Draft account definition

Draft account means an account upon which funds are withdrawn through a properly payable instrument or an electronic transaction.
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Draft account means an account upon which funds are disbursed through a properly payable instrument.
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Draft account means Account No. 81887-03225, denominated “Word Omni Financial Corp.”, located at Bank of America or any such other account as may be specified as such from time to time by the Closed-End Servicer with notice to the Titling Trustee.
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Examples of Draft account in a sentence

  • As with all other accounts, your Share Draft account may be subject to service charges in accordance with the fee schedule adopted by the Credit Union from time to time.

  • Funds to cover your card purchases will be deducted from your Share Draft account.

  • Funds to cover your Card purchases will be deducted from your Share or Share Draft account.

  • The Facility will be available to customers having a satisfactory running Savings/ Current/ Over Draft account with the Bank.

  • This money is recorded on the Loan Servicing system and is recorded in the Loss Draft account at the bank, on the Index Cards and on the Loss Draft spreadsheet maintained by the Accounting Department.

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  • If your preauthorized transfer/ATM terminal transaction affects your Share Draft account, these transactions will be noted on your monthly statement.

  • For POS purchases where your PIN is required, the limit is the lesser of your available account balance or $1,000 ($200 for Youth Accounts).• If your Transaction is being processed as a Visa® Purchase, without the entry of a PIN, the Transaction limit is the lesser of your available Share Draft account balance or $3,000 ($400 for Youth Accounts).

  • An overdraft occurs when you do not have enough money in your Share Draft account to cover a transaction but Central Coast Federal Credit Union (“CCFCU”) pays it anyway.

  • Upon instruction of (i) your employer, (ii) the Treasury Department or (iii) other financial institutions, the Credit Union will accept direct deposits of your paycheck or federal recurring payments, such as Social Security, to your share and/or share Draft account.


More Definitions of Draft account

Draft account means that account of the Originator described in the ------------- Commitment Letter maintained in the Originator's name alone with the depository institution designated by Purchaser from time to time.
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Draft account means the segregated draft account maintained by the Seller at Bank One (account: E-LOAN, Inc.) having account number 634866339 (ABA: 044000037) for the purpose of disbursing the principal amount of xxxx Xxxxract to the related Dealer or Eligible Non-Franchise Dealer for the related Financed Vehicle via check when ACH is not used.
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Draft account means the non-interest bearing demand deposit account (Account Number 9300000040) established by Borrower with Agent to be used for (i) the deposit of money in accordance with SECTION 3.6(F) and the Funding Draft Procedures; (ii) disbursements on behalf of Borrower in accordance with the Funding Draft Procedures; and (iii) the payment of the Obligations.
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Draft account means that account of the Company described in the Commitment Letter maintained in the Company’s name alone with the depository institution designated by Lender from time to time.
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Related to Draft account

  • Investment Account As defined in Section 3.12(a).

  • Designated Account means the Deposit Account of Borrower identified on Schedule D-1 to the Agreement (or such other Deposit Account of Borrower located at Designated Account Bank that has been designated as such, in writing, by Borrower to Agent).

  • L/C Cash Deposit Account means an interest bearing cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.

  • Transaction Account means a cash account established and maintained by Repo Custodian for the Funds to effect repurchase transactions pursuant to the Master Agreement.

  • Designated Deposit Account is Borrower’s deposit account, account number , maintained with Bank.

  • Settlement Account means an account established at a financial institution designated by Merchant as the account to be credited and debited by the Servicers for Transactions, Card Fees, Chargebacks and other amount assessed by a Card Association and passed- through to Merchant pursuant to the terms of this Agreement.

  • Disbursement Account means an account established and owned by Company and held at the Disbursement Institution against which wire transfers and ACH transfers are settled for payment of Loan Proceeds to Borrowers.

  • Linked Account means any controlled disbursement account or other deposit account at any time linked to any of the Collection Accounts maintained at Truist Financial Corp. by a zero balance account connection or other automated funding mechanism.

  • Deposit Account is any “deposit account” as defined in the Code with such additions to such term as may hereafter be made.

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Funding Accounts has the meaning assigned to such term in Section 4.01(h).

  • Approved Deposit Account means a Deposit Account that is the subject of an effective Deposit Account Control Agreement and that is maintained by any Credit Party with a Deposit Account Bank. “Approved Deposit Account” includes all monies on deposit in a Deposit Account and all certificates and instruments, if any, representing or evidencing such Deposit Account.

  • Direct Account : means any Account which is not an ISA Account.

  • Funding Account has the meaning assigned to such term in Section 4.01(h).

  • Disbursement Accounts has the meaning ascribed to it in Annex C.

  • Investment Accounts means the Collateral Account, Securities Accounts, Commodities Accounts and Deposit Accounts.

  • Current Account means a form of demand deposit wherefrom withdrawals are allowed any number of times depending upon the balance in the account or up to a particular agreed amount and will also include other deposit accounts which are neither Savings Deposit nor Term Deposit.

  • Eligible Deposit Account means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution shall have a credit rating from each Rating Agency in one of its generic rating categories that signifies investment grade.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Credit Account is modified to read “Grant Account”.