Common use of Preauthorized Payments Clause in Contracts

Preauthorized Payments. If you have made arrangements with any third party to make regular payments or transfers out of your account, you can stop any of these payments by contacting us in writing or by phone. We must receive your request at least 3 business days before the payment is scheduled to be made. If you call, we also may require you to put your request in writing and get it to us within 14 days after you call. Stop payments will permanently stop the next recurring electronic transaction, but will not stop subsequent recurring electronic payments. To revoke authorization for recurring electronic payments, you should revoke your authorization in writing with the person or company you are paying. If these regular electronic payments vary in amount, the person or company you are paying must tell you 10 days before each payment when it will be made and how much it will be. If you order us to stop one of these pre-authorized electronic payments at least 3 business days before the transfer is scheduled, and we do not do so, we may be liable for your losses or damages. If, in connection with electronic payments deposited directly to your account by a third party, you deposit any amount in this account which should have been returned to the Federal Government or other issuer for any reason, you authorize us to deduct the amount of your liability to the Federal Government or other issuer from this account or from any other account you have with us, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of this liability.

Preauthorized Payments. If you have made arrangements with any third party to make regular payments or transfers out of your account, you can stop any of these payments by contacting us in writing or by phone. We must receive your request at least 3 business days before the payment is scheduled to be made. If you call, we also may require you to put your request in writing and get it to us within 14 days after you call. Stop payments will permanently stop the next recurring recur- ring electronic transaction, but will not stop subsequent recurring electronic payments. To revoke authorization for recurring electronic payments, you should revoke your authorization in writing with the person or company you are paying. If these regular electronic payments vary in amount, the person or company you are paying must tell you 10 days before each payment when it will be made and how much it will be. If you order us to stop one of these pre-pre- authorized electronic payments at least 3 business days before the transfer is scheduled, and we do not do so, we may be liable for your losses or damages. If, in connection with electronic payments deposited directly to your account by a third party, you deposit any amount in this account which should have been returned to the Federal Government or other issuer for any reason, you authorize us to deduct the amount of your liability to the Federal Government or other issuer from this account or from any other account you have with us, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of this liability.