External Account Clause Samples
The External Account clause defines the terms under which a party may use or link accounts held with third-party financial institutions or service providers in connection with the agreement. Typically, this clause outlines the responsibilities of the parties regarding the security, authorization, and management of such external accounts, and may specify procedures for accessing or transferring funds between the external account and the primary account governed by the contract. Its core practical function is to clarify the rights and obligations related to external accounts, thereby reducing the risk of unauthorized transactions and ensuring clear procedures for account integration.
External Account an account held at another financial institution by you or a third party.
External Account. Using your other financial institution’s routing number and your account number via the Automated Clearing House (ACH) system. Your payment will be posted in one (1) to two (2) business days. For the purpose of this disclosure, a “Business Day” is defined as any day of the week, Monday through Friday, with the exception of Federal holidays. If a payment is returned due to Non-Sufficient Funds (NSF) in your checking or savings account, you agree to pay a $15.00 NSF fee. Please be sure to schedule ACH payments 2 business days prior to the due date to avoid the NSF fee.
External Account the Client’s current account in a bank and / or payment system.
External Account. Using your other financial institution’s routing number and your account number via the Automated Clearing House (ACH) system. Your payment will be posted in one (1) to two (2) business days. For the purpose of this disclosure, a “Business Day” is defined as any day of the week, Monday through Friday, with the exception of Federal holidays.