Common use of OVERDRAFT PROTECTION LINE OF CREDIT Clause in Contracts

OVERDRAFT PROTECTION LINE OF CREDIT. If you have an overdraft protection line of credit to cover any overdrafts in your Checking Account, the following provisions apply: (1) At the time you applied for your overdraft protection Line Of Credit, you agreed that an overdraft on your Checking Account will result in advances to your Checking Account, including overdrafts resulting from Electronic Fund Transfers. (2) At the time you applied for Membership, in addition to the acceptance of the Card, you signed a separate acknowledgment on the membership application giving us a secured interest - called a pledge - in all present or future shares which you have with us in the account designated on the application. If you fail to make your payments when due, we can deduct money from your shares to pay any or all amounts owed to the extent permitted by law. While your payments are up-to-date, you can withdraw shares from this account, even though they are pledged to us. However, if you withdraw all your shares, you are no longer a member and you cannot obtain new advances. Please refer to your overdraft protection line of credit agreement for full details.