Bill Payment Service. The bill payment service may be used to schedule the payment of funds from Customer’s checking and money market Accounts to Payees that have been selected to receive payment using the service. The service allows bill payments in several ways: • An immediate payment is a single transfer of funds to a Payee to be initiated as soon as possible after the transfer request is submitted. • A recurring payment is one of a series of transfers of a fixed amount of funds to a Payee on a regular, periodic basis. • A future-dated payment is a single transfer of funds to a Payee to be made on a date Customer specifies up to 364 days in advance. • A payment that is made following the receipt of an electronic bill (“e-bill”). Bill payments made through the System require sufficient time for the Payee to credit Customer’s account properly. To avoid the assessment of late charges by the Payee, Customer should make the payment at least five (5) Business Days before the due date of the payment. Payment requests submitted on a Business Day before 7:30 p.m. (Eastern Time) Monday through Thursday and 10:30 p.m. (Eastern Time) on Friday are initiated on that Business Day, provided a sufficient Available Balance. Transactions conducted after those times on a Business Day or at any time on a non-Business Day are initiated on the next Business Day, subject to a sufficient Available Balance in the Account from which the payment is being made. Bank cannot guarantee prompt receipt and processing of payments by Xxxxxx and will not be responsible for any charges imposed or other action taken by a Payee because of a late payment, including but not limited to finance charges and late fees. BANK MAY TERMINATE ACCESS TO THE BILL PAY SERVICE AFTER SIX (6) CONSECUTIVE MONTHS OF INACTIVITY.
Appears in 4 contracts
Samples: Management Services Agreement, Management Services Agreement, Management Services Agreement
