Common use of Transfers and Payment of Utility Bills Clause in Contracts

Transfers and Payment of Utility Bills. When the user transits instructions through Albilad System to affect any financial transfer from his/her account with the bank or to pay utility bills. The bank shall process such instructions by debiting the respective account, provided always that such account has sufficient funds. The bank shall not be obliged to process any withdrawal instructions received from the customer if the customer account has no sufficient funds including any credit line granted under any overdraft account. For electronic payments, customer account shall be debited the amount on the same day which the amount is transferred to the beneficiary, which in most of the cases is determined by the customer. If the relevant account has no sufficient funds on that day, payment will be declined.