Charge Backs / Reserve Account / Right of Offset. Subscriber agrees that a debit that fails to post (“charge back”) against a Customer account shall be the sole responsibility and liability of Subscriber. Such liability shall include administrative fees, if any, assessed for handling electronic returns. Subscriber agrees that SPS may debit Subscriber’s financial account for (a) service fees as noted below and (b) charge backs against which Subscriber had already received credit. In the event Subscriber’s financial account is overdrawn, then Subscriber agrees to a $100 service fee per failed item and the sum of such charge backs and service fees shall, at the discretion of SPS, be either debited against any future sums due Subscriber by SPS, or in the alternative be offset against either a Subscriber “reserve” account, if one has been established, or any other financial account of Subscriber established in any other Agreement by and between Subscriber and SPS, even if unrelated to this Agreement. All chargebacks and fees not recovered by SPS as provided for herein are immediately due and payable upon demand. Failure to reimburse SPS within five (5) business days thereafter shall be deemed a material breach of this Agreement. Subscriber agrees that SPS shall have no obligation to either credit Subscriber or debit Customer accounts on behalf of Subscriber during any period in which Subscriber is in default, including but not limited to Subscriber being past due for fees due SPS for services as provided herein.
Appears in 5 contracts
Samples: Ach Electronic Funds Transfer Agreement, Electronic Ach Funds Transfer Agreement, Ach Electronic Funds Transfer Agreement
