Authorization/Processing of Payments Clause Samples

Authorization/Processing of Payments. You acknowledge that by submitting a Payment Instruction you authorize Bank to debit your checking account with us or at another financial institution (the “External Account”) and credit your Loan Obligation in the amount indicated. You also authorize us to reverse a payment made to the Loan Obligation if the debit is returned from the External Account for any reason, including but not limited to nonsufficient funds. We shall incur no liability if we are unable to complete any payments initiated by you because of the existence of any one or more of the following circumstances: If, through no fault of ours, the External Account does not contain sufficient funds to complete the payment or the payment would exceed the credit limit of your overdraft account; The Loan Payment Service is not working properly and you know or have been advised by us about the malfunction before you initiate the Payment Instruction; You have not provided us with the correct information, including but not limited to the correct Loan Obligation or External Account information; and/or, Circumstances beyond our control (such as, but not limited to, fire, flood, network or system down time, issues with the financial institution(s), or interference from an outside force) prevent the proper execution of the transfer from your External Account and we have taken reasonable precautions to avoid those circumstances. It is your responsibility to ensure the accuracy of any information that you enter into the Loan Payment Service, and for informing us as soon as possible if you become aware that this information is inaccurate. We will make a reasonable effort to stop or recover a transfer made to the wrong Loan Obligation once informed, but we do not guarantee such recovery and will bear no responsibility or liability for damages resulting from incorrect information entered by you.