Linked Bank Account definition
Examples of Linked Bank Account in a sentence
If you disconnect your Linked Bank Account, you will no longer have access to these automatic transfers.
You further agree and acknowledge that the amount You receive in Your Linked Bank Account (the “Net Financing Amount”) is lower than the total amount of Your Capital Amount, because Parafin has deducted the outstanding balance of Your Existing Advance from the Capital Amount.
We may restrict the amount of Secured Funds you may transfer back to your Linked Bank Account in anticipation of Obligations that we reasonably anticipate you will incur on your Card Account.
The Linked Bank Account must represent your primary bank account from which you make regular transactions, including income (such as direct deposits) and other deposits and to satisfy your regular obligations (such as rent or monthly bill payments) and make other withdrawals.
The funds that are available to you (the “Cash Balance”) are funds that are available (a) to secure additional purchases on your card, or (b) to be transferred back to your Linked Bank Account as defined in the next section of this agreement.
If You disconnect any such third party service while any portion of the Specified Amount (including any Boost) remains undelivered or any Assessed Fee is unpaid, You agree that Parafin may deduct from Your Linked Bank Account an amount equal to the Boosted amount of Your offer or it may use estimated sales for Your businesses to determine the Debit Amount.
You are permitted to transfer the Secured Funds back to the Linked Bank Account, up to that portion of the Secured Funds that is not being used to secure Obligations on your Card Account (which is generally up to the Cash Balance), at the time you initiate such transfer.
You may pay down the Card Account Balance at any time using funds from the Linked Bank Account, as defined below.
When you use your Card Account to attempt a transaction, you authorize us to initiate a transfer of funds from your Linked Bank Account to the Secured Account in the amount of the purchase, or such amount necessary to ensure there are sufficient funds in the Secured Account for us to authorize the transaction, as further described in the Cardholder Agreement.
You authorize us, at our sole discretion, to automatically transfer funds from your Linked Bank Account to your Secured Account whenever you attempt a Transaction when your Available Credit is less than the Transaction amount in order to ensure you have sufficient Available Credit in your Card Account to complete the Transaction.