Overdraft Protection definition
Overdraft Protection means an optional service for which you must apply, be approved, and consent, and which enables you to overdraw your Account balance, up to your overdraft protection limit.
Overdraft Protection allows us to transfer funds from your Account and prevent overdrafts on a registered PNC Bank, National Association checking account. If you enroll, or have enrolled, in Overdraft Protection, the following terms apply to your Account. When you enroll in Overdraft Protection, it will take up to twelve (12) days for the Overdraft Protection to be activated. You authorize us to make Overdraft Protection advances (“Overdraft Protection Advances”) from your Account as provided in this Agreement and any separate Overdraft Protection terms and conditions that were provided to you that apply to your checking account if a checking account that you registered when enrolling in Overdraft Protection becomes overdrawn. Any Overdraft Protection Advance will be processed and will post as a cash advance to your Account. You will be charged a cash advance fee for each Overdraft Protection Advance. In addition to any cash advance fee and finance charges that are assessed to your Account for an Overdraft Protection Advance, separate fees may be assessed to your designated checking account(s) for accessing Overdraft Protection (see the fee schedule for your checking account(s) for specific fee information). We may cancel Overdraft Protection privileges under the Account even if the Account remains open for other transactions. Overdraft Protection privileges will be automatically cancelled if the Account is closed by either you or us at any time. Overdraft Protection may be suspended if your Account is in default as defined in this Agreement. If your right to use the Account has been cancelled or suspended, or if you are in default under the terms of this Agreement, and we refuse to make an Overdraft Protection Advance, we may, in our sole discretion, (i) not pay any checks, items or entries that would cause an overdraft with respect to the applicable checking account or (ii) pay any checks, items or entries and permit an overdraft with respect to the applicable checking account. In either case, certain checking account fees may apply (see the fee schedule for your checking account(s) for specific fee information). An Overdraft Protection Advance will be made only once per day for each designated checking account. Overdraft Protection Advances to your checking account from the Account are processed after the close of business Monday through Friday. Overdraft Protection Advances will be made for a minimum amount as detailed in the Overdraft Protection terms and conditions that ...
Examples of Overdraft Protection in a sentence
Once you reach your Overdraft Protection Limit, items presented for payment for which there are insufficient available funds in your account will be returned or declined and a Non-Sufficient (NSF) Fee of $32.00 will be assessed for each such item.
Optional Overdraft Protection Services: We offer additional overdraft protection services that you may apply for.
If we do so, we will overdraw your account by the amount necessary to cover the transaction (or item) plus the Overdraft Protection Fee, up to your Overdraft Protection Limit.
Our Overdraft Protection will cover checks and other transactions made using your checking account number, including automatic bill payments.
The Bank offers Overdraft Protection and Overdraft Privilege services to help you avoid fees for overdrafts.
More Definitions of Overdraft Protection
Overdraft Protection means a service for qualified checking account clients of Bank’s affiliated financial institutions, which protects your designated checking accounts from overdrafts and rejected items by making automatic Cash Advances from your Cardholder Account.
Overdraft Protection refers to an unsecured line of credit, which provides overdraft protection for your Checking Account. Terms governing Overdraft Protection are contained in a separate agreement. “PIN” refers, as applicable, to the personal identification number you agree to use to identify yourself when using an ATM or Point of Sale (“POS”) termi- nal or making a telephone transfer.
Overdraft Protection. If you have requested and we have approved Overdraft Protection from the account for a Checking Account maintained with CEFCU (“Checking Account”), and provided your account is in good standing, you may draw on the account by making an overdraft transfer from the account to the Checking Account in accordance with the CEFCU Deposit Account Agreement. In addition, your account will be charged an Overdraft Transfer Fee for each transfer as set forth in this agreement. All funds will be transferred in increments of $100 and the full amount of the transfer will be treated as a Cash Advance and will be subject to the terms of this agreement that apply to Cash Advances. You acknowledge and agree that we may refuse an overdraft transfer from the account if the full amount of the transfer and the Overdraft Transfer Fee would exceed the credit limit of the account. You further acknowledge and agree that anyone who is authorized to make withdrawals from the Checking Account may access your account through Overdraft Protection and that person will be an authorized user.
Overdraft Protection. The member may elect, by separate agreement, to establish overdraft protection by authorizing the credit union, in the event of an overdraft, to transfer funds from another share account or from a line of credit established for this purpose. RIGHT TO CLOSE: If the credit union determines that checking account privileges are being abused (i.e. excessive overdraft transactions) it reserves the right to close the account and/or cancel the member’s check writing privileges on the account. The credit union also reserves the right to recover any monies owed it by the member for overdrafts or unpaid fees and charges, including reasonable attorney fees and other charges incurred on the part of the credit union to collect these funds.
Overdraft Protection is different from Courtesy Pay. Overdraft Protection is a service whereby Bethpage links your existing Bethpage member savings account to your checking account upon opening. If you subsequently apply and are approved for an Unsecured Line of Credit account (LOC), at your request, we will link the LOC to your checking account as well. These links enable funds to be automatically transferred from one or both of the linked accounts to your checking account in case of an overdraft. Overdraft Protection transfer fees are generally less expensive than the cost of Courtesy Pay fees, and we will always try to use Overdraft Protection, so long as you have enough funds available in your LOC or enough money in your savings account to cover an overdraft before we use Courtesy Pay.
Overdraft Protection means a credit arrangement under
Overdraft Protection. The member may elect, by separate agreement, to establish overdraft protection by authorizing the credit union, in the event of an overdraft, to transfer funds from another share (savings, checking, etc.) account or from a line of credit established for this purpose. RIGHT TO CLOSE: If the credit union determines that checking account privileges are being abused (i.e. excessive overdraft transactions) it reserves the right to close the account and/or cancel the member’s check writing privileges on the account. The credit union also reserves the right to recover any monies owed it by the member for overdrafts or unpaid fees and charges, including reasonable attorney fees and other charges incurred on the part of the credit union to collect these funds.