Common use of Bill Payment Service Clause in Contracts

Bill Payment Service. Bill Payment Account Designation; Payment Details. When using the Bill Payment Service, Client must designate the Account (“Bill Payment Account”) from which the bill payments (“Bill Payments”) are to be made. For each Bill Payment, Client will also be required to provide the complete name of the payee, the account number and the payee’s remittance address (as exactly as shown on the billing statement or invoice), the amount of the payment and the date Client wants the payment to be processed by Bank (“Pay Date”). If the Pay Date is not a business day, then the Bill Payment will be processed by Bank the next business day. To have a Pay Date that is the same date Client accesses the System and initiates the Bill Payment instruction, the Bill Payment instruction must be received by Bank on a business day, prior to the Bill Payment Service cutoff hour. The availability of this option may vary based on the payee. Setting-Up Payees. When Client signs onto the Bill Payment Service, Client must establish Client’s list of payees. A payee is anyone, including Bank, that Client designates to receive a Bill Payment; provided that Bank accepts the payee for the Bill Payment Service. Bank reserves the right to reject any payee at any time, at its discretion. Bank is not responsible if a Bill Payment is not made to a payee because Client provided Bank with incomplete, incorrect or outdated information regarding the payee or Client attempted to make a payment to a payee that is not on Client’s authorized list of payees. Payments to payees outside of the United States or its territories are prohibited through the Bill Payment Service.