Common use of PROCESSING DATE Clause in Contracts

PROCESSING DATE. For a Single Payment, we will deduct your payment(s) from your account within two (2) Business Days of the Payment Processing Date. For Recurring Payments, we will deduct your payment from your account on the start date (“Start Date”) or within two (2) Business Days of the Start Date. We will deduct subsequent payments from your account using the Start Date as a reference point. We will initiate payments to payees designated by you (“Payees”). While certain payments may be processed on the next Business Day, others may require three (3) to five (5) Business Days before we can process them. When entering your desired payment, the screen will prompt you as to the earliest available processing date. If a Payee does not accept electronic payments, you authorize us to make payment by check. We may, but need not, deduct these payments from your designated account even if they create an overdraft. The date a Payee credits a payment depends upon the Payee’s payment processing procedures and any specific requirements for payments, as well as delays in receiving a payment. We will not be responsible for: (a) delays in crediting payments by a Payee that are the result of these procedures; (b) your failure to follow a Payee’s payment requirements; (c) your failure to schedule a proper date for payment sufficiently in advance of the date a payment is due; (d) delays in any mail service or (e) other exceptions stated in this Agreement.