Automated Clearinghouse Transactions. Under certain circumstances, you may authorize a merchant or payee to initiate a one-time electronic funds transfer (EFT) from your account through an automated clearinghouse. You can do this, for example, (1) by providing the merchant or payee with a blank, partially completed or fully completed and signed check drawn on your account to capture certain information, such as our routing number, your account and serial numbers, or (2) by authorizing the merchant or payee to electronically debit your account for a returned check or other similar charge if you write a check on your account which is subsequently returned because of insufficient funds in your account. We are not responsible for any failure by the merchant or other payee to notify you that a transaction will be processed as an EFT or that a fee imposed for returned checks will be debited electronically from your account.
Appears in 4 contracts
Samples: Account Agreement, Electronic Funds Transfer Disclosure and Card Holder Agreement, Electronic Funds Transfer Disclosure and Card Holder Agreement
