Credit Card, Electronic Fund Transfer Card Clause Samples
The 'Credit Card, Electronic Fund Transfer Card' clause defines the terms and conditions governing the use of credit cards and electronic fund transfer (EFT) cards in a contractual relationship. It typically outlines the responsibilities of the cardholder, such as safeguarding the card and promptly reporting unauthorized transactions, as well as the issuer’s obligations regarding transaction processing and error resolution. This clause serves to allocate risk and clarify liability in cases of loss, theft, or misuse of the cards, thereby protecting both parties and ensuring secure and efficient electronic payment transactions.
Credit Card, Electronic Fund Transfer Card. Or Access Device, Forgery And Counterfeit Money
a. We will pay up to $500 for:
(1) The legal obligation of an "insured" to pay because of the theft or unauthorized use of credit cards issued to or regis- tered in an "insured's" name;
(2) Loss resulting from theft or unauthorized use of an electronic fund transfer card or access device used for deposit, with- drawal or transfer of funds, issued to or registered in an "insured's" name;
(3) Loss to an "insured" caused by forgery or alteration of any check or negotiable instrument; and
(4) Loss to an "insured" through acceptance in good faith of counterfeit United States or Canadian paper currency.
Credit Card, Electronic Fund Transfer Card. Or Access Device, Forgery And Counterfeit Money
a. We will pay up to $500 for:
(1) The legal obligation of an "insured" to pay because of the theft or unauthor- ized use of credit cards issued to or reg- istered in an "insured's" name;
(2) Loss resulting from theft or unauthor- ized use of an electronic fund transfer card or access device used for deposit, withdrawal or transfer of funds, issued to or registered in an "insured's" name;
(3) Loss to an "insured" caused by forgery or alteration of any check or negotiable instrument; and
(4) Loss to an "insured" through accep- tance in good faith of counterfeit United States or Canadian paper currency.
Credit Card, Electronic Fund Transfer Card. Or Access Device, Forgery And Counterfeit Money
a. We will pay up to $500 for:
(1) The legal obligation of an “insured” to pay because of the theft or unauthorized use of credit cards issued to or registered in an “insured’s” name;
(2) Loss resulting from theft or unauthorized use of an electronic fund transfer card or access device used for deposit, withdrawal or transfer of funds, issued to or registered in an “insured’s” name;
(3) Loss to an “insured” caused by forgery or alteration of any check or negotiable instrument; and
(4) Loss to an “insured” through acceptance in good faith of counterfeit United States or Canadian paper currency. All loss resulting from a series of acts committed by any one person or in which any one person is concerned or implicated is considered to be one loss. This coverage is additional insurance. No deductible applies to this coverage.
b. We do not cover:
(1) Use of a credit card, electronic fund transfer card or access device:
(a) By a resident of your household;
(b) By a person who has been entrusted with either type of card or access device; or
(c) If an “insured” has not complied with all terms and conditions under which the cards are issued or the devices accessed; or
(2) Loss arising out of “business” use or dishonesty of an “insured”.
c. If the coverage in a. above applies, the following defense provisions also apply:
(1) We may investigate and settle any claim or suit that we decide is appropriate. Our duty to defend a claim or suit ends when the amount we pay for the loss equals our limit of liability.
(2) If a suit is brought against an “insured” for liability under a.(1) or (2) above, we will provide a defense at our expense by counsel of our choice.
(3) We have the option to defend at our expense an “insured” or an “insured’s” bank against any suit for the enforcement of payment under a.(3) above.
Credit Card, Electronic Fund Transfer Card. Or Access Device, Forgery And Counterfeit Money
a. We will pay up to $500 for:
(1) The legal obligation of an "insured" to pay because of the theft or unauthorized use of credit cards issued to or registered in an "insured's" name;
(2) Loss resulting from theft or unauthorized use of an electronic fund transfer card or access device used for deposit, withdrawal or transfer of funds, issued to or registered in an "insured's" name;
(3) Loss to an "insured" caused by forgery or alteration of any check or negotiable instrument; and
(4) Loss to an "insured" through acceptance in good faith of counterfeit United States or Canadian paper currency.
(1) Use of a credit card, electronic fund transfer card or access device:
(a) By a resident of your household;
(b) By a person who has been entrusted with either type of card or access device; or
(c) If an "insured" has not complied with all terms and conditions under which the cards are issued or the devices accessed; or
(2) Loss arising out of "business" use or dishonesty of an "insured".
Credit Card, Electronic Fund Transfer Card. Or Access Device, Forgery, And Counterfeit Money