Share Draft Accounts definition

Share Draft Accounts. We are under no obligation to pay any check and are authorized to refuse to pay any check without any reason for such refusal. You agree that in no event will the Credit Union be liable for damages for the dishonor of any Item as long as we act in good faith and exercise ordinary care, regardless of whether you have a balance in your Account sufficient to pay any Item which we fail to pay. In the event we pay an Item drawn on this Account, we may charge this Account the amount of such Item, even if the Item is presented more than six months after its date. You will be sent a Statement of all transactions and activity on the Account during the Statement period. Such Statement will be mailed to your last known address. You have a duty to examine the Statement and discover any Items containing unauthorized signatures or alterations. If you discover any Items on the Statement which differ from your records, you must promptly notify the Credit Union. Failure to notify the Credit Union within a reasonable time, not exceeding 30 days after the Statement date, will prevent you from recovering on the Item. The Credit Union will not be liable for Items forged or altered in a manner not detectable by the Credit Union through reasonable means, including, but not limited to, forgery or alteration resulting from the unauthorized use of a facsimile signature machine. You understand that your original Overdraft Protection: Checks which exceed the fully paid and collected balance in the Checking Account will not be paid unless you have established overdraft privileges for your Checking Account. To establish overdraft privileges, you must authorize us to transfer funds from other accounts that you own (i.e., share account). We may terminate overdraft privileges, if any, at any time without notice. Payment Order of Checks: We may pay items presented for payment from your account in any order we choose, including descending amount order. This may result in additional overdraft charges. Stop Payments: You may request stop payment on Items drawn on your Account. The Credit Union shall honor a stop payment order when it has a reasonable time (which shall not be less than 1 business day) to honor the request. A stop payment order must be in writing, and shall remain in force for 6 months unless terminated by an authorized person. You agree that unless you give the correct Account number, Item amount, and Item number, the Credit Union assumes no responsibility for stopping payment...
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Examples of Share Draft Accounts in a sentence

  • The above terms regarding "deposits generally" also apply to Share Draft Accounts, except as they may be modified by this section.

  • You may make arrangements for certain direct deposits to be accepted into your Shares or Share Draft Accounts – payroll, disability, veteran’s benefits, Social Security and other Federal payments that you may receive.

  • You will receive a monthly account statement from the Credit Union for your Share Draft Account(s).

  • You may make arrangements to pay certain recurring bills from your Shares or Share Draft Accounts.

  • The Credit Union does not pay dividends on its Share Draft Accounts.

  • Federal regulations currently place no limits on the number of transfers or Bill Payments from your Checking or Share Draft accounts, therefore this financial institution currently limits the Bill Payment Service to only Checking or Share Draft Accounts.

  • It is a feature that is automatically included with eligible Share Draft Accounts (unless you decline Overdraft Privilege entirely as described below or information we get from a consumer reporting agency does not meet Credit Union standards).

  • You will receive a statement monthly for all Share Draft Accounts.

  • The Overdraft Transfer Service is automatically added to your eligible Share Draft Accounts at account opening.

  • Overdraft Privilege may be available for Share Draft Accounts for which the primary account owner is 18 years of age or older.