CONVERTING CHECKS TO ELECTRONIC DEBITS Clause Samples

The "Converting Checks to Electronic Debits" clause authorizes the processing of paper checks as electronic payments rather than traditional paper-based transactions. In practice, when a check is presented, the information from the check—such as the account number and amount—is captured and used to initiate an electronic debit from the check writer’s bank account, often resulting in a faster withdrawal and record of payment. This clause ensures that both parties understand and consent to the conversion process, which streamlines payment processing and reduces the risk of lost or delayed checks.
CONVERTING CHECKS TO ELECTRONIC DEBITS. Some businesses use a procedure to convert checks that are drawn on your Account with us into electronic debits. To use this procedure, you sign an authorization slip (similar to a credit or debit card slip) that permits the business to convert the check to an electronic debit. The business passes your check through a machine that captures the account routing number, check amount, and other relevant information. An electronic debit for the transaction amount is then sent to us. When we receive the electronic debit, we may charge it to your account at any time, regardless of the balance of your Account. We may receive the electronic debit to your account immediately after the business enters the transaction, so to avoid an overdraft you must have sufficient funds in your account to cover the amount of the check at the time you authorize the transaction. Since the check is not sent to us for processing, we do not have a copy of your check. You should retain a copy of the check for your records. Electronic debits are listed on your account statement. AUTOMATED CLEARING HOUSE (“ACH”) PROVISIONS: NOTICE OF RECEIPT OF ACH ITEMS: Under the operating rules of the National Automated Clearing House Association which are applicable to ACH transactions involving this Account, Bank is not required to give next day notice to you of receipt of an ACH item, and Bank will not do so. However, Bank will continue to notify you of the receipt of payments in the periodic statements Bank provides to you. PROVISIONAL PAYMENT: Credit given by Bank to you with respect to an automated clearing house credit entry is provisional until Bank receives final settlement. If Bank does not receive final settlement, you are hereby notified and agree that Bank is entitled to a refund of any and/or all of the amount credited to you in connection with such entry, and the party making payment to you via such entry (i.e., the originator of the entry) shall not have been deemed to have paid you the amount of such entry. CHOICE OF LAW FOR ACH TRANSACTIONS: Bank may accept, on your behalf, payments in your account which have been transmitted through one or more Automated Clearing Houses and which are not subject to the Electronic Fund Transfer Act. Your rights and obligations with respect to such payment shall be construed in accordance with and governed by the operating rules of the National Automated Clearing House Association. FUNDS TRANSFER AUTHORIZATION AND AGREEMENT: To the extent Depositor uti...
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CONVERTING CHECKS TO ELECTRONIC DEBITS. Some businesses use a procedure to convert checks that are drawn on your Account with us into electronic debits. AUTOMATED CLEARING HOUSE (“ACH”) PROVISIONS: NOTICE OF RECEIPT OF ACH ITEMS: Under the operating rules of the National Automated Clearing House Association which are applicable to ACH transactions involving this Account, Bank is not required to give next day notice to you of receipt of an ACH item, and Bank will not do so. However, Bank will continue to notify you of the receipt of payments in the periodic statements Bank provides to you. PROVISIONAL PAYMENT: Credit given by Bank to you with respect to an automated clearing house credit entry is provisional until Bank receives final settlement. If Bank does not receive final settlement, you are hereby notified and agree that Bank is entitled to a refund of any and/or all of the amount credited to you in connection with such entry, and the party making payment to you via such entry (i.e., the originator of the entry) shall not have been deemed to have paid you the amount of such entry.
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Related to CONVERTING CHECKS TO ELECTRONIC DEBITS

  • Consent to Electronic Delivery; Electronic Signature In lieu of receiving documents in paper format, the Participant agrees, to the fullest extent permitted by law, to accept electronic delivery of any documents that the Company may be required to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports and all other forms of communications) in connection with this and any other Award made or offered by the Company. Electronic delivery may be via a Company electronic mail system or by reference to a location on a Company intranet to which the Participant has access. The Participant hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may be required to deliver, and agrees that his or her electronic signature is the same as, and shall have the same force and effect as, his or her manual signature.

  • Consent to Electronic Delivery You agree that we may deliver all notices, tax reports and other documents and information to you by email or another electronic delivery method we choose. You agree to tell us right away if you change your email address or home mailing address so we can send information to the new address.

  • Electronic Check Conversion/Electronic Returned Check Fees If you pay for purchases or bills with a check or draft, you may authorize your check or draft to be converted to an electronic fund transfer. You may also authorize merchants or other payees to electronically debit your account for returned check fees. You are considered to have authorized these electronic fund transfers if you complete the transaction after being told (orally or by a notice posted or sent to you) that the transfer may be processed electronically or if you sign a written authorization.

  • Counterparts; Electronic Delivery This Agreement may be executed in multiple counterparts, each of which when executed shall be deemed to be an original, but all of which together shall constitute one and the same agreement. Execution and delivery of this Agreement or any other documents pursuant to this Agreement by facsimile or other electronic means shall be deemed to be, and shall have the same legal effect as, execution by an original signature and delivery in person.

  • Consent to Electronic Notice Each Investor consents to the delivery of any stockholder notice pursuant to the Delaware General Corporation Law (the “DGCL”), as amended or superseded from time to time, by electronic transmission pursuant to Section 232 of the DGCL (or any successor thereto) at the electronic mail address or the facsimile number set forth below such Investor’s name on the Schedules hereto, as updated from time to time by notice to the Company, or as on the books of the Company. To the extent that any notice given by means of electronic transmission is returned or undeliverable for any reason, the foregoing consent shall be deemed to have been revoked until a new or corrected electronic mail address has been provided, and such attempted Electronic Notice shall be ineffective and deemed to not have been given. Each Investor agrees to promptly notify the Company of any change in such stockholder’s electronic mail address, and that failure to do so shall not affect the foregoing.