Common use of Signature Debit Card Transactions Clause in Contracts

Signature Debit Card Transactions. These are transactions where you make a purchase with your debit card that are processed through the Visa or MasterCard networks. You are typically asked to sign for these purchases like a credit card purchase. As described above, a merchant may seek prior authorization for asignature debit card transaction. When that happens, we generally reduce your available balance (but not your actual balance) by the amount authorized. We refer to this as an “authorization hold.” Authorization holds are processed as received throughout the day. At some point after you sign for the transaction, it is processed by the merchant and submitted to us for posting to your account. This can happen hours or sometimes days after you signed for it, depending on the merchant and its processing company. These payment requests are received in real time throughout the day and are posted to your account as they are received. Please note: the amount of an authorization hold may differ from the actual payment because the final transaction amount may not yet be known to the merchant when the authorization request is submitted. For example, if you use your card at a restaurant, a hold will be placed in the amount of the bill presented to you, but when the transaction posts it will include any tip that you may have added to the bill. Conversely, a gas station, hotel or rental car company, or other retail establishments may seek authorization in excess of the final payment amount. We cannot control how much a merchant asks us to authorize, or when and in what amount a merchant submits a transaction for payment. The fact that we put an authorization hold on your available balance does not mean the authorization is set aside and made available to pay the specific transaction authorized. The hold is simply a reduction in your available balance based on the fact that we have authorized a transaction and the Credit Union is therefore obligated to pay it when presented. o Debit card transactions can be recurring or nonrecurring. Recurring transactions are where you use your debit card to set up a recurring monthly payment, such as a gym membership. Nonrecurring transactions are one time transactions that are authorized each time you use your debit card. Using your debit card at a restaurant is an example of a one-time or nonrecurring transaction. We will rely on how the merchant characterizes the transaction for purposes of processing it and your only recourse for an improperly coded transaction is with the merchant who submitted it to us. This is a general description of how certain types of transactions are posted. These practices may change and we reserve the right to pay items in any order we chose as permitted by law. We may receive multiple deposit and withdrawal transactions on your account in many different forms throughout each business day. This means that you may be charged more than one Overdraft or Returned Item Fees if we pay multiple transactions when your account is overdrawn. You can be charged at most five Overdraft and/or Returned Item Fees per calendar day. The best way to know how much money you have and avoid paying Overdraft fees is to record and track all of your transactions closely. IF YOU DO NOT UNDERSTAND THIS AGREEMENT OR HAVE ANY QUESTIONS, PLEASE CONTACT US AT 000.000.0000 or 760.631.8700. We will decide to pay Overdrafts on a case-by-case basis, in our sole and absolute discretion. Even though we may have paid Overdrafts in the past, we are not obligated to continue doing so. For your Overdrafts cleared, you promise to immediately pay us all sums, including the fees and charges for this service advanced to you or any other person you permit to use your checking account and/or who causes an Overdraft on your checking account. We may terminate or suspend the Courtesy Pay services at any time without prior notice. In no event shall any termination of these services relieve you of your obligation to repay the amount of any Overdraft in your account plus Overdraft (Courtesy Pay) and Returned Item (NSF) Fees.

Signature Debit Card Transactions. These are transactions where you make a purchase with your debit card that are processed through the Visa or MasterCard networks. You are typically asked to sign for these purchases like a credit card purchase. As described above, a merchant may seek prior authorization for asignature debit card transaction. When that happens, we generally reduce your available balance (but not your actual balance) by the amount authorized. We refer to this as an “authorization hold.” Authorization holds are processed as received throughout the day. At some point after you sign for the transaction, it is processed by the merchant and submitted to us for posting to your account. This can happen hours or sometimes days after you signed for it, depending on the merchant and its processing company. These payment requests are received in real time throughout the day and are posted to your account as they are received. Please note: the amount of an authorization hold may differ from the actual payment because the final transaction amount may not yet be known to the merchant when the authorization request is submitted. For example, if you use your card at a restaurant, a hold will be placed in the amount of the bill presented to you, but when the transaction posts it will include any tip that you may have added to the bill. Conversely, a gas station, hotel or rental car company, or other retail establishments may seek authorization in excess of the final payment amount. We cannot control how much a merchant asks us to authorize, or when and in what amount a merchant submits a transaction for payment. The fact that we put an authorization hold on your available balance does not mean the authorization is set aside and made available to pay the specific transaction authorized. The hold is simply a reduction in your available balance based on the fact that we have authorized a transaction and the Credit Union is therefore obligated to pay it when presented. o Debit card transactions can be recurring or nonrecurring. Recurring transactions are where you use your debit card to set up a recurring monthly payment, such as a gym membership. Nonrecurring transactions are one time transactions that are authorized each time you use your debit card. Using your debit card at a restaurant is an example of a one-time or nonrecurring transaction. We will rely on how the merchant characterizes the transaction for purposes of processing it and your only recourse for an improperly coded transaction is with the merchant who submitted it to us. This is a general description of how certain types of transactions are posted. These practices may change and we reserve the right to pay items in any order we chose as permitted by law. We may receive multiple deposit and withdrawal transactions on your account in many different forms throughout each business day. This means Check and ACH payment transactions that you may be charged more than one Overdraft or are returned unpaid are subject to a Returned Item Fees if (NSF) Fee. Frontwave Credit Union will charge only one NSF Fee per returned item. However, potential delays or errors by the third party merchant may cause multiple NSF fees to accrue for a single returned item. If Frontwave becomes aware that multiple fees were assessed for a single returned item, we pay multiple transactions when your account is overdrawnwill waive any subsequent NSF fees associated with that item. You can be charged at most five total Overdraft and/or Returned Item Fees per calendar day. The best way to know how much money you have and avoid paying Overdraft fees is to record and track all of your transactions closely. IF YOU DO NOT UNDERSTAND THIS AGREEMENT OR HAVE ANY QUESTIONS, PLEASE CONTACT US AT 000.000.0000 or 760.631.8700. We will decide to pay Overdrafts on a case-by-case basis, in our sole and absolute discretion. Even though we may have paid Overdrafts in the past, we are not obligated to continue doing so. For your Overdrafts cleared, you promise to immediately pay us all sums, including the fees and charges for this service advanced to you or any other person you permit to use your checking account and/or who causes an Overdraft on your checking account. We may terminate or suspend the Courtesy Pay services at any time without prior notice. In no event shall any termination of these services relieve you of your obligation to repay the amount of any Overdraft in your account plus Overdraft (Courtesy Pay) and Returned Item (NSF) Fees.

