Transfer of Funds to the Disbursement Account. We may charge the Funding Account for the actual or estimated total amount of Controlled Disbursement Items and transfer the funds to the Disbursing Bank for credit to the Disbursement Account. Funds will be transferred electronically the same day as the Disbursement Account checks are presented for payment. If there are insufficient available collected funds in the Funding Account but you have an overdraft protection product with us for that Account, we will draw on that overdraft protection in accordance with the agreement governing that product, up to the amount of its remaining available credit. If there are insufficient available collected funds in the Funding Account and you do not have an overdraft product with us for that Account (or the overdraft product has insufficient credit remaining available), then we may (but are not obligated) in our sole discretion draw on any other available credit facility that you may have with us, up to the amount of its remaining available credit and subject to the terms of the agreement governing that facility. We may also (but are not obligated) in our sole discretion create an overdraft in your Funding Account, and such overdraft shall be governed by your Deposit Account Agreement with us. Furthermore, we may also (but are not obligated to) in our sole discretion clear any such overdraft by offsetting against other Accounts with us that are owned by you.
Appears in 4 contracts
Samples: Ss Agreement, Ss Agreement, Ss Agreement
