Common use of Withdrawal Transactions Clause in Contracts

Withdrawal Transactions. You authorize us, following our receipt of an instruction from the POS or Raisin indicating that you want to make a withdrawal Transaction from a Deposit Bank Account: (i) to cause those funds to be transferred from the applicable Deposit Bank Account to us; (ii) to hold such funds on a temporary basis (if applicable); (iii) to initiate an ACH credit entry to push such funds to the Cash Account (or, in limited circumstances and as provided in the Terms of Service, to your Customer Account); and (iv) upon your request, to initiate an ACH credit entry to push such funds from the Cash Account to your Customer Account. You acknowledge and agree that the terms of the applicable CD or MMDA may require advance notice for withdrawal, may prohibit withdrawal before maturity or may impose a penalty if withdrawal is permitted prior to maturity. You are responsible for complying with the terms of each applicable CD and MMDA and if a penalty is imposed, that penalty will be paid to the Deposit Bank from your funds on deposit at the Deposit Bank.