Common use of PREAUTHORIZED PAYMENTS – RIGHT TO STOP PAYMENT Clause in Contracts

PREAUTHORIZED PAYMENTS – RIGHT TO STOP PAYMENT. Procedure. If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here is how: Call or write us at the telephone number or address listed in this EFT Disclosure in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call. We will charge you a fee as set forth in our Fee Schedule for each stop-payment order you give. Liability for failure to stop payment of preauthorized transfer. If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.