Common use of Failed or Returned Transactions Clause in Contracts

Failed or Returned Transactions. If your transaction was not completed, in some instances, you will receive a return notice from the Service. In each such case, you agree that: (a) Upon demand, you will reimburse the transaction amount to the Service immediately; for any amount not reimbursed to the Service within fifteen (15) days of the initial notification, a late charge, may be imposed on any unpaid amounts; (b) You will be assessed a Returned Item fee by the Service if the transaction is due to insufficient funds in your Payment Account to cover the requested payment. You hereby authorize the Service to deduct this amount from your designated Billing Account by ACH debit. In addition, you may be assessed a fee by your financial institution as a result of the return that is separate from and in addition to any fee assessed by the Service;