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

Right to Stop Payment of Preauthorized Transfers. Pre-authorized electronic fund transfers are agreements between the customer and the originator. The customer is responsible for notifying the originator of any dispute according to the terms of their agreement. Payment of Automatic Clearing House (“ACH”) transactions can only be stopped or returned for the following reasons:

Appears in 2 contracts

Sources: Deposit Account Agreement, Deposit Account Agreement