Direct Debit with ACH Debit Clause Samples
The 'Direct Debit with ACH Debit' clause authorizes one party to automatically withdraw funds from another party's bank account using the Automated Clearing House (ACH) network. In practice, this means the payer provides their bank account details and consents to scheduled or recurring electronic payments, such as for monthly service fees or loan repayments. This clause streamlines payment collection, reduces administrative burden, and minimizes the risk of late or missed payments by ensuring funds are transferred directly and reliably.
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Direct Debit with ACH Debit. (a) The Borrower agrees that on the Due Date the Bank will debit the Billed Amount from the deposit account with the Depository listed below (the “Designated Account”) owned by the Borrower. A voided copy of a check on the Designated Account has been, or will be, provided to the Bank. DEPOSITORY NAME: Charter One Bank City, State and Zip Code: ▇▇▇▇▇▇▇▇▇▇, ▇▇, ▇▇▇▇▇ Routing Number: ▇▇▇▇▇▇▇▇▇ Deposit Account Number: 4515552189
(b) Debits made by ACH shall be subject to the operating rules of the National Automated Clearing House Association, as in effect from time to time.
(c) The Borrower may terminate this direct debit arrangement at any time by sending written notice to the Bank. If the Borrower terminates this arrangement, then the principal amount outstanding under this Agreement will at the option of the Bank bear interest at a rate per annum which is one (1.000) percentage point higher than the rate of interest otherwise provided under this Agreement and the amount of each payment will be increased accordingly. Ref# 1000367553 — MCA Enterprises ▇▇▇▇▇▇▇ Inc. Real Estate Loan Agreement
Direct Debit with ACH Debit. (a) The Borrower agrees that on the due date of any amount due under this Agreement, the Bank will debit the amount due from the deposit account with the Depository listed below (the "Designated Account") owned by the Borrower. Should there be insufficient funds in the Designated Account to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by the Borrower. A voided copy of a check on the Designated Account has been, or will be, provided to the Bank. DEPOSITORY NAME: Address: Branch Banking & Trust (BB&T) ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, Richmond, VA 23219 Routing Number: xxxxxxxxx Deposit Account Number: xxxxxxxxxxxxx
(b) Debits made by ACH shall be subject to the operating rules of the National Automated Clearing House Association, as in effect from time to time.
Direct Debit with ACH Debit. (a) The Borrower agrees that on the Due Date the Bank will debit the deposit account with the Depository listed below (the “Designated Account”) owned by the Borrower. A voided copy of a check on the Designated Account has been, or will be, provided to the Bank. DEPOSITORY NAME: Charter One Bank City, State and Zip Code: ▇▇▇▇▇▇▇▇▇▇, ▇▇, ▇▇▇▇▇ Routing Number: ▇▇▇▇▇▇▇▇▇ Deposit Account Number: 45155-52189
(b) Debits made by ACH shall be subject to the operating rules of the National Automated Clearing House Association, as in effect from time to time.
(c) The Borrower may terminate this direct debit arrangement at any time by sending written notice to the Bank.
Direct Debit with ACH Debit. (a) The Borrower agrees that on the due date of any amount due under the Note or this Agreement, the Bank will debit the amount due from deposit account number 898126353513 with the Bank owned by the Guarantor (the "Designated Account"). Should there be insufficient funds in the Designated Account to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by the Borrower.
(b) The Borrower may terminate this direct debit arrangement at any time by sending written notice to the Bank at the address specified at the end of this Agreement. If the Borrower terminates this arrangement, then the principal amount outstanding under the applicable Note will at the option of the Bank bear interest at a rate per annum which is one percentage point (1.0%) higher than the rate of interest otherwise provided under the applicable Note.