Common use of ACH Payments Clause in Contracts

ACH Payments. We process most payment checks electronically. We use the information on the check to create an electronic funds transfer. Each time a check is sent, the Borrower authorizes a one-time electronic funds transfer. The Borrower also authorizes us to process the check as a check or paper draft, as necessary. Funds may be withdrawn from your account as soon as the same day we receive the payment. The original check or other document that is sent to us will not be retained, but a copy will be available if requested. You may pay your total outstanding balance at any time. Each Billing Cycle, you must pay at least the Total Minimum Payment Due shown on your monthly statement by its Payment Due Date. The Total Minimum Payment Due is the sum of all past due amounts plus the Current Payment. The Current Payment for each Billing Cycle is 3.00% of your balance (including new interest charges and late fees) rounded up to the nearest dollar, plus amounts over your credit limit. Your current Payment will not be less than $20.00. The Total Minimum Payment Due will not be greater than your New Balance Total. If a payment is credited to your account but is returned unpaid in a later Billing Cycle, we will recalculate the Total Minimum Payment Due for the Billing Cycle in which the payment was originally credited.

ACH Payments. We process most payment checks electronically. We use the information on the your check to create an electronic funds transfer. Each time you send a check is sentcheck, the Borrower authorizes you authorize a one-time electronic funds transfer. The Borrower You also authorizes authorize us to process the your check as a check or paper draft, as necessary. Funds may be withdrawn from your account as soon as the same day we receive the your payment. The original check or other document that is sent you send to us will not be retained, but a copy will be available if requested. You may pay your total outstanding balance at any time. Each Billing Cycle, you must pay at least the Total Minimum Payment Due shown on your monthly statement by its Payment Due Date. The Total Minimum Payment Due is the sum of all past due amounts plus the Current Payment. The Current Payment for each Billing Cycle is 3.00% of your balance (including new interest charges and late fees) rounded up to the nearest dollar, plus amounts over your credit limit. Your current Payment will not be less than $20.00. The Total Minimum Payment Due will not be greater than your New Balance Total. If a payment is credited to your account but is returned unpaid in a later Billing Cycle, we will recalculate the Total Minimum Payment Due for the Billing Cycle in which the payment was originally credited.