Common use of Delivery of Your Payments Clause in Contracts

Delivery of Your Payments. You may schedule payments on the day that you enter the payment information (a “Same Day Payment”), for a future date (a “Future Payment”), or to be automatically initiated in a fixed amount weekly, biweekly, twice a month, monthly, every four weeks, bimonthly, quarterly, semi-annually or annually (known as “Recurring Payments”), subject to the restrictions in this Agreement. Although you can generally enter payment information through the Service 24 hours a day, 7 days a week, payments can be "initiated" only on our Business Days. The date on which a payment is to be "initiated" is the date on which funds are to be deducted from your Account; in this Agreement, it is also called the "Process Date." Please refer to the Online Banking Help section of XXX.xxx for more information regarding the scheduling of payments. After funds are withdrawn from your Account on the Process Date, we may remit your payments by Electronic Funds Transfer, by mailing the Payee a check drawn on an account we maintain for that purpose, or by other means. Because of the time it takes to transmit the payment to your Payees, they generally will not receive payment on the Process Date. This is the case regardless of whether the payment is a Same Day Payment, a Future Payment, or a Recurring Payment. Therefore, in order to provide sufficient time for payment to be received by your Payees, the Process Date for each payment should be at least five (5) Business Days before the Due Date. The “Due Date” is the date on which the payment must be received by the Payee to be considered “on time” under your agreement with the Payee, not including any grace period that the Payee may provide before the Payee imposes a late fee or similar penalty. The first time you send a payment to a Payee using the Service, it would be helpful if you allow additional time. That would allow the Payee to adjust to the new form of payment.

Delivery of Your Payments. You may schedule payments on the day that you enter the payment information (a “Same Current Day Payment”), for a future date (a “Future Payment”), or to be automatically initiated in a fixed amount weekly, biweekly, twice a month, monthly, every four weeks, bimonthly, quarterly, semi-annually or annually (known as “Recurring Payments”), subject to the restrictions in this Agreement. Although you can generally enter payment information through the Xxxx Payment Service 24 hours a day, 7 days a week, payments can be "initiated" only on our Business Days. The date on which a payment is to be "initiated" is the date on which funds are to be deducted from your Customer Account; in this Agreement, it is also called the "Process Date." Please refer to the Online Banking Help section of XXX.xxx for more information regarding the scheduling of payments. After funds are withdrawn from your Customer Account on the Process Date, we UMB may remit your payments by Electronic Funds Transfer, by mailing the Payee a check drawn on an account we maintain UMB maintains for that purpose, or by other means. Because of the time it takes to transmit the payment to your Payees, they generally will not receive payment on the Process Date. This is the case regardless of whether the payment is a Same Current Day Payment, a Future Payment, or a Recurring Payment. Therefore, in order to provide sufficient time for payment to be received by your Payees, the Process Date for each payment should be at least five (5) Business Days before the Due Date. The “Due Date” is the date on which the payment must be received by the Payee to be considered “on time” under your agreement with the Payee, not including any grace period that the Payee may provide before the Payee imposes a late fee or similar penalty. The first time you send a payment to a Payee using the Xxxx Payment Service, it would be helpful if you allow additional time. That would allow the Payee to adjust to the new form of payment.

Delivery of Your Payments. You may schedule payments on the day that you enter the payment information (a “Same Day Payment”), for a future date (a “Future Payment”), or to be automatically initiated in a fixed amount weekly, biweekly, twice a month, monthly, every four weeks, bimonthly, quarterly, semi-semi- annually or annually (known as “Recurring Payments”), subject to the restrictions in this Agreement. Although you can generally enter payment information through the Service 24 hours a day, 7 days a week, payments can be "initiated" only on our Business Days. The date on which a payment is to be "initiated" is the date on which funds are to be deducted from your Account; in this Agreement, it is also called the "Process Date." Please refer to the Online Banking Help section of XXX.xxx for more information regarding the scheduling of payments. After funds are withdrawn from your Account on the Process Date, we may remit your payments by Electronic Funds Transfer, by mailing the Payee Recipient a check drawn on an account we maintain for that purpose, or by other means. Because of the time it takes to transmit the payment to your PayeesRecipients, they generally will not receive payment on the Process Date. This is the case regardless of whether the payment is a Same Day Payment, a Future Payment, or a Recurring Payment. Therefore, in order to provide sufficient time for payment to be received by your PayeesRecipients, the Process Date for each payment should be at least five (5) Business Days before the Due Date. The “Due Date” is the date on which the payment must be received by the Payee Recipient to be considered “on time” under your agreement with the PayeeRecipient, not including any grace period that the Payee Recipient may provide before the Payee Recipient imposes a late fee or similar penalty. The first time you send a payment to a Payee Recipient using the Service, it would be helpful if you allow additional time. That would allow the Payee Recipient to adjust to the new form of payment.