Common use of Preauthorized Recurring Payments Clause in Contracts

Preauthorized Recurring Payments. If a Card User has authorized any person to debit recurring payments from the funds available on their Card at substantially regular intervals and these payments may vary in amount, the person submitting the debit request will tell the Card User, at least ten (10) days before each payment, when it will be debited and how much it will be. Stop Payment Request. To make a stop payment request for a preauthorized payment, Card Users must contact the Bank as provided in Section 30 below. Card Users must contact the Bank at least three (3) business days before the date of a preauthorized payment for the Bank to place a stop payment. To honor a stop payment request, we must replace the Card of the Card User whose payment is being cancelled. After we receive and act on a stop payment request, the Card User will not be permitted to access funds on the Card until the Card User receives and activates a replacement Card from us, which may take up to seven (7) calendar days. All replacement Cards will be sent to the Primary Cardholder.