Common use of Line of Credit or Loan Transfers Clause in Contracts

Line of Credit or Loan Transfers. Transfers of funds from a line of credit account (or loan account, when available) to a deposit account will generally be processed simultaneously if the transfer request is made before 9:00 p.m. on a Business Day. Preauthorized (Recurring Payments) If you have arranged in advance to make regular payments out of a deposit account to another account you have with the Bank, you can stop these payments by (a) calling us at 000-000-0000; or (b) signing into Cash Management and following the directions provided on the portal. All Pre-Authorized Stop Payment Requests must be received by us at least three (3) Business Days before the payment is scheduled to be made. We may require you to put your request in writing within fourteen (14) days after you call. We do not charge a fee to stop recurring/preauthorized electronic payments initiated through Cash Management. This does not apply to regular scheduled payments that you have set up with another company (i.e. “automatic drafts” from the xxxxxx) to draft out of your account. You must contact the company who is drafting your account to stop those types of payments.