Liability for Failure to Stop Payment of Preauthorized Transfers Sample Clauses

This clause defines the responsibilities and potential liabilities of a financial institution if it fails to stop a preauthorized transfer after receiving a valid stop payment request from a customer. In practice, it applies when a customer notifies their bank to halt a recurring payment, but the bank processes the payment anyway. The clause typically outlines the conditions under which the institution is liable for resulting losses or damages. Its core function is to protect consumers by holding financial institutions accountable for errors in handling stop payment instructions, thereby ensuring trust and reliability in electronic payment systems.
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Liability for Failure to Stop Payment of Preauthorized Transfers. If you order us to stop payment of a preauthorized transfer three (3) business days or more before the transfer is scheduled and we do not do so, we will be liable for your losses or damages.
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Liability for Failure to Stop Payment of Preauthorized Transfers. If you order us to stop one of these payments three
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Liability for Failure to Stop Payment of Preauthorized Transfers. If you order us to stop one of these payments at least three business days before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
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Liability for Failure to Stop Payment of Preauthorized Transfers. If you order us to stop one of these payments and follow the procedures set forth in the Stop Payment Rights section above, and we do not do so, we will be liable for your losses or damages.
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Liability for Failure to Stop Payment of Preauthorized Transfers. If you order us to stop payment of EFT-ACH transfer three (3) business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
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Liability for Failure to Stop Payment of Preauthorized Transfers. If you order us
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Liability for Failure to Stop Payment of Preauthorized Transfers. If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages. No Stop Payment Orders Allowed on ATM, POS or Purchase Transactions: Because ATM/Debit Card transactions are recorded immediately; you may not stop payment on any card transaction. Who To Call for Lost and Stolen Cards or Unauthorized Transfers: If you believe that your ATM, Debit, VISA Card or PIN has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, you should call (800) 836‐8010. Under VISA’s Zero Liability Policy, you have liability protection for all of your card transactions that take place on the VISA system unless you are guilty of gross negligence or fraud. Should someone steal your card or your card number or otherwise obtain and use your card or your card number without your permission, you pay nothing for their activity unless you, yourself, were grossly negligent or fraudulent. If you notice unauthorized activity on your card, promptly contact Pittsford FCU to report it. It is important to continually monitor your monthly statement to identify any unauthorized transactions. Pittsford FCU may impose greater liability on you if the credit union reasonably determines that the unauthorized transaction was caused by your gross negligence or fraudulent action—which may include your delay for an unreasonable time in reporting unauthorized transactions. In any case, you must immediately notify the Credit Union of loss, theft or unauthorized use of your card or your card number. Notice of unauthorized use may originally be oral, but must be followed by written notice. Notice must be given to the Pittsford Federal Credit Union, P.O. Box 726, Mendon, 2NY14506 or initially by calling us at (800) 836‐8010.
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Liability for Failure to Stop Payment of Preauthorized Transfers. If you order us to stop one of these payments three (3) business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages. We reserve the right to change the terms and conditions upon which this service is offered. We will mail notice to you at least twenty-one (21) days before the effective date of any change, as required by law. Use of any EFT service is subject to existing reg- ulations governing the Credit Union account and any future changes to those regulations. In case of errors or questions about electronic fund transfers, call: toll-free ▇▇▇-▇▇▇-▇▇▇▇, or write to us at: Blue Federal Credit Union, ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇. We must hear from you no later than sixty (60) days after we sent the first statement on which the problem appears. In your notice: Tell us your name and account number. Describe the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information. Tell us the dollar amount of the suspected error. If you tell us verbally, we may require that you send us your com- plaint or question in writing within ten (10) business days. We will tell you the results of our investigation within ten (10) business days after we hear from you and will correct any error promptly. For er- rors related to transactions occurring within thirty (30) days after the first deposit to the account (new accounts), we will tell you the results of our investigation within twenty (20) business days. If we need more time, however, we may take up to forty-five (45) days to investigate your complaint or question (ninety (90) days for POS (point of sale) transaction errors, new account transaction errors, or errors involving transactions initiated outside the United States). If we decide to do this, we will recredit your account within ten (10) business days (five (5) business days for MasterCard Debit Card transactions) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within ten (10) business days, we may not recredit your account. If we decide after our investigation that an error did not occur, we will deliver or mail to you an explanation of our findings within three
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Related to Liability for Failure to Stop Payment of Preauthorized Transfers

  • Liability for Failure to Stop Payment of Preauthorized Transfer If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.

  • OUR LIABILITY FOR FAILURE TO STOP PAYMENT If You order Us to place a stop payment on one of Your pre-authorized payments 3 business days or more before the transfer is scheduled, and We do not do so, We will be liable for losses or damages, to the extent provided by law. TRANSACTION SLIPS. Except for mail-in transactions and certain small-value transactions, You can get a receipt at the time You make any transaction to or from Your Account through the use of Your Card. When an electronic fund transfer has been made during any given month, You will receive a monthly statement to reflect all electronic fund transfers to or from Your Account during that statement period. In any case, You will receive a statement at least quarterly. FEES. We may assess reasonable charges against Your Account for transactions performed at electronic terminals. If so, We will specify any charges for these or other types of electronic transactions, including automatic transfers, on an accompanying pricing document. We will explain the charges to You when You open Your Account. You will be provided with a fee schedule, and other specified information after Your Account is established. Additional fee schedules are available at any of Our office locations. When You use an ATM not owned by Us, You may be charged a fee by the ATM operator, or any network used, and You may be charged a fee for a balance inquiry even if You do not complete a fund transfer.

  • Our Liability for Failure to Make Transfers If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

  • Liability for Failure to Make Transfers If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

  • CREDIT UNION LIABILITY FOR FAILURE TO MAKE TRANSFERS If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we may be liable for your losses or damages. However, we will not be liable for direct or consequential damages in the following events: