EFT’S Initiated by Third Parties Sample Clauses

EFT’S Initiated by Third Parties. The Customer may authorize a third party to initiate electronic funds transfers between their Account and the third party’s account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by the Customer. These transfers may use the Automated Clearinghouse (ACH) or other payments network. The Customer authorization to the third party to make these transfers can occur in a number of ways. In some cases, the Customer authorization can occur when the merchant posts a sign informing the Customer of their policy. In all cases, the transaction will require the Customer to provide the third party with the Customer Account number and bank information. This information can be found on your checks as well as on a deposit or withdrawal slip. Thus the Customer should only provide your bank and Account information (whether over the phone, the internet, or via some other method) to trusted third parties whom the Customer has authorized to initiate these electronic funds transfers. Examples of these include, but are not limited to: • Preauthorized credits. The Customer makes arrangements for certain direct deposits to be accepted into their checking or savings Account(s). For example, the Customer authorizes their employer in writing to pay their paycheck through direct deposit to their Account. The Customer provides their employer with Account and routing number information to enable the employer to credit their Account. The transfers are processed electronically through ACH and the Account is credited for the amount of their pay check each payday. • Preauthorized debits. The Customer can make arrangements to pay certain recurring bills from their checking or savings Account(s). For example, the Customer can give advanced written authorization to companies that provide service to the Customer, to debit their Account electronically each month in the amount of their monthly bill. • ACH, Preauthorized electronic fund transfer. The Customer can purchase goods from a merchant and provide the merchant with a voided check which allows the merchant to capture routing, account and serial number information. The transaction is processed electronically through ACH, and the Customer’s Account is debited for the purchase price of the goods. Another example is if the Customer sends a check to a merchant who bills the Customer on a periodic basis. The merchant uses the information on the check to process the payment electronically through ACH a...

EFT’S Initiated by Third Parties. You may authorize a third party to initiate EFTs between your account(s) and the third party's account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearing House (ACH) or other payments network. Your authorization to the third party to make these transfers can occur in a number of ways. For example, your authorization to convert a check to an EFT or to electronically pay a returned check charge can occur when a merchant provides you with notice and you go forward with the transaction (typically, at the point of purchase, a merchant will post a sign and print the notice on a receipt). In all cases, these third party transfers will require you to provide the third party with your account number and bank information. This information can be found on your check as well as on a deposit or withdrawal slip. Thus, you should only provide your bank and account information (whether over the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic fund transfers. Examples of these transfers include, but are not limited to: