Changing or Canceling Payments Clause Samples
The "Changing or Canceling Payments" clause outlines the conditions under which a party may modify or stop scheduled payments under an agreement. Typically, this clause specifies the required notice period, the acceptable methods for requesting changes or cancellations, and any limitations or fees that may apply. For example, a customer might need to notify the service provider in writing at least 10 days before the next payment date to successfully cancel a recurring charge. The core function of this clause is to provide a clear process for altering payment obligations, thereby reducing disputes and ensuring both parties understand their rights and responsibilities regarding payment changes.
Changing or Canceling Payments. (i) If you need to change the payment amount and/or the payment Send On date of any scheduled payment or to cancel a payment, you must do so by using the Bill Pay Service. Payments, including Recurring Payments, may be canceled, changed or rescheduled in this manner any time prior to 8:00 p.m. Central Time on the payment Send On date. You cannot use the Bill Pay Service to change, cancel or stop a payment at any time after 8:00 p.m. Central Time on the payment Send On date.
(ii) When you cancel a Recurring Payment, you must indicate whether you are canceling one of the scheduled Recurring Payments or all of the scheduled Recurring Payments to that Payee.
Changing or Canceling Payments. You may utilize Bill Pay to modify either the payment amount or date the bill payment is initiated for any future or recurring bill payment at any time prior to 3:00 a.m. Eastern Time of the date the bill payment is scheduled to be initiated by us. WE RESERVE THE RIGHT TO REFUSE TO HONOR PAYMENT REQUESTS THAT REASONABLY APPEAR TO US TO BE
Changing or Canceling Payments. You may review, change or cancel scheduled future or recurring payments until 3:00 p.m. Eastern Standard Time on the Transmit Date. To change or delete a payment: (1) select the "View Payments" icon, (2) select the payee from the list of pending payments, (3) to delete a payment, select "Delete Payment"; to change a payment, make the appropriate changes on the screen and then select "Update Payee/Payment". If you selected "Delete Payment", you will be asked to confirm your instruction to delete by clicking "ok" or "cancel". A canceled payment will not appear on your Transaction Record. Remember, if you delete a recurring payment, your regular payment schedule will not resume with your next previously scheduled payment. Future, additional recurring payments will not be made. You can, however, modify the frequency of your payments by changing your "Schedule Payment" option for the Payee; your payment scheduling options are: one-time, weekly, bi-weekly, semi- monthly, monthly, quarterly, semi-annually or annually. Stop Payments. Electronic payments initiated by you under either the Online Services or by telephone or mail request cannot be stopped once they have been initiated. Stop payment orders and requests for re-issuance of check payments will be accepted by the Bank beginning 5 business days after the Transmit Date. In situations where it is apparent that the payment is going or has gone to the wrong address, wrong payee, etc., the Bank will accept stop payment orders and requests for re-issuance immediately. All requests for stop payments will incur a stop payment fee of $20.00. All payments stopped due to the Bank's error will be at the expense of the Bank.
Changing or Canceling Payments. Except for same day service payments, you may cancel or change any scheduled payment by giving us an instruction through our Online Banking Service. Note: You may not cancel or change payment requests through our Mobile Banking Service. We must receive your cancel or change instruction before our cutoff hour the business day prior to the scheduled Payment Date. You cannot delete or change a same day service payment after it is submitted to us.