Common use of Authorization/Processing of Payments Clause in Contracts

Authorization/Processing of Payments. You acknowledge that by submitting a Payment Instruction you authorize Bank to debit your checking account with us or at another financial institution (the “External Account”) and credit your Loan Obligation in the amount indicated. You also authorize us to reverse a payment made to the Loan Obligation if the debit is returned from the External Account for any reason, including but not limited to nonsufficient funds.