Common use of Third Party Payment Processors Clause in Contracts

Third Party Payment Processors. We do not accept business accounts serving as a Third-Party Payment Processor (TPPP). These are businesses that provide payment-processing services to merchants and other business entities, typically initiating transactions on behalf of merchant clients that do not have a direct relationship with the Payment Processor’s financial institution. Examples of services include (but not limited to) (i) credit card payments (ii) Automated Clearing House (ACH) debits (iii) creating and depositing remotely created checks (RCCs) or “demand drafts.” • Virtual Currency. We do not accept business accounts or personal accounts transacting in any type of virtual currency (cryptocurrency) services or transactions. Prohibited transactions include, but are not limited to: (i) wires (incoming/outgoing) (ii) ACH transactions (incoming/outgoing) (iii) privately owned ATMs dealing specifically with crypto-currency (iv) credit or debit card transactions. We monitor all members and transactions. If prohibited activity, suspicious activity and/or unsatisfactory account handling is detected, the Credit Union will review the account and take action either by limiting services or closing the account. (Refer to Limitation of Services). • Internet Gambling (Unlawful Internet Gambling Enforcement Act of 2006). The Credit Union is prohibited from processing illegal transactions, through your Accounts or through our relationship with you, including unlawful Internet gambling transactions. You may not use your account in any manner or for any transaction that we believe poses an undue risk of illegality. We will refuse to process any such activity. We will impose restrictions on your account including closing your account if you engage in unlawful activity. If you use your Account relationship or engage in a transaction that is determined to be illegal, you will be liable to us. You waive any right to take legal action against the Credit Union for any illegal use or transactions and you agree to indemnify, defend, and hold harmless the Credit Union and any third-party processors from and against any lawsuits, other legal action, or liability that results directly or indirectly from such illegal use or transactions. You agree to certify to us at Account opening and, if requested, annually that you do not engage in an Internet gambling business. You authorize us to investigate the Account Owner, the principals’, and the Authorized Signers’ backgrounds, including without limitation any financial institution and payment processor references. You also agree to notify us immediately if at any time the Account Owner’s business changes in any way that causes any prior certification to be inaccurate. If you certify to us that the Account Owner(s) has legal authority to engage in an Internet Gambling business, you acknowledge and agree that we will close the account as is our sole and absolute discretion. Additionally, if internet gambling activity is detected during our routine monitoring of accounts, we reserve the right to close the account without prior notification to you.