Payment Cancellation Requests, Stop Payments and Refused Payments Clause Samples
This clause governs the procedures and conditions under which a party may request the cancellation of a payment, initiate a stop payment order, or refuse a payment. It typically outlines the steps required to submit such requests, any timeframes or documentation needed, and the circumstances in which a payment can be halted or reversed. By clearly defining these processes, the clause helps prevent disputes over unauthorized or erroneous payments and ensures both parties understand their rights and obligations regarding payment interruptions.
Payment Cancellation Requests, Stop Payments and Refused Payments. Sender may cancel the initiation of a payment transaction or stop a payment transaction at any time until the processing of the transaction into the Receiver’s account has begun. Our ability to stop a payment transaction or recover funds associated with an unauthorized payment transaction will depend on the manner in which the payment transaction was initiated and whether the transaction to the Receiver’s account has begun processing. We will make a reasonable effort to accommodate a stop payment request and to recover funds associated with an unauthorized transaction; we will have no liability for failing to do so. We may also require you to present your stop payment request or request to recover funds in writing within 14 (fourteen) days after contacting customer care. Payments not claimed by a Receiver will be automatically cancelled ten (10) days after the processing of the payment begins. When you initiate a transaction, the Receiver is not required to accept the transaction. You agree that you as the Sender will not hold us liable for any damages resulting from a Receiver’s decision to accept or not accept a transaction initiated or attempted through the Service. We will, to the extent permitted by law, make reasonable attempts to return any unclaimed, refused, refunded, prohibited or denied payment transaction to your eligible Transaction account or use other reasonable efforts to return such payment to you as permitted by law.
Payment Cancellation Requests, Stop Payments and Refused Payments. Sender may cancel the initiation of a payment transaction or stop a payment transaction at any time until the processing of the transaction into the Receiver’s account has begun. Our ability to stop a payment transaction or recover funds associated with an unauthorized payment transaction will depend on the manner in which the payment transaction was initiated and whether the transaction to the Receiver’s account has begun processing. We will make a reasonable effort to accommodate a stop payment request and to recover funds associated with an unauthorized transaction; we will have no liability for failing to do so. We may also require you to present your stop payment request or request to recover funds in writing within 14 (fourteen) days after contacting customer care. Payments not claimed by a Receiver will be automatically cancelled ten (10) days after the processing of the payment begins. When you initiate a transaction, the Receiver is not required to accept the transaction.