Returned Transactions Sample Clauses
The Returned Transactions clause defines the procedures and responsibilities related to transactions that are reversed or not successfully processed, such as bounced checks or rejected electronic payments. Typically, this clause outlines the steps the parties must take when a payment is returned, including notification requirements, timelines for rectifying the issue, and any associated fees or penalties. Its core practical function is to ensure both parties understand how to handle failed payments, thereby minimizing confusion and allocating responsibility for resolving payment issues.
Returned Transactions. If we are unable to complete the transaction for any reason associated with your Payment Account (for example, there are insufficient funds in your Payment Account to cover the transaction), the transaction will not be completed. In some instances, you will receive a return notice from us. In such case, you agree that:
A. You will reimburse us immediately upon demand for the transaction amount that has been returned to the Service;
B. For any amount not reimbursed to us within fifteen (15) days of the initial notification, a late charge equal to 1.5% monthly interest or the legal maximum, whichever rate is lower, for any unpaid amounts may be imposed;
C. You will reimburse us for any fees imposed by your Payee as a result of the return;
D. You will reimburse us for any fees we incur in attempting to collect the amount of the return from you; and,
E. We are authorized to report the facts concerning the return to any credit reporting agency.
Returned Transactions. In using the Zelle Payment Service, you are requesting that we or our Service Provider attempt to make payments for you from your Eligible Transaction Account. If the Payment Instruction cannot be completed for any reason associated with your Eligible Transaction Account (for example, there are insufficient funds in your Eligible Transaction Account, or the Zelle Payment Service Payment Instruction would exceed the credit or overdraft protection limit of your Eligible Transaction Account, to cover the payment), the Payment Instruction may or may not be completed. In certain circumstances, our Service Provider may either advance funds drawn or their corporate account or via an electronic debit and in such circumstances, we will attempt to debit the Eligible Transaction Account a second time to complete the Payment Instruction. In some instances, you will receive a return notice from us or our Service Provider. In each such case, you agree that:
A. You will reimburse us immediately upon demand the amount of the Zelle Payment Instruction if we have delivered the payment to the Receiver but there are insufficient funds in, or insufficient overdraft credits associated with, your Eligible Transaction Account to allow us or our Service Provider to complete the processing of the payment;
B. For any amount not reimbursed to us or our Service Provider within fifteen (15) days of the initial notification, a late charge equal to one and a half percent (1.5%) monthly interest or the legal maximum, whichever rate is lower, for any unpaid amounts may be imposed by us or our Service Provider;
C. You may be assessed a fee by our Service Provider and by us if the Payment Instruction cannot be debited because you have insufficient funds in your Eligible Transaction Account, or the transaction would exceed the credit or overdraft protection limit of your Eligible Transaction Account, to cover the payment, or if we or our Service Provider cannot otherwise collect the funds from you; the fee amount will be as set forth in your fee schedule from us (including as disclosed on Online Banking and Mobile Banking) or your account agreement with us. You hereby authorize us and our Service Provider to deduct these amounts from your designated Eligible Transaction Account, including by ACH debit;
D. You will reimburse us for any fees or costs we incur in attempting to collect any amounts from you, including the costs of using a third party collections contractor; and
E. We and our Servi...
Returned Transactions. In some instances, when we are unable to complete an External Transfer because that transfer is returned, you will receive a return notice from us. In each such case, you agree that:
A. You will reimburse us immediately upon demand the External Transfer amount that has been returned to us;
B. For any amount not reimbursed to us within fifteen (15) days of the initial notification, a late charge equal to one and a half percent (1.5%) monthly interest or the legal maximum, whichever rate is lower, for any unpaid amounts may be imposed;
C. You may be assessed a fee by our Service Provider and by us if the External Transfer is returned because you have insufficient funds in your Transaction Account to cover the requested transfer or if we cannot otherwise collect the funds from you; the fee amount will be as set forth in the Personal Account Fee Schedule you receive from us or as stated in your account agreement with us. You hereby authorize us to deduct these amounts from your designated Transaction Account by ACH debit;
D. You will reimburse us and our Service Provider for any fees or costs we or they incur in attempting to collect the amount of the return from you;
E. We and our Service Provider are authorized to report the facts concerning the return to any credit reporting agency.
Returned Transactions. In using the payment service, you understand that payments may be returned for various reasons, such as, but not limited to, the payment account number is not valid; we are unable to locate your payment account; or your service account is paid in full. You may be assessed fees by us or your financial institution as the result of any returns or insufficient funds related to the use of this service. Same day payments cannot be cancelled or edited. You may be permitted to cancel or edit a future- dated or recurring payment until such time as the processing of the payment instruction starts. There is no charge for canceling or editing a payment prior to the processing of the payment instruction.
Returned Transactions. Payees or the United States Postal Service may return payments for various reasons such as, but not limited to, ▇▇▇▇▇’s forwarding address expired, invalid bank routing number, invalid bank account number, Payee remittance address is not correct, Payee is unable to identify an account, or a Payee account is paid in full. In addition, a Payee may refuse to accept a payment. If any type of return occurs which is not caused by our negligence we will have no liability for any resulting loss or damage. We will use commercially reasonable efforts to provide you with notice of returned payments and will void and credit payments. You agree that we shall not have any liability for any such returned payments. Unless otherwise directed, we will void such payments. You hereby authorize us to credit such payments to your Payment Account through the ACH.
Returned Transactions. In using the payment service, you understand that payments may be returned for various reasons, such as, but not limited to, the payment account number is not valid; we are unable to locate your payment account; or your service account is paid in full. You may be assessed fees by us or your financial institution as the result of any returns or insufficient funds related to the use of this service.