Common use of Electronic Check Transactions Clause in Contracts

Electronic Check Transactions. If you have authorized a one-time transfer of funds from your account via ACH where you have provided a paper check or check information to a merchant or other payee in person or by telephone to capture the routing, account, and serial numbers to electronically initiate the transfer (an “Electronic Check Transaction”), the following applies to you: Types of Available Transactions. You may authorize a merchant or other payee to make a one-time Electronic Check Transaction from your checking account using information from your check to (1) pay for purchases or (2) pay bills. You may also authorize a merchant or other payee to debit your checking account for returned check fees or returned debit entry fees. You may make such a payment via ACH where you have provided a paper check to enable the merchant or other payee to capture the routing, account, and serial numbers to initiate the transfer whether the check is blank, partially completed, or fully completed and signed; whether the check is presented at POS or is mailed to a merchant or other payee or lockbox and later converted to an EFT; whether the check is retained by the consumer, the merchant, other payee, or the payee’s financial institution; or you have provided the merchant or payee with the routing, account, and serial numbers by telephone to make a payment or a purchase. Account Access- Electronic Check Transactions may be made from your checking account only. Limitations on Dollar Amounts of Transactions- You may make Electronic Check Transactions only to the extent that you have available clear funds in your checking accounts plus available funds in your designated overdraft sources and Overdraft Privilege, if applicable Remotely Created Checks- If the Electronic Check Transaction involves a remotely created check, we reserve the right to accept or reject the item for deposit into any of your accounts. If you deposit a remotely-created check into any of your accounts, you represent and warrant to us that you have instituted procedures to ensure that these drafts are authorized by the person on whose account the remotely-created check is drawn in the amount stated on the check and to the payee stated on the check. If a remotely created check, which you have deposited into your account, is returned by the drawee-payor bank for any reason, you agree that we may debit your account for the item, plus any applicable fees. If the debit causes your account to be overdrawn, you agree to pay the overdrawn amount on our demand. For purposes of this Agreement, the term “remotely-created check” means a check that is not created by the paying bank and that does not bear a signature applied, or purported to be applied, by the person on whose account the check is drawn.

Electronic Check Transactions. If (i) electronic checks. if you have authorized a one-time transfer of funds from your account via ACH where you have provided a paper check or check information to a merchant or other payee in person or by telephone to capture the routing, account, and serial numbers to electronically initiate the transfer (an “Electronic Check Transaction”), the following applies to you: Types of Available Transactions. You may authorize a merchant or other payee to make a one-time Electronic Check Transaction from electronically debit your checking account using information from the routing, account and serial number of your check to (1) pay for purchases or (2) pay bills. You may also authorize a merchant or other payee to debit your checking account for returned check fees or returned debit entry fees. You may make such a payment via ACH where you have provided a paper check to enable the merchant or other payee to capture the routing, account, and serial numbers to initiate the transfer transfer, whether the check is blank, partially completed, or fully completed and signed; whether , such authorization is an electronic check conversion. An electronic check conversion is an electronic Funds transfer (“eFt”) subject to the terms of the electronic Funds transfer Agreement/Disclosures. You authorize us to honor any electronic check is presented at POS or is mailed to a merchant or other payee or lockbox and later converted to an EFT; whether the check is retained by the consumer, the merchant, other payee, or the payee’s financial institution; or you have provided the merchant or payee with the routing, account, and serial numbers by telephone to make a payment or a purchase. Account Access- Electronic Check Transactions may be made conversion from your checking account onlyjust the same as a regular written check. (ii) electronic check Authorization. Limitations on Dollar Amounts of Transactions- You When you or any person with authority authorize any electronic check you agree: (1) that we may make Electronic Check Transactions only pay the item as submitted to us; (2) that you shall be solely responsible for all information transmitted regarding such item(s) including but not limited to the extent payee(s) the amount(s) of the item(s) , and endorsements or the lack thereof: and (3) you agree to indemnify us for all losses we incur in connection with any electronic check you authorize. (iii) electronic re-presented checks. if you write a check on a personal account that you have available clear funds in we return unpaid because of insufficient or uncollected funds, payee or any subsequent holder of the check may re-present the check to us, through an electronic instruction (“electronic re-presented check”) to charge your checking accounts plus available funds in your designated overdraft sources and Overdraft Privilege, account for the amount of the check. if applicable Remotely Created Checks- If the Electronic Check Transaction involves a remotely created we receive an electronic re-presented check, we reserve will pay or return the right electronic re-presented check as if the original paper check was presented to accept or reject us. Any collection fee you authorize the item for deposit into any merchant to debit from your account is an electronic funds transfer subject to the terms of your accountsthe electronic Funds transfer Agreement/Disclosures. If if you deposit a remotelywant to reverse an electronic re-created check into any of your accountspresented check, you represent and warrant must complete a Written statement under penalty of perjury form within 15 days after we send or make available to us you the periodic statement that reflects payment of that electronic re-presented check. in your signed written statement, you have instituted must certify under penalty of perjury that the electronic re-presented check was ineligible or unauthorized. if we receive a proper written statement from you within the 15- day period, we will re-credit your account with the amount of the charge. if you wish to stop payment of any electronic re-presented check, you must follow the procedures to ensure that these drafts are authorized by the person on whose account the remotely-created check is drawn contained in the amount stated Agreement for stopping payment of checks, not the procedures for stopping payment on electronic loan or ▇▇▇▇ payments. if you ask us to request the depositor’s bank to send us the original paper check and to or a copy of the payee stated on the check. If a remotely created paper check, which you have deposited into your account, is returned by the drawee-payor bank for any reasonand we provide it to you, you agree that we may debit you will not seek to have your account re-credited due to a prior stop payment order or if the item is otherwise ineligible for the item, plus any applicable fees. If the debit causes your account to be overdrawn, you agree to pay the overdrawn amount on our demand. For purposes of this Agreement, the term “remotely-created check” means a check that is not created by the paying bank and that does not bear a signature applied, or purported to be applied, by the person on whose account the check is drawncollection.