Signature Debit Card Transactions. These are transactions where you make a purchase with your debit card, and you do not enter your PIN, but you use your debit card that are processed through the Visa or MasterCard networks. You are typically asked to sign for these purchases like a credit card purchasethrough the VISA® network. And even though we call it a “signature” transaction, you do not have to actually sign for it to be treated as a signature transaction. These transactions occur any time you use your debit card without entering your PIN. As described above, a in these situations, the merchant may seek prior authorization for asignature debit card the transaction. When that happens, we generally reduce place a temporary hold against your available balance (but not in your actual balance) by the amount authorizedaccount. We refer to this temporary hold as an “authorization hold.,” Authorization holds and the amount of the authorization hold will be subtracted from your available balance. Authorizations are processed deducted from your available balance but do not affect your actual balance as they are received by us throughout the each day. At some point after you sign for the transactionpoint, it your signature transaction is processed by the merchant and submitted to us for posting to your account. This can happen hours or sometimes days after you signed for itmake the transaction, depending on the merchant and its processing company. These payment requests are received in real time throughout the day and are posted to your account as they are received. Please note: the amount of an authorization hold may differ from the actual payment because the final transaction amount may not yet be known to the merchant when the authorization request is submitted. For example, if you use your card at a restaurant, a hold will be placed in the amount of the bill presented to you, but when the transaction posts it will include any tip that you may have added to the bill. Conversely, a This may also be the case where you swipe your debit card at gas station, hotel or rental car company, or stations and hotels and other retail establishments may seek authorization in excess of the final payment amountestablishments. We cannot control how much a merchant asks us to authorize, or when and in what amount a merchant submits a transaction for payment. The fact that we put an authorization hold on your available balance does not mean the authorization is set aside and made available to pay the specific transaction authorized. The hold is simply a reduction in your available balance based on the fact that we have authorized a transaction and the Credit Union credit union is therefore obligated to pay it when presented. o Debit card transactions can be recurring or nonrecurring. Recurring transactions are where you use your debit card to set up a recurring monthly payment, such as a gym membership. Nonrecurring transactions are one time transactions that are authorized each time you use your debit card. Using your debit card at a restaurant is an example of a one-time or nonrecurring transaction. We will rely on how the merchant characterizes the transaction for purposes of processing it and your only recourse for an improperly coded transaction is with the merchant who submitted it to us. This is a general description of how certain types of transactions are posted. These practices may change change, and we reserve the right to pay items in any order we chose choose as permitted by law. We may receive multiple deposit and withdrawal transactions on your account in many different forms throughout each business day. This means that you may be charged more than one Overdraft or Returned Item Fees $30 fee if we pay multiple transactions when your account is overdrawn. You can be charged at most five Overdraft and/or Returned Item Fees per calendar dayChecks, ACH items, and recurring debit card transactions are processed in the same manner. The best way to know how much money you have and avoid paying Overdraft overdraft fees is to record and track all of your transactions closely. IF YOU DO NOT UNDERSTAND THIS AGREEMENT OR HAVE ANY QUESTIONS, PLEASE CONTACT US AT 000.000.0000 or 760.631.8700. We will decide to pay Overdrafts on a case(000) 000-by-case basis0000, in our sole and absolute discretion. Even though we may have paid Overdrafts in the pastMONDAY THROUGH FRIDAY, we are not obligated to continue doing so. For your Overdrafts cleared7 AM TO 6 PM AND SATURDAY, you promise to immediately pay us all sums, including the fees and charges for this service advanced to you or any other person you permit to use your checking account and/or who causes an Overdraft on your checking account. We may terminate or suspend the Courtesy Pay services at any time without prior notice. In no event shall any termination of these services relieve you of your obligation to repay the amount of any Overdraft in your account plus Overdraft (Courtesy Pay) and Returned Item (NSF) Fees8 AM TO 3 PM MOUNTAIN TIME.