Direct Deposit Transactions Clause Samples

Direct Deposit Transactions. 3.1 Direct DeposiL Subject to Applicable Law, College may utilize the Financial Payments System in accordance with the tenns of this Agreement, Applicable Law, the Operating Instructions and the Policies to disburse financial aid, scholarship funds, payroll and other sums due and owing to Cardholders from College by directly depositing suclt funds into the accounts tied to the College Products or to the Foreign Cardholder Acx:ount (as hereinafter defined) selected by the Cardholder, or by issuance of a paper check, as the case may be (each, a "Direct Deposjt Transaction").