Common use of Preauthorized Credits/Debits Clause in Contracts

Preauthorized Credits/Debits. We accept, on your behalf, preauthorized credits and debits to your Account which allow unrestricted activity. You may also arrange for recurring payments to merchants and other parties using xxxx pay services made available through eligible third-party xxxx payment service providers. We may conduct these transactions via ACH transfer. Each of these services has unique fees associated with the transaction – please see the Schedule of Account Fees and Terms below. When you provide the party initiating the withdrawal or deposit with advance authorization to make recurring ACH transfers to or from your Account, the transfers are referred to as“preauthorized transfers.”Because these preauthorized transfers are performed electronically through the ACH, they are governed by federal regulations pertaining to EFT services. These regulations entitle you to certain benefits and protections in connection with the EFT services, such as the right to receive a copy of your written authorization to debit your Account from the party that obtains it.

Preauthorized Credits/Debits. We accept, on your behalf, preauthorized credits and debits to your Account which allow unrestricted activity. You may also arrange for recurring payments to merchants and other parties using xxxx pay services made available through eligible third-party xxxx payment service providers. We may conduct these transactions via ACH transfer. Each of these services has unique fees associated with the transaction – please see the Schedule of Account Fees and Terms below. When you provide the party initiating the withdrawal or deposit with advance authorization to make recurring ACH transfers to or from your Account, the transfers are referred to as“preauthorized as "preauthorized transfers.”Because " Because these preauthorized transfers are performed electronically through the ACH, they are governed by federal regulations pertaining to EFT services. These regulations entitle you to certain benefits and protections in connection with the EFT services, such as the right to receive a copy of your written authorization to debit your Account from the party that obtains it.