Common use of Responsibility for Overdraft Clause in Contracts

Responsibility for Overdraft. If you obtain any electronic fund transfer service that results in a shortage in any share account, the overdrawn amount is due and payable the moment you receive credit for the electronic fund transfer, and you agree to pay the full amount of it to us, together with an overdrawn account charge as set forth in the Rates and Fees Schedule. You also authorize us, in such a case, to apply from any other shares or deposits you may have in the credit union any amount necessary to pay such overdraft and fees. If the overdraft is created in your Share Draft / Checking Account, (1) a transfer will be made from your other share account(s) to cover the overdraft, in accordance with your share draft account agreement with us, or (2) if you have an overdraft line of credit, an advance on your line of credit will be made to cover the overdraft, and you will pay that advance in accordance with the conditions of your line of credit plan, depending upon which form of overdraft protection you have selected. If there are not sufficient funds to make a transfer according to (1) or (2) of this paragraph, or if you have no overdraft protection for your Share Draft / Checking Account, then such overdraft will be paid to us as provided in the first sentence of this section. Crediting of Deposits and Payments. Deposits or payments made in an ATM, whether in cash, check, draft or money order, are subject to verification, and the funds of such deposits and payments to share, share draft or loan accounts may be held until they can be collected from the machine, verified and entered into our accounting systems. Further delay may occur if the transaction is made on or immediately prior to a Saturday, Sunday or holiday on which we are closed. If you place a check, draft or money order in the machine as a deposit or payment, it is subject to collection in accordance with your account agreement with us and Regulation CC.

Responsibility for Overdraft. If you obtain any electronic fund transfer service that results in cash from an ATM which creates a shortage in any share account other than your checking account, the overdrawn amount is due and payable the moment you receive credit for the electronic fund transferyour money, and you agree to pay the full amount of it to us, together with interest at an annual interest rate from the date you received the cash to the date the amount of the overdraft is paid; together with an overdrawn account charge as set forth in the Rates and Fees Schedule. You also authorize us, in such a case, to apply from any other shares or deposits you may have in the credit union any amount necessary to pay such overdraft and fees. If the overdraft is created in your Share Draft / Checking Accountchecking account, (1) a transfer will be made from your other share account(s) to cover the overdraft, in accordance with your share draft checking account agreement with us, or (2) if you have an overdraft line of credit, an advance on your line of credit will be made to cover the overdraft, and you will pay that advance in accordance with the conditions of your line of credit plan, depending upon which form of overdraft protection you have selected. If there are not sufficient funds to make a transfer according to (1) or (2) of this paragraph, or if you have no overdraft protection for your Share Draft / Checking Accountshare draft account, then such overdraft will be paid to us as provided in the first sentence of this section. Crediting of Deposits and Payments. Deposits or payments made in an ATM, whether in cash, check, draft or money order, are subject to verification, and the funds of such deposits and payments to share, share draft or loan accounts may be held until they can be collected from the machine, verified and entered into our accounting systems. Further delay may occur if the transaction is made on or immediately prior to a Saturday, Sunday or holiday on which we are closed. If you place a check, draft or money order in the machine as a deposit or payment, it is subject to collection in accordance with your account agreement with us Regulation CC and Regulation CCus.