMS, DEMANDS, LAWSUITS, LOSSES, COSTS, EXPENSES AND ATTORNEYS’ FEES WE SUFFER OR INCUR IF EXERCISING OUR RIGHT OF RECLAMATION RESULTS IN INSUFFICIENT FUNDS IN THE ACCOUNT OR OTHER ACCOUNTS. International Transactions. As the result of time zones and Transaction or Loss History;  Account Balances other circumstances, international transactions, including both deposits and Credit History;  Income and Checking Account Information When you are no longer our customer, we continue to share your information as described in this notice. How? All financial companies need to share customers’ personal information to run their everyday businesswithdrawals may take place over the course of several business days. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons Summit Federal Credit Union chooses to share; and whether you can limit this sharing. Reasons we can share your personal information: Does Summit Federal Credit Union share? Can you limit my sharing? For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus Yes No For our marketing purposes – to offer our products and services to you Yes No For joint marketing with other financial companies No We don’t share For our affiliates’ everyday business purposes – information about your transactions and experiences No We don’t share For our affiliates’ everyday business purposes – information about your creditworthiness No We don’t share For nonaffiliates to market to you Yes No Questions? Call (000) 000-0000 or go to xxx.xxxxxxxxx.xxx/xxxxxxx-xxxx.xxxx Who we are Who is providing this notice? Summit Federal Credit Union What we do How does Summit Federal Credit Union protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. How does Summit Federal Credit Union collect my personal information? We collect your personal information, for example, when you  Open an account or Apply for a loan;  Pay your bills or Use your ATM or debit card;  Deposit money We also collect your personal information from otherscertain circumstances, such as return items, an international transaction may take place on multiple business days over the course of a lengthy period of time (more than 30 days). International transactions are always subject to changes in the currency exchange rate, which fluctuates on a daily basis. Changes in the currency exchange rate are likely to create a difference between what we give you as a provisional credit bureaus or at the time of the transaction and what we receive from the other companiesinstitution upon presentment of the item. Why can’t I limit all sharing? Federal law gives you We reserve the right to limit only  Sharing for affiliates’ everyday business purposes – information about adjust your creditworthiness;  Affiliates from using provisional credit to take Account of these fluctuations in the currency exchange rate. That means that you may owe us more should an international transaction result in a return item because of the fluctuation in the exchange rate between the time of the credit to your information to market to you;  Sharing for non-affiliates to market to you. State laws Account and individual companies may give you additional rights to limit sharingthe return.