Common use of Right to Stop Payment of Preauthorized Transfers Clause in Contracts

Right to Stop Payment of Preauthorized Transfers. PROCEDURE FOR DOING SO, RIGHT TO RECEIVE NOTICE OF VARYING AMOUNTS, AND FINANCIAL INSTITUTION’S LIABILITY FOR FAILURE TO STOP PAYMENT. A. Right to stop payment and procedure for doing so. If you have told us in advance to make regular payments out of your Account, you can stop any of these payments. Here’s how: Call us at your local number or ▇▇▇-▇▇▇-▇▇▇▇, or write us at Truliant Federal Credit Union, Attention EFT, P.O. Box 26000, Winston-Salem, North Carolina 27114-6000, in time for us to receive your request three business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after your call. B. Notice of varying amounts. If your regular preauthorized payments vary in amount, the person you are going to pay should tell you, 10 days before each payment, when the payment will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.) C Liability for failure to stop payment of preauthorized Transfer. If you order us to stop one of your preauthorized payments three business days or more before the Transfer is scheduled, and we do not do so, we will be liable for your losses or damages.