Account Updating Service Clause Samples
The Account Updating Service clause establishes the procedures and permissions for automatically updating stored payment account information, such as credit or debit card details, when changes occur. Typically, this service works by allowing the payment processor or merchant to receive updated account data from card networks or issuers, ensuring that recurring payments or subscriptions continue without interruption even if a card is reissued or expires. The core function of this clause is to minimize payment disruptions and reduce administrative burdens for both merchants and customers by keeping payment information current.
Account Updating Service. The card payment processing network (e.g., Visa, Mastercard) in which we participate has an account updating service in which your card is automatically enrolled. When your card(s) expire, are lost or stolen and new cards are issued, the service may update your card data such as card numbers and expiration dates to the processing network’s database. Participating merchants to whom you have authorized recurring payments may access this database in an attempt to facilitate uninterrupted processing of your recurring charges. Updates are not guaranteed to be made before your next payment is due and not all merchants participate in the service; it is your responsibility to make your payments until recurring payments can be resumed. This service is provided as a free benefit to you. The Credit Union has no responsibility for the accuracy or timeliness of the account updating service or its database. If at any time you wish to opt- out of the account updating service or if you have any questions, please call (▇▇▇) ▇▇▇-▇▇▇▇ or toll free at ▇(▇▇▇) ▇▇▇-▇▇▇▇ to do so. WIRE TRANSFER AGREEMENT AND DISCLOSURE