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3.2.2 You authorize Vanguard Brokerage to charge your Brokerage Account in order to pay for
Transactions. Each Transaction shall be considered to be your direction to us to charge or reduce
your Available Balance. When you use your Card, the reduction occurs immediately, and you
understand that you have no right to stop payment on any Card Transaction. You understand that
an Authorization will reduce your Available Balance even if it does not result in a Transaction until
the earlier of the completion of the Transaction in whole or in part or the expiration of a time period
specified by us.
3.2.3 If more than one person is authorized to sign on the Account, you authorize us to pay Card
drafts or Checks on the authority of any one of the signatures of the individuals identified on
the appropriate account documentation—even if you have signed documentation on file
with us that states you require more than one signature to act on your Account. You also
acknowledge that the Billpay Service may be established and any Billpay Transaction may be
requested at any time upon the authorization of any one account owner or authorized signer.
See Section 10 for more information about joint accounts.
3.2.3.1 Unauthorized Use. You promise not to let any unauthorized persons make a Transaction,
and you agree not to give or make available to them your PIN, password, or other means to
access your Account or the Services. You are responsible for all payments you authorize
using the Services. If you permit an unauthorized person to make a Transaction or access
your Account, even if the amount exceeds that which you authorized, you will be responsible
for the full amount of all Transactions that result.
3.3 Insufficient Funds; Overdraft Protection.
3.3.1 If the available cash and sweep fund balances in your Account are insufficient to cover a
Transaction and you have not established overdraft protection for your Account, Vanguard
Brokerage may instruct the Bank (via BNY Mellon) to return a Check or Billpay Transaction or
decline a Card Transaction. In each case, the insufficient funds fee listed in the Vanguard
Brokerage Services Commission and Fee Schedules will be debited from your Account. If a
Transaction results in an overdraft situation and you have established overdraft protection by
means of a margin account, you may be required to deposit more money or securities. If you are
unable to do so or if the Transaction exceeds your margin cash available, Vanguard Brokerage
may be required to sell all or a portion of your pledged assets. You will also be subject to
margin interest as disclosed in the Vanguard Brokerage Margin Account Agreement.
3.4 Account Statements.
3.4.1 Vanguard Brokerage will send you an Account statement for every month in which you make a
Transaction. In any event, you will receive an Account statement at least quarterly. Your Account
statement will include the following information:
For Card Transactions. The amount, location, Transaction date, posting date, reference number,
and merchant name (when available).
For Check Transactions. The Check number, amount, and date of payment.
For ACH Transactions. The reference number, a Transaction description, amount, and date
of payment.
For Billpay Transactions. Billpay Transactions will be reflected as either Check or ACH
Transactions, depending upon the form in which the payment is made.