Common use of Electronic Check Conversion/Electronic Returned Check Fees Clause in Contracts

Electronic Check Conversion/Electronic Returned Check Fees. If you pay for something with a check, you authorize your check or share draft to be converted to an electronic funds transfer (EFT). When your check is used to initiate an EFT in this way, you authorize the funds to be debited from your account as soon as the same day, and your check may not be returned to you. You also authorize a merchant to electronically debit your account to pay a Returned Check/EFT fee or Non-sufficient Funds fee if you have insufficient funds. You are considered to have authorized an EFT if you complete the transaction after being told (orally or by a notice posted or sent to you) that the transfer may be processed electronically or if you sign a written authorization.

Electronic Check Conversion/Electronic Returned Check Fees. If you pay for something with a check, you may authorize your check or share draft to be converted to an electronic funds fund transfer (EFT). When your check is used to initiate an EFT in this way, you authorize the funds to be debited from your account as soon as the same day, and your check may not be returned to you. You also authorize a merchant to electronically debit your account to pay a Returned Check/EFT fee or Non-sufficient Funds fee if you have insufficient funds. You are considered to have authorized an these EFT if you complete the transaction after being told (orally or by a notice posted or sent to you) that the transfer may be processed electronically or if you sign a written authorization.