Debit transfer definition

Debit transfer means the series of transfers, initiated by a payee, on the basis of a payer’s consent given to the payee, to the payee’s payment service provider or to the payer’s own payment services provider and includes a payment order issued by the payee’s payment service provider, or an intermediary intended to carry out the payee’s order;

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Debit transfer means a payment transaction originated by the payee, based on the payor’s authority, instructing the payee’s bank to collect money from the payor’s account.

Debit transfer means the series of transfers, initiated by the payee, and based on the payer's consent given to the payee, to the payee payment service provider or to the payer own payment service provider and includes any payment order issued by the payee's bank or payment service provider, or an intermediary intended to carry out the payee's order;

Examples of Debit transfer in a sentence

• Taxpayer pays credit, debit or any other merchant processor or bank fee associated with Taxpayer’s remittance payment, and the Jurisdiction agrees to pay the ACH Credit or Debit transfer fees from the SUTS System to Jurisdiction’s bank account, which is currently one dollar ($1) per banking day, or approximately twenty dollars ($20) per month for a Jurisdiction that gets a payment every banking day.

• If the financial institution ("ODFI") initiating an ACH Debit out of the Collection Account indicates a name and an identifying number for the financial institution ("RDFI") of the person or entity to receive the ACH Debit transfer, Lender and Company understand and agree that Bank may rely on the number indicated by the ODFI even if that number identifies an RDFI different than the one that has been named.

• If Lender or Borrower learns of any error in an ACH Debit transfer or any unauthorized funds transfer, then the party learning of such error or unauthorized transfer (the "Informed Party") must notify Depository Bank as soon as possible by telephone at (800) AT-WELLS (which is a recorded line), and provide written confirm▇▇▇▇▇ to Depository Bank of such telephonic notice within two Business Days at the address given for Depository Bank on the signature page of this Agreement.

• Lender and Borrower understand that an ACH Debit transfer may be delayed or not made if (a) the transfer would cause W▇▇▇▇ Fargo to exceed any limitation on its intra-day net funds position established in accordance with Federal Reserve or other regulatory guidelines or to violate any other Federal Reserve or other regulatory risk control program, or (b) the funds transfer would otherwise cause W▇▇▇▇ Fargo to violate any applicable law or regulation.

• If the bank initiating an ACH Debit out of the Lender Account indicates a name and an account number for the person or entity to receive the ACH Debit transfer, Lender and Borrower understand that W▇▇▇▇ Fargo and the initiating bank may rely on the indicated account number even if that account number is not the account number for the person or entity who is to receive the transfer.

• If an ACH Debit transfer cannot be made or will be delayed, Wells Fargo will attempt to notify Lender by teleph▇▇▇.

• If Lender or Company learns of any erroneous or unauthorized ACH Debit transfer from the Collection Account, then the party learning of such erroneous or unauthorized transfer (the "Informed Party") must notify Bank as soon as possible by telephone at (800) AT-WELLS (which is a recorded line), and provide written confirm▇▇▇▇▇ to Bank of such telephonic notice within two Business Days at the address given for Bank on the signature page of this Agreement.

• Lender and Company understand that an ACH Debit transfer may be delayed or not made if (a) the transfer would cause Bank to exceed any limitation on its intra-day net funds position established in accordance with Federal Reserve or other regulatory guidelines or to violate any other Federal Reserve or other regulatory risk control program, or (b) the ACH Debit transfer would otherwise cause Bank to violate any applicable law or regulation.

• If the bank initiating an ACH Debit out of the Lender Account indicates a name and an account number for the person or entity to receive the ACH Debit transfer, Lender and Borrowers understand that Wells Fargo and the initiating bank may rely on t▇▇ ▇▇dicated account number even if that account number is not the account number for the person or entity who is to receive the transfer.

• In no case may such notice to Depository Bank by an Informed Party be made more than thirty (30) calendar days after Depository Bank's first confirmation of an ACH Debit transfer or other funds transfer to such Informed Party, whether such first confirmation consists of the regular monthly statement for the Lender Account or otherwise.

More Definitions of Debit transfer

Debit transfer has the meaning given to it under clause 3.2(b).

Debit transfer means a payment transaction originated by the payee’s payment order, based on the payor’s authority, instructing the payee’s bank to collect money from the payor’s account. In a debit transfer, the originator is the payee, the originating bank is the payee’s bank, the destination bank is the payor’s bank, and the receiver is the payor;

Debit transfer means payment initiated by the payee, usually through a preauthorized agreement with the payer.

Debit transfer means a payment transaction originated by the payee, based on the payor's authority, instructing the payee's bank to collect money from the payor's account. The issue of a check constitutes an authority for collection by debit transfer;

Debit transfer means a payment transaction initiated by payment order of the payer, according to the authorization of the payer, which orders the payer’s bank to withdraw money from the account of the payer. In a debit transfer, initiator is the payee, the initiating bank is the payee’s bank, the destination bank is the bank of the payer and the recipient is the payer.