Common use of Debit Card Transaction Agreement Clause in Contracts

Debit Card Transaction Agreement. When a PIN is input pursuant to Paragraph (1) of the immediately preceding Article, an agreement for payment by debit of the obligation from the purchase and sale transaction with the Merchant from the Deposit Account (hereinafter referred to as the "Debit Card Transaction Agreement") shall be deemed to be successfully concluded, subject to termination when an electronic message showing a confirmation of debit from the relevant account is not displayed on the Terminal, and instructions to the Bank as to debiting of the amount in deposit equal to the obligation from the underlying purchase and sale transaction, and a request for the payment of the obligation from the purchase and sale through the amount in deposit so debited in accordance with such instructions, shall be deemed to have been made. No withdrawal slip shall be needed to be submitted regarding the instruction as to such debit of the amount in deposit.