Common use of Electronic Funds Transfer Services Clause in Contracts

Electronic Funds Transfer Services. The following terms are used to describe Electronic Funds Transfer ("EFT") services. "Automated credits", "direct deposits" or “ACH Credits”, which are deposits made into the Varo Bank Account by electronic means. "Automated debits", "Automated payments" and “ACH Debits” indicate payments authorized by you to be made from the Varo Bank Account by electronic means. "Online Transfers" are the movement of funds between the Varo Bank Account and optional Varo Savings Account by use of the Mobile App or Web App. Online Transfers are described in detail in the agreement governing the Varo Savings Account. When you accept direct deposits or authorize automatic payments/ACH debits or transfers to or from the Varo Bank Account, you agree to these terms and conditions. Other relevant terms and conditions described elsewhere in the Agreement also apply as long as they are consistent with Regulation E or Section II.

Electronic Funds Transfer Services. The following terms are used to describe Electronic Funds Transfer ("EFT") services. "Automated credits", "direct deposits" or “ACH Credits”, which Credits are deposits made into to the Varo Bank Account by electronic means. "Automated debits", "Automated payments" and “ACH Debits” Debits indicate payments authorized by you to be made from the Varo Bank Account by electronic means. "Online Transfers" are the movement of funds between the Varo Bank Account and optional Varo Savings Account by use of the Mobile App or Web App. Online Transfers are described in detail in the agreement governing the Varo Savings Account. When you accept direct deposits or authorize automatic payments/ACH debits or transfers to or from the Varo Bank Account, you agree to these terms and conditions. Other relevant terms and conditions described elsewhere in the Agreement also apply as long as they are consistent with Regulation E or Section II.