Processing Bill Payments. The amount of your requested Bill Payment will be deducted from your account on the Scheduled Initiation Date and will be processed by us on that date or the next business day should the processing date fall on a weekend or holiday. Therefore, you must have sufficient funds available to cover your payment by midnight on the day before the Scheduled Initiation Date. Bill Payments are delivered to the payee either electronically, which may take up to two (2) business days from the Scheduled Initiation Date, or by check to those payees not set up to accept electronic payments, which may take up to five (5) business days from the Scheduled Initiation Date. It is your responsibility to schedule your Bill Payments in such a manner that your obligations will be paid on time. You should enter and transmit your Bill Payment instructions at least six (6) business days before a Bill is due. If you do not allow sufficient time or your account has insufficient funds, you assume full responsibility for any late payments, finance charges that may be imposed, or other actions taken by a payee as a result of a late (or unpaid) payment. In no event will we automatically resubmit a payment for you after funds become available. The Credit Union will not process any Bill Payment transfer if we know the required transaction information is incomplete. In any event, the Credit Union will not be liable for any transaction that contains incorrect information that the Credit Union was not responsible for providing or entering. If there are insufficient funds in your account to make the Bill Payment request, we may (in our sole discretion) either refuse to make the payment or make the payment and transfer funds from any overdraft protection account you have established. The Credit Union reserves the right to refuse to process payment instructions that reasonably appear to the Credit Union to be fraudulent or erroneous.
Processing Bill Payments a) Future, If I designate a Bill Payment as a "Future" transaction, I may request that the transaction be made on a future date that I may designate up to 364 days in advance of the Scheduled Initiation Date. Sufficient funds must be available by 11:00am the day b efore the Scheduled Initiation Date, but will be deducted from my designated account on the Scheduled Initiation Date. "
Processing Bill Payments. You hereby authorize us or our Service Provider’s bank to debit your Payment Account on each scheduled payment processing date, and remit funds in accordance with your Payment Instructions through the ACH network or via check printed and mailed on your behalf. You also give us the right to resubmit any ACH debit that is returned for insufficient or uncollected funds. You agree that payment transactions will be governed by the NACHA Rules, as in effect from time-to-time, under which you are an “Originator”, your vendor or Customer are a “Receiver”, Xxxx.xxx is a “Third Party Service Provider,” the “Originating Depository Financial Institution” (or “ODFI") is PNC or another domestic chartered U.S. financial institution. If a debit is returned due to insufficient funds, we reserve the right to stop payment on all payments in process until that debit is successfully re-presented and paid. For example: You schedule multiple payments from the same bank account with the same process date, December 11. The total amount of the payments is $1,000.00. Vendor Invoice # Process Date Payment Amount Consultant 100 12/11 $ 100.00 Legal Counsel 200 12/11 $ 300.00 Contractor 300 12/11 $ 600.00 Total $1,000.00 If the account scheduled for payment does not have sufficient funds to cover the total amount $1,000.00, we reserve the right to stop payment on all of the individual payments until they are rescheduled and enough funds have been deposited into the account to cover the Total Payment Amount for each process date. In some cases, you or one of your Receivables Customers may reverse a transaction for up to 60 days after it settled, or a transaction may be invalidated for fraud or some other reason, in which case the funds will be removed from your Payment Account long after initial deposit. You agree at all times to maintain sufficient funds in your Payment Account to satisfy all obligations including returns, reversals, and associated fees, and to add funds immediately if we notify you that your funds are insufficient. We may, at our discretion, contact your Payees regarding any payments to be made, or payments made, to Payees on your behalf, for any reason. After the Process Date and prior to disbursement, funds will be held in a settlement account at the ODFI for your benefit as your agent. The funds will be comingled with funds of other Service customers; however, you are deemed the principal with respect to the funds in your subaccount. We will track the funds in each...
