Common use of Electronic Funds Transfer Agreement Clause in Contracts

Electronic Funds Transfer Agreement. You authorize ProPay to initiate, process, transmit, and settle through our sponsor bank ACH debits or credits to the Designated Account. Your authorization will remain in effect after termination of this agreement and until ProPay has received written notice terminating this authorization and all your obligations to ProPay have been paid in full. You irrevocably authorize us to immediately debit the Designated Account for the amounts of any chargebacks, ACH returns, fines, losses, and costs we may incur because of your use of the Services. You may change the Designated Account, but no more than once every 90 days, and must promptly notify Provider Partner of any changes.