Common use of Electronic Funds Transfer Disclosures Clause in Contracts

Electronic Funds Transfer Disclosures. This section of the Agreement is made in compliance with federal law regulating electronic funds transfer (EFT) services. Electronic funds transfers are electronically initiated transfers of money involving an Account at the Bank. Business Days. For purposes of these electronic funds transfer disclosures, our business days are Monday through Friday. Holidays are not included. Illegal Transactions. You may not use your Account, ATM, POS, or Debit Card, or other access device for any illegal or unlawful transaction, and we may decline to authorize any transaction that we believe poses an undue risk of illegality or unlawfulness. Notwithstanding the foregoing, we may collect on any debt arising out of any illegal or unlawful transaction. ACH TRANSACTIONS. Your Account number and bank routing number can be used for preauthorized direct debits ("ACH Debit(s)") from merchants, internet service or other utility service providers ("Merchants") and for the purpose of initiating direct deposits ("ACH Credit(s)") to your Account. Note: The recipient's name on any direct deposit(s) or ACH Credit(s) Bank receives must match the name on the Account. Any ACH Credits received in a name other than the name registered to the Account will be returned to the originator. The cut-off time for scheduling next day ACH transfers is 3:00pm Central Time. The cut-off time for scheduling same day ACH transfers (if enabled on your Account) is 11:00am Central Time. Any next day ACH transfer scheduled after the cut-off time will be treated as if it were scheduled on the next business day. Any same day ACH transfer scheduled after the cut-off time will be treated as if it were scheduled as next day ACH transfer. In some circumstances, transactions may be delayed for risk or compliance reasons. At the Bank’s discretion, the amount of funds that can be transferred from your account per day may be limited.