Common use of Electronic Debit Clause in Contracts

Electronic Debit. If you authorize a company to make periodic charges to your account for loan or bill payments, the Credit Union can charge your account for the amount of the electronic charges the Credit Union receives from the company. The following terms will apply. i. Your authorization. No one can charge your account unless you authorize them to do so. If you authorize a company to make periodic charges to your account, the company must give you a copy of your written authorization to keep. If you have authorized a company to charge your account periodically, and the charge for a particular period is greater than the previous charge, the company will send you a notice of the difference at least 10 (ten) days before the charge is scheduled to be made. The company will also send you notice if a particular period is shorter or longer than usual.

Electronic Debit. If you authorize a company to make periodic charges to your account for loan or bill ▇▇▇▇ payments, the Credit Union can charge your account for the amount of the electronic charges the Credit Union receives from the company. The following terms will apply. i. Your authorization. No one can charge your account unless you authorize them to do so. If you authorize a company to make periodic charges to your account, the company must give you a copy of your written authorization to keep. If you have authorized a company to charge your account periodically, and the charge for a particular period is greater than the previous charge, the company will send you a notice of the difference at least 10 (ten) days before the charge is scheduled to be made. The company will also send you notice if a particular period is shorter or longer than usual.