Payment Funding, Fees, and Settlement. Prior to submission by the User of an Expedited Payment Service request, we are responsible for authenticating Users and their associated funding accounts. Electronic payments funded from your checking account will be initiated as soon as possible, utilizing the ACH for funds clearing. Expedited Payment Service overnight check payments will be initiated in a “direct check” model, and as such will settle on your account based on the paper check being presented for payment by the payee. We agree to authorize “direct check” transactions on behalf of your Expedited Payment Service overnight check request. A convenience fee for overnight check payments and for electronic payments will be billed to your checking or loan account the same day as the payment but as a separate transaction. See our Fee Schedule for fees that may apply to your account. If for any reason, sufficient funds are not available in your checking and/or loan account, your account will be blocked from further use of the Expedited Payment Service and we will attempt to collect payment through various means including debit retry and reversing the payment. If funds are collected and no additional debit returns have been received after 5 business days, your Expedited Payment Services will be unblocked.
Appears in 4 contracts
Samples: Terms and Conditions of Your Account, Terms and Conditions, Terms and Conditions of Your Account
Payment Funding, Fees, and Settlement. Prior to submission by the User of an Expedited Payment Service request, we are responsible for authenticating Users and their associated funding accounts. Electronic payments funded from your checking account will be initiated as soon as possible, utilizing the ACH for funds clearing. Expedited Payment Service overnight check payments will be initiated in a “direct check” model, and as such will settle on your account based on the paper check being presented for payment by the payee. We agree to authorize “direct check” transactions on behalf of your Expedited Payment Service overnight check request. A convenience fee for overnight check payments of $20.00 per check and for electronic payments of $5.00 per transaction will be billed to your checking or loan account the same day as the payment but as a separate transaction. See our Fee Schedule for other fees that may apply to your account. If for any reason, sufficient funds are not available in your checking and/or loan account, your account will be blocked from further use of the Expedited Payment Service and we will attempt to collect payment through various means including debit retry and reversing the payment. If funds are collected and no additional debit returns have been received after 5 business days, your Expedited Payment Services will be unblocked.
Appears in 3 contracts
Samples: Terms and Conditions of Your Account, Terms and Conditions of Your Account, Terms and Conditions