Nonsufficient Funds Clause Samples
A Nonsufficient Funds clause outlines the procedures and consequences when a payment, such as a check or electronic transfer, is returned or rejected due to the payer's account lacking adequate funds. Typically, this clause specifies that the party responsible for the failed payment must cover any associated fees and may require prompt repayment using an alternative method. Its core function is to protect the payee from financial loss and administrative inconvenience by ensuring that failed payments are promptly addressed and any additional costs are borne by the party at fault.
Nonsufficient Funds. We reserve the right to charge you a fee each time a check, ACH or debit transfer and any other type of item is presented or payment is otherwise requested and regardless of the type of loan or account to which your payment was applied. At our discretion, this fee may be added to the principal balance of your loan, may be charged to an account you or any other person obligated on your account maintain with us, or may be billed directly to you or such other person obligated on your account.
Nonsufficient Funds. If Member does not have sufficient funds in Member’s Account to pay fees or any other amounts due under this Agreement at the time required, or if Member refuses to pay, Provider may, at Provider’s sole discretion, do one or more of the following; (a) make an additional attempt to deliver a debit charge entry to the ACH or gateway operator, (b) assess a Nonsufficient Funds (“NSF”) fee to Member for each failed ACH transaction, (c) assess collection or such other fees needed to cover the costs of accepting a different method of payment, such as credit card or certified check, (d) refuse to perform further services and deny Member and its authorized users access to the Site and any reports or information contained therein until Member has paid in full all fees due, including any amounts that might become due under this Section, and/or (e) immediately terminate this Agreement. Provider may assess finance charges on any amounts owing and unpaid ten (10) days after the original ACH transaction date. Finance charges are assessed at a rate of 1.5% per month (18% per annum), or the highest amount permitted by law, whichever is less. Provider may recover from Member any costs including, without limitation, reasonable attorneys’ fees and expert witnesses’ fees Provider may incur in connection with any termination of this Agreement or collection of amounts due hereunder.
Nonsufficient Funds. Lessee agrees to pay to lessor the sum of $25 in the event that any check, draft or other instrument of payment is dishonored for any reason.