Common use of Electronic Funds Transfers and Automatic Drafts Clause in Contracts

Electronic Funds Transfers and Automatic Drafts. If I have elected to make Contributions by electronic funds transfers (EFT) or automatic draft, I authorize the Authority and the Program Administrator to initiate debit and/or credit entries in accordance with my instructions designated in the Enrollment Agreement or any future instructions against my account designated in this Enrollment Agreement or later designated by me. I authorize the financial institution to accept any such debits or credits to my account. I understand that my authorization for any such credit or debit must comply with applicable law, and I agree to hold harmless the Authority and Program Administrator for any credits or debits related to my Account that result in any losses, damage, liability, cost, or expenses. This authorization will remain in effect until I notify the Program Administrator in writing of its termination and until the Program Administrator has reasonable time to act on that termination. I further agree to maintain the balance in my designated account at a level sufficient to satisfy each debit transaction, and I understand that if the balance is insufficient, the Program Administrator may assess a fee in accordance with this Enrollment Agreement and the Program Description.

Electronic Funds Transfers and Automatic Drafts. If I have elected to make Contributions by electronic funds transfers (EFT) or automatic draftAs the Authorized Representative, I certify that have the authority to and hereby authorize the Authority and Authority, the Program Administrator Administrator, and its or their service providers, to initiate debit and/or credit entries against the entity’s designated account in accordance with my instructions designated in the Enrollment Agreement or any future instructions against my the entity’s account designated in this Enrollment Agreement or later designated by medesignated. I authorize the entity’s financial institution to accept any such debits or credits to my the entity’s designated account. I understand that my authorization for any such credit or debit must comply with applicable law, and I agree to hold harmless the Authority and Program Administrator for any credits or debits related to my the entity’s Account that result in any losses, damage, liability, cost, or expenses. This authorization will remain in effect until I notify the Program Administrator in writing of its termination and until the Program Administrator has reasonable time to act on that termination. I further agree to maintain that the balance in my the entity’s designated account account, as indicated in this Enrollment Agreement, will be maintained at a level sufficient to satisfy each debit transaction, and I understand that if the balance is insufficient, the Program Administrator may assess a fee in accordance with this Enrollment Agreement and the Program Description.