Common use of One-Time or Recurring ACH Transfers Clause in Contracts

One-Time or Recurring ACH Transfers. You may provide another party the ability to initiate transfers from your Account (on a one-time or recurring basis) through an ACH transaction. If you authorize the party initiating the withdrawal with advance authorization to make recurring ACH transfers to or from your Account, the transfers are referred to as "preauthorized transfers."

One-Time or Recurring ACH Transfers. You may initiate an ACH request from your Account to be sent externally or provide another party the ability to initiate transfers from your Account (on a one-time or recurring basis) through an ACH transaction. If you authorize the party initiating the withdrawal with advance authorization to make recurring ACH transfers to or from your Account, the transfers are referred to as "“preauthorized transfers”. The maximum amount of funds you may use for ACH Withdrawals is described below in the section entitled “Limitations on Frequency and Dollar Amounts of Transactions”."