Common use of Responsibility for Overdraft Clause in Contracts

Responsibility for Overdraft. If an overdraft occurs, the overdraft amount is due and payable the moment you are notified of it and you agree to pay the amount to us, plus any and all legal expenses incurred by us in our efforts to collect the overdraft. The amount of the overdraft may be subject to overdraft charges and/or transfer charges. You also authorize us, in such a case, to apply from any other shares you may have in the Credit Union such amount as may be necessary to pay such overdraft amount plus any applicable transfer charges. If the overdraft is created in your checking account, a transfer will be made from your other share account(s) in the Credit Union to cover the overdraft, in accordance with your checking account agreement with us.