Electronic Debit Clause Samples
The Electronic Debit clause authorizes one party to initiate electronic withdrawals from another party's bank account, typically for the purpose of collecting payments owed under an agreement. In practice, this clause allows a creditor or service provider to automatically debit amounts due, such as recurring subscription fees or loan repayments, directly from the debtor’s designated account on specified dates. Its core function is to streamline payment processes, reduce administrative burdens, and ensure timely receipt of funds, thereby minimizing the risk of late or missed payments.
Electronic Debit. You shall pay the applicable Services fees to iSolved via electronic debit (e.g., automatic billing). iSolved may increase any prices and/or fees at any time upon fifteen (15) days’ written notice.
Electronic Debit. Customer shall pay the applicable Services fees to PAI via electronic debit (e.g., automatic billing). PAI may increase any prices and/or fees at any time upon fifteen (15) days’ written notice to Customer.
Electronic Debit. If you authorize a company to make periodic charges to your account for loan or bill payments, the Credit Union can charge your account for the amount of the electronic charges the Credit Union receives from the company. The following terms will apply.
i. Your authorization. No one can charge your account unless you authorize them to do so. If you authorize a company to make periodic charges to your account, the company must give you a copy of your written authorization to keep. If you have authorized a company to charge your account periodically, and the charge for a particular period is greater than the previous charge, the company will send you a notice of the difference at least 10 (ten) days before the charge is scheduled to be made. The company will also send you notice if a particular period is shorter or longer than usual.
Electronic Debit. All payments of principal, interest and fees hereunder, unless otherwise requested by Bank, shall be made by electronic debt from Borrowers' designated account on the scheduled due date thereof (excluding the payment due on the maturity date of the Term Loan).
Electronic Debit. 12.1 Can you manually add and delete funds on the test PIN?
12.2 Can you make successful electronic debit calls via each call type (Local, Int'l, etc.)?