Common use of Electronic Draft Conversion Clause in Contracts

Electronic Draft Conversion. You may authorize a merchant or other payee to make a one-time electronic payment from your account using information from your draft to pay for purchases or pay bills. Electronic draft conversion is a payment process in which a merchant or other payee (after obtaining your authorization) uses your draft to gather routing, account, and draft number information to initiate a one-time EFT. When information from your draft is used to make an electronic fund transfer, funds may be withdrawn from your account as soon as the same day you make your payment. This type of EFT transaction involving a consumer account is covered by, the Electronic Funds Transfer Act and this disclosure. A description of the transaction will appear on your statement. Re-presented Draft Transactions and Fees. You may authorize a merchant too electronically collect a fee associated with the re-presentment of a draft that is returned due to insufficient or unavailable funds. The resulting fee transaction if debited as an EFT from a consumer account is covered by the Electronic Funds Transfer Act and this disclosure. When a merchant re-presented draft electronically, that transaction is not covered by the Electronic Funds Transfer Act or this disclosure. A description of the transaction will appear on your statement.

Electronic Draft Conversion. You may authorize a merchant or other payee to make a one-time electronic payment from your account using information from your draft to pay for purchases or pay bills. Electronic draft conversion is a payment process in which a merchant or other payee (after obtaining your authorization) uses your draft to gather routing, account, and draft number information to initiate a one-time EFT. When information from your draft is used to make an electronic fund transfer, funds may be withdrawn from your account as soon as the same day you make your payment. This type of EFT transaction involving a consumer account is covered by, by the Electronic Funds Transfer Act and this disclosure. A description of the transaction will appear on your statement. Re-presented Draft Transactions and Fees. You may authorize a merchant too to electronically collect a fee associated with the re-presentment of a draft that is returned due to insufficient or unavailable funds. The resulting fee transaction if debited as an EFT from a consumer account is covered by the Electronic Funds Transfer Act and this disclosure. When a merchant re-presented draft electronically, that transaction is not covered by the Electronic Funds Transfer Act or this disclosure. A description of the transaction will appear on your statement.. Liability for Unauthorized VISA Debit Card Transactions. The following limitations may be applicable to your accounts, except as provided by law